Blackstone Inc. is exploring an initial public offering that could bring in roughly $2 billion to fund an acquisition vehicle focused on buying data centers, people familiar with the matter said.
Goldman Sachs Group Inc. is expected to lead the offering, and the underwriting group includes Citigroup Inc. and Morgan Stanley, according to the people. Formal marketing of the transaction could begin as soon as this month, they added.
The proposed vehicle is intended to provide public investors with a way to gain exposure to the surge in demand for data center capacity tied to artificial intelligence applications, the people said. To that end, Blackstone has sounded out prospective backers privately and filed confidential registration paperwork with U.S. regulators earlier this year.
Initial checks have been solicited from sovereign wealth funds and other large institutional investors, with the plan to broaden participation over time. The firm is targeting a larger pool of capital from a wider base of investors after securing these early commitments, people said, with an ultimate ambition of raising tens of billions of dollars from the broader market.
The financing would be structured as an acquisition company dedicated to purchasing data center assets, and the $2 billion figure refers to the potential gross proceeds from the IPO. The banks leading the syndicate are preparing to move the deal into a formal marketing phase within a compressed timetable if the plans proceed.
Details on pricing, specific assets, or targeted acquisition timelines have not been disclosed by the people. The discussions described reflect current preparatory steps rather than completed transactions.
Context and next steps
Blackstone's outreach to large institutions and the confidential filing indicate the firm is positioning to test investor appetite for a publicly listed vehicle centered on data center acquisitions tied to AI demand. The banks involved are organizing the potential offering and could begin broader marketing activity imminently if the firm elects to proceed.