BXDC: Standing on the Shoulders of a Giant: Initiating BXDC at Overweight & $26 PT

研报英文原文证据摘录

BXDC: Standing on the Shoulders of a Giant: Initiating BXDC at Overweight & $26 PT

Blackstone Digital Infrastructure Trust, Inc. Equity Research

Executive Summary

We initiate coverage of BXDC with an Overweight rating and $26 PT. BXDC is the newly public,

externally managed data center REIT that Blackstone launched on May 13-14, 2026, to acquire newly

constructed, stabilized colocation and enterprise data center assets in Tier 1 U.S. markets, deploying ~

$1.75B of IPO proceeds (currently with a market cap of $2.2B+) against a Blackstone-identified $25B

near-term investment pipeline. BXDC holds a 24-month priority access window on qualifying assets

sourced by the broader Blackstone digital infrastructure platform. Our overall thesis is tied to several

key pillars of the story:

Investment Basis

$1.5 trillion of opportunity by 2030 largely in private hands. The U.S. data center market is

dominated by private players (75%+), with market asset values we suspect will grow ~5x in value from

2025-2030 to a $1.5 trillion addressable market by 2030. We break down the TAM for BXDC in a

separate note evaluating the size of the public and private data center market (Link here). The capex

demands of the private platforms — over $1 trillion through 2030 — will create liquidity needs for a

market that is dominated by private, closed-end funds that need sources of liquidity. BXDC will have

first-mover advantage as the first public, scaled platform to attack this asset class.

Pricing inefficiency in stabilized DC market. The U.S. stabilized data center market is relatively

illiquid with sporadic transactions in the low-to-mid 6% cap rate range for high-quality assets in Tier

1 markets. BXDC will be able to cherry-pick the assets that fit their investment criteria that can be