Company research · NYSE: BX

Blackstone: fund capital behind the AI infrastructure buildout

A sourced guide to Blackstone-managed fund relationships across QTS, AirTrunk and project financing in our coverage.

Reviewed October 11, 2026. Project evidence retains its own dates. This is our covered-project inventory, not a complete list of Blackstone investments worldwide.

Business role and ownership boundaries

Blackstone is the publicly traded asset manager; BX shares are not shares in an individual data center. Its affiliated funds completed the approximately $10 billion QTS acquisition, including debt, in August 2021. QTS ceased public listing. Fund investments and campus assets must be distinguished from Blackstone Inc.’s corporate balance sheet.

AirTrunk’s corporate history records its 2024 Blackstone acquisition. Platform ownership provides a documented connection to covered campuses, but does not establish a campus-specific equity percentage or a separate stream of earnings attributable to BX shareholders.

How infrastructure can affect the economics · editorial analysis

The investor question is whether capital deployed through managed vehicles produces durable investment performance and asset-management economics. A campus budget, acquisition enterprise value or planned megawatt figure is not Blackstone revenue. Asset-management fees, performance-related income and corporate investment returns require their own financial disclosures.

No comparable AI-only revenue figure or campus-level BX earnings allocation is established in this profile. This page does not supply a current consolidated earnings snapshot; follow Blackstone’s investor filings for financial results.

Documented connections within our site

QTS Richmond 5 expansion

QTS platform ownership through Blackstone-affiliated funds; project-level BX earnings and ownership allocation not established.

Dated project status: Proposed DC4–6 expansion in permitting; sponsor targets January 2028 construction start

Read project-specific sources and limitations →

Stargate Michigan / The Barn

Equity financing through Blackstone-affiliated funds, distinct from PIMCO-managed debt financing.

Dated project status: Financing announced April 2026; construction documented June 2026; operating date unverified

Read project-specific sources and limitations →

QTS Calatorao / Project Rhodes

QTS platform ownership through Blackstone-affiliated funds; project-level BX earnings and ownership allocation not established.

Dated project status: Final PIGA planning approval disclosed September 30; construction start announced, actual start unverified

Read project-specific sources and limitations →

AirTrunk JHB2

AirTrunk platform ownership relationship; project-specific fund allocation and BX earnings not established.

Dated project status: AirTrunk reported US$2.325bn of secured green financing for JHB2 on July 29, 2026; drawdown, expenditure and commissioned IT capacity remain unverified

Read project-specific sources and limitations →

JHB2 financing checkpoint · October 14, 2026

AirTrunk reported secured US$2.325bn green financing for JHB2 on July29,2026; IFC separately records an invested event for its combined JHB1/JHB2 project. Drawdown and paid expenditure remain unavailable.

IFC identifies Blackstone and CPP Investments as AirTrunk shareholders. This does not allocate site revenue to BX. IFC project 52336 · JHB2 FJ Intelligence record

Blackstone Q2 2026 original earnings report — checked for project context; no AirTrunk term match established. Existing company financial dates remain unchanged.

QTS Fayetteville / Project Excalibur

QTS platform ownership through Blackstone-affiliated funds; project-level BX earnings and ownership allocation not established.

Dated project status: Core campus construction documented; ATL2 East regional review completed; phase-specific approvals and commissioning unverified

Read project-specific sources and limitations →

QTS Aurora–Denver DEN1

QTS platform ownership through Blackstone-affiliated funds; project-level BX earnings and ownership allocation not established.

Dated project status: July 2026 site reporting documents phased buildout; full campus commissioning unverified

Read project-specific sources and limitations →

QTS Phoenix 3 / PHX3, Glendale

QTS platform ownership through Blackstone-affiliated funds; project-level BX earnings and ownership allocation not established.

Dated project status: Glendale permit issued for PHX3 DC13; current construction progress, completion and commissioning unverified

Read project-specific sources and limitations →

Risks and next evidence to watch · editorial analysis

Watch power delivery, construction costs, financing terms, leasing commencement and tenant concentration. Platform scale does not demonstrate that every planned campus is energized or earning rent. Permitting and community constraints should be assessed at the individual site and phase.

Investor takeaway: Blackstone offers exposure to the capital and ownership side of infrastructure. Assess fund economics and project delivery separately; do not treat planned campus capacity as corporate earnings.

Sources and verification boundaries

Project-specific government and operator records are linked within each project profile. Acquisition sources establish platform relationships, not construction or occupancy at every site.

Blackstone investor relations ↗ · External BX quote ↗ · Company exposure dashboard

QTS Cambois / Blyth AI campus

QTS develops and will operate Cambois; Renaissance Land and Blackstone-affiliated fund ownership are distinct from listed Blackstone’s direct corporate ownership or attributable site earnings.

Our analysis: early earthworks and an accelerated phasing proposal improve visibility into the development process, while rent/service commencement remains ahead. Fund ownership does not establish listed-company project earnings.

Project research · FJI evidence

Documented project connections

Each connection below has a specific, cited role. A supplier, lender, customer or proposed acquirer has different economics from the project owner.

AirTrunk JHB2

Shareholder identified in IFC project 52336; fund ownership, not site-specific recognized BX earnings.

The documented role does not establish contract value, project-level earnings, accepted operating load or a share of company revenue.

disclosures.ifc.org ↗

QTS Calatorao / Project Rhodes

Fund-platform exposure: QTS identifies its Calatorao development as an investment by Blackstone-affiliated funds.

QTS is the developer and operator; site-specific Blackstone corporate equity, fee income and completed capacity are not established.

q.com ↗

QTS Cambois / Blyth AI campus

QTS develops and will operate Cambois; Renaissance Land and Blackstone-affiliated fund ownership are distinct from listed Blackstone’s direct corporate ownership or attributable site earnings.

The documented role does not establish contract value, project-level earnings, accepted operating load or a share of company revenue.

q.com ↗ · www.blackstone.com ↗ · www.gov.uk ↗

QTS New Albany 1

Blackstone-affiliated investment vehicles acquired QTS, whose official facility listing identifies the New Albany 1 campus.

This is Blackstone-managed or affiliated vehicle platform exposure. Direct BX campus ownership, fund-to-site allocation, current equity percentages, parent fee income, New Albany operating MW and site earnings are not established. The QTS acquisition enterprise value is not a campus construction budget.

www.blackstone.com ↗ · q.com ↗ · www.blackstone.com ↗

QTS Richmond 5 expansion

Blackstone fund-platform exposure through QTS; the federal permitting record identifies QTS Richmond V as sponsor and QTS as a Blackstone portfolio company.

The proposed RIC5 expansion is distinct from operating buildings elsewhere in the Richmond campus. Site-specific Blackstone equity and fees are not disclosed.

www.permits.performance.gov ↗ · www.blackstone.com ↗

Stargate Michigan / The Barn

Related’s financing announcement identifies equity from funds affiliated with Blackstone. Treat as affiliated-fund investment; do not infer that Blackstone corporate balance sheet owns all assets or that the firm alone funds the project.

The documented role does not establish contract value, project-level earnings, accepted operating load or a share of company revenue.

www.oracle.com ↗ · www.related.com ↗