Blackstone shifted from lending to owning equity stakes in AI data centers, a move now facing increased scrutiny from public markets. The firm holds 6.7% of Firmus, an AI infrastructure company valued at over $10.5 billion after a $2 billion funding round in August 2026. Blackstone’s listed BXDC REIT has fallen roughly 16% from its $20 debut price to below $17, reflecting investor skepticism about break-even timelines. In contrast, the June 2026 sale of three Northern Virginia data centers to Digital Realty for $3.5 billion demonstrates that stabilized, fully leased assets still command strong valuations. AirTrunk and Lambda, two other Blackstone-backed companies targeting 2027 public listings, will serve as key indicators of market appetite for AI infrastructure plays.
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