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Blackstone$BX · filed: grew revenue 9.2% in FY2025 to $14.5BSound shipNext year $8.5B–$28.5B sealedCheck ▾Close ▴
What Blackstone filed
Grew revenue 9.2% in FY2025 to $14.5 billion, equity 18.2% of assets, and dividend per share up 2 years running. Every figure links to the filing it came from on Blackstone’s card. Sound ship: one warning sign.
What the house said in advance
Revenue for the fiscal year after 2025-12-31 between $8.5B and $28.5B, an 80% range sealed on 26 Sept 2026 · receipt #345f51 · graded in public by the revenue in Blackstone’s next annual report.
Figures as filed with the SEC. Ranges, scores and boats are statistical descriptions of past filings, not ratings or recommendations. Reporting, not advice.
In plain words
Blackstone's **$2 billion** IPO turns data centre roll-up strategy into permanent capital, pricing power contracts as the new infrastructure alpha.
$2 billion
in proceeds through what would rank among the largest…
$150 billion
infrastructure funds
15-year
terms and interconnection queues extend beyond
36 months
in key markets
Blackstone filed Tuesday to take public a newly formed data centre acquisition vehicle, targeting $2 billion in proceeds through what would rank among the largest infrastructure-focused IPOs this year. The S-1 filing with the SEC creates a permanent capital structure for rolling up power-intensive assets at a moment when AI compute demand has turned electricity contracts into the binding constraint on hyperscale expansion.
The vehicle will deploy capital exclusively into data centre acquisitions, positioning Blackstone to compete with listed peers like Digital Realty and Equinix while maintaining the pricing discipline of a controlled allocator. Schwarzman told investors last month the firm's AI data centre portfolio can double from its current footprint, a statement now backed by a capital-raising mechanism that bypasses the quarterly redemption risk embedded in the firm's $150 billion infrastructure funds. The IPO structure locks capital for the long-duration hold periods these assets require, particularly as power purchase agreements stretch to 15-year terms and interconnection queues extend beyond 36 months in key markets.
The filing arrives as electricity availability, not building permits, determines data centre valuations. Blackstone has acquired facilities in Northern Virginia, Phoenix, and Dallas over the past 18 months, markets where substation capacity and utility willingness to add load define asset scarcity. The publicly traded vehicle will likely trade on a power-adjusted multiple, valuing megawatts under contract rather than square footage or rack count. This matters because the 200-megawatt facility Blackstone closed in Ashburn last quarter carried a $1.2 billion valuation, implying $6 million per megawatt, a metric the IPO will now expose to continuous price discovery.
Allocators should watch three points. First, the pricing of the IPO itself, expected within 60 days, will set the public market's willingness to pay for pre-contracted power in an AI-driven demand cycle where Meta, Microsoft, and Google have each committed to double-digit gigawatt expansions by 2027. Second, the vehicle's acquisition criteria, disclosed in the S-1, will reveal whether Blackstone prioritises greenfield development or operating assets, a distinction that separates 18-month to cash flow from 48-month construction risk. Third, the success of this structure may prompt Carlyle, KKR, and Brookfield to file similar vehicles within the next six months, converting the private infrastructure market's largest dry powder overhang into competing public platforms.
The S-1 does not yet name anchor investors, but the size suggests at least two sovereign funds or insurance allocators will commit $300 million to $500 million each to anchor the book. That capital will compete for the same assets Blackstone's flagship infrastructure fund targets, creating an internal market for deal allocation that public shareholders will eventually price into the discount or premium to NAV.
Branded by POPS4 · proof in 60 seconds
For the principal
Track the pricing: this sets the multiple for every power-contracted data centre in your infrastructure sleeve.
For the operator
Watch anchor investor names in the amended S-1; they signal who else is underwriting AI power scarcity.
For the house
Huang Goodman holds Equinix in three accounts; this IPO pricing informs our exit multiple and next add.
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