Skip to page content
SAVRN
Search Plan a project
SAVRN Research · Capital Atlas · Private equity and infrastructure

Blackstone Data Center Capex and Sites

Blackstone entered data centers via the $10 billion take-private of QTS Realty Trust and by Q1 2026 reported a $150 billion data center portfolio with a $160 billion prospective pipeline on firm AUM of $1.3 trillion. It has deployed both equity (Digital Realty JV, AirTrunk in APAC) and large-scale private credit (CoreWeave debt facilities) and refinanced QTS assets through CMBS. Its QTS platform carries the sector's largest documented cancellation exposure, the PW Digital Gateway in Prince William County, Virginia.

Updated October 8, 2026 5 named sites 22 financing transactions 5 sourced facts 55 sources
Blackstone
Private equity and infrastructure
Financing regimesponsor fund equity plus large-scale private credit and CMBS refinancing
Named sites
5
Site-level commitments the atlas ties to Blackstone
Disclosed site capital
$41.7B
Sum of named sites with a stated dollar figure. Not a capex total; see the spending table
Disclosed capacity
1,000 MW
Sum of named sites with a stated megawatt figure
Financing transactions
22
Transactions naming Blackstone or tied to one of its sites
Spending

Reported and guided spending

Audited, reported and guided figures as the filing or release states them. Reported lines are what was spent; guidance is what management said it expects. They are shown side by side and never combined.

PeriodKindAmountAs statedSources
Q1 2026 aum $150B
$150 billion data center portfolio
Q1 2026 backlog $160B
$160 billion prospective development pipeline
Q1 2026 aum $1.30T
total firm AUM of $1.3 trillion, up from $1.24 trillion in October 2025; dedicated infrastructure platform of $84 billion
through Q1 2026 reported $300B
cumulative investment into data centers and AI technology of $300 billion (multi-year cumulative figure as stated)
prior disclosure aum ~$70.0B
$70 billion data center portfolio with a $100 billion prospective pipeline, up from $55 billion and $70 billion respectively in the prior quarter, alongside roughly 8x growth in leased capacity
Q2 2026 aum $1.35T
record AUM of $1.35 trillion
Named sites

Where Blackstone builds

Virginia
2 sites · $31.7B disclosed
Open the Virginia investment tracker →
Ohio
1 site · $10.0B disclosed
Open the Ohio investment tracker →
Illinois
1 site
Open the Illinois investment tracker →
Wisconsin
1 site
Open the Wisconsin investment tracker →
SiteStatePlaceCapitalMWStatusSources
PW Digital Gateway
with Compass Datacenters
 Virginia Prince William County $24.7B n.a. cancelled
QTS Van Wert mega-campus
groundbreaking Q4 2026; first facility operational Q1 2029; full completion around 2032
 Ohio Van Wert, Van Wert County $10.0B 500 announced
Blackstone / Digital Realty hyperscale JV campuses
with Digital Realty
 Virginia n.a. ~$7.0B 500 construction
QTS DeForest campus (dropped)
 Wisconsin Village of DeForest n.a. n.a. withdrawn
QTS McKinley Park riverfront project
reported July 2026
 Illinois Chicago n.a. n.a. blocked
Financing

Financing transactions

Transactions that name Blackstone as a party or attach to one of its named sites. Amounts are as stated; overlapping commitments are never summed.

PartiesInstrumentAmountDateSiteSources
Nvidia + Apollo + BlackRock + Blackstone + Brookfield + Goldman Sachs + KKR
On August 10, 2026 Nvidia announced strategic partnerships with Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs and KKR to establish AI compute infrastructure financing platforms intended to mobilize over $500 billion of third-party capital over time.
 platform ≥$500B August 10, 2026 n.a.
Broadcom + Blackstone + Anthropic
Bloomberg reported on 2 October 2026 that Broadcom's bank syndicate has started gathering $60 billion of new AI chip financing to benefit Anthropic and other companies: banks are poised to send syndication letters for a $42 billion Class A senior secured tranche, and Blackstone is leading an $18 billion Class B junior tranche, committing $9 billion from its funds and syndicating the rest. The deal has not been announced and Broadcom declined to comment. Bloomberg first reported in August 2026 that Broadcom was seeking more than $60 billion. The package follows the $35 billion Apollo-led transaction of June 2026 and is separate from the up to $42 billion loan from Broadcom to Anthropic described in Anthropic's prospectus.
 debt facility ~$60.0B Syndication reported by Bloomberg 2 October 2026; first reported as sought in August 2026; not announced by the companies n.a.
Apollo + Blackstone + Broadcom + Anthropic
Apollo announced on 9 June 2026 that Apollo-managed funds and affiliates are leading an initial $35 billion capital solution under Broadcom's new AI XPV Platform, in partnership with Blackstone and global banks. The platform is designed to enable more than 20 GW of compute capacity for frontier AI labs through 2028; the initial transaction provides committed capital across a multi-year draw schedule and facilitates Anthropic's previously announced expansion of more than 1 GW of compute for training and inference starting in mid-2026. Apollo called it the largest private financing ever executed. Wells Fargo is global coordinator on the A1 tranche with BNP Paribas, Citi and UBS as joint bookrunners; Goldman Sachs, Bank of America and Morgan Stanley are placement agents on the A2 tranche. The financing funds chips and compute systems rather than a named data center site.
 debt facility ≥$35.0B Announced 9 June 2026 (Apollo release via GlobeNewswire) n.a.
Crux AI + Blackstone + Google + Goldman Sachs + Sumitomo Mitsui Banking Corp + Barclays + BNP Paribas + Bank of Nova Scotia
Banks provided a $22 billion loan to Crux AI, the Blackstone and Google cloud venture, to buy Google TPUs. Blackstone provided $5 billion of initial equity, recorded as blackstone-google-tpu-jv-2026. The venture plans to bring its first 500 MW online in 2027
 debt facility $22.0B Reported by Reuters 16 September 2026, citing a source n.a.
Oracle + PIMCO + Related Digital Infrastructure + Blackstone
Oracle closed a $16.3 billion financing for the Saline Township, Michigan campus, the largest single-facility technology debt package on record, with bonds carrying a 7.5% coupon and 19.5-year maturity, structured with six years of interest-only payments followed by 13 years of amortisation.
 project bond ~$16.3B Closed; part of the Stargate joint venture program Saline Township campus (MI)
Blackstone + AirTrunk
The largest-ever Blackstone investment in Asia-Pacific, with more than 800MW of committed capacity and land for over 1GW more; noted for completeness.
 acquisition ≥$16.0B 2024 (per summary table) n.a.
Blackstone + QTS Realty Trust
Blackstone's take-private of QTS Realty Trust covered a portfolio of more than 7 million square feet of owned data center space across North America and Europe.
 acquisition $10.0B announced; transaction closed with Blackstone reporting $684 billion of firm AUM at the time n.a.
CoreWeave + Blackstone + Magnetar + Coatue + Carlyle + CDPQ + BlackRock + DigitalBridge
Blackstone-led delayed-draw term loan with Magnetar, Coatue, Carlyle, CDPQ, BlackRock and DigitalBridge participating.
 debt facility $7.5B May 17, 2024 n.a.
Blackstone + Digital Realty
Hyperscale development JV across four campuses (Frankfurt, Paris, Northern Virginia) with ten planned data centers supporting approximately 500MW of IT load.
 jv equity ~$7.0B roughly 20% of capacity delivered through 2025, balance in 2026 and beyond Blackstone / Digital Realty hyperscale JV campuses (VA)
Williams Companies + Blackstone Credit & Insurance + Apollo + KKR
Williams announced an agreement with funds managed by Blackstone Credit & Insurance, in partnership with Apollo and KKR, for $5.34 billion of committed capital in exchange for a 49 percent noncontrolling equity interest in five behind-the-meter power projects serving data center and industrial load. The five projects are Socrates, Apollo, Aquila, Socrates the Younger and Neo. The Socrates project in New Albany, Ohio serves a Meta affiliate and was approved by the Ohio Power Siting Board in June 2025.
 jv equity $5.3B Announced 14 July 2026 n.a.
Blackstone + Google
Blackstone announced a joint venture with Google to create a new United States company offering data center capacity, operations, networking and Google Cloud Tensor Processing Units as a compute-as-a-service offering, with an initial $5 billion equity commitment from Blackstone. The company is led by Benjamin Treynor Sloss, most recently Google's chief programs officer, and expects to bring a first 500 MW of capacity online in 2027. The venture has since been publicly named Crux AI, and has hired Alan Duong, Meta's vice president and head of data center engineering and construction. Reporting places the internal project codename as Project Braid and a stated scaling ambition of 2 GW over time. On 8 September 2026 Bloomberg reported that the venture has hit delays at major data center locations intended to run Google's chips, including a site under development in Cheyenne, Wyoming, and that executives involved now put the probability of projects meeting delivery dates at about 50%, down from about 90% three years ago, citing organized opposition, switchgear supply shortages and skilled labor constraints. The 500 MW 2027 target is the figure the parties have stated; the delay reporting is secondary and the parties have not confirmed a revised date.
 jv equity $5.0B Announced 18 May 2026; venture publicly named Crux AI September 2026; site delays reported 8 September 2026 n.a.
QTS Realty Trust + Blackstone + QTS Fayetteville I DC1-2, LLC + Microsoft (tenant) + Citigroup + Goldman Sachs + JPMorgan + Morgan Stanley
QTS sold investment-grade five-year secured notes, known as Project Odyssey, through a bankruptcy-remote SPV that owns two newly built hyperscale buildings with more than 300 MW at its Fayetteville, Georgia campus leased to Microsoft. Crypto Briefing reports Baa3 from Moody's and BBB- from Fitch. Proceeds fund construction and operation plus distributions to QTS unit QualityTech Resolution of the size conflict: MT Newswires (citing Bloomberg) put the financing at about $3.9 billion, around $1 billion more than initially floated, and BigGo reported a completed $3.9 billion issue at a 7.228% final yield with more than $8 billion of orders. The Investing.com wording that the deal was raised by about $1 billion refers to the increase to $3.9 billion, not to a $4.9 billion final size
 project bond ≥$3.9B Marketed 17 August 2026, priced 18 August 2026 QTS Fayetteville campus (Project Odyssey buildings DC1-2) (GA)
Blackstone + QTS + QTS Realty Trust
Blackstone has refinanced QTS assets through CMBS.
 other $3.5B n.a. n.a.
Digital Realty + Blackstone
Digital Realty purchased Blackstone's 64% blended interest in three Northern Virginia data centers totaling 288 MW for $3.5B, unwinding the 2023 JV.
 acquisition $3.5B June 29, 2026 n.a.
QTS Realty Trust + Blackstone + QTS Thunder Managing Issuer, LLC + JPMorgan + Morgan Stanley + Wells Fargo + KBRA
QTS raised $3.25 billion of senior secured term loans under its master indenture structure, adding five newly built facilities totaling 214.5 MW in Dallas, Phoenix and Richmond. The pool now covers 12 contracted data centers totaling 493.5 MW in Richmond, Phoenix, Dallas, New Albany and Manassas with total senior secured debt of about $7.6 billion. Proceeds repay construction facilities and fund a debt service reserve
 debt facility ≥$3.2B Upsized loan reported 17 July 2026; KBRA rating 27 July 2026 n.a.
CoreWeave + Blackstone + Magnetar + Magnetar Capital
Predecessor facility to the $7.5 billion CoreWeave financing led by Blackstone and Magnetar.
 debt facility $2.3B August 2023 n.a.
Blackstone
Blackstone is planning a publicly traded AI-data-center vehicle. The vehicle listed as Blackstone Digital Infrastructure Trust (NYSE: BXDC), described on its Q2 2026 call as the largest blind pool REIT IPO in history. BXDC targets newly built, stabilized data centers leased to investment-grade hyperscalers and held about $2 billion, effectively all cash, at 30 June 2026 with no data center assets yet
 platform $2.0B IPO completed May 2026; Q2 2026 results reported 4 August 2026 n.a.
Blackstone + QTS + QTS Realty Trust
A further QTS CMBS refinancing alongside the $3.5 billion issue.
 other $1.5B n.a. n.a.
QTS Data Centers (Blackstone) + QTS Issuer ABS II LLC + Fitch Ratings
QTS Data Centers is marketing about $1 billion of data center asset-backed securitization debt through QTS Issuer ABS II LLC, according to a Fitch Ratings presale report dated 22 September 2026. The collateral pool is seven hyperscale data centers totaling 2.2 million square feet and 253.5 MW in Phoenix (PHX2DC2, PHX2DC3, PHX2DC5), Richmond, Virginia (RIC2DC3, RIC2DC5 in Sandston), Northern Virginia (ASH2DC2 in Sterling) and Dallas-Fort Worth (DFW1DC4 in Irving), with two properties contributed in this issuance. Four investment-grade tenants and three small network carriers fully occupy the portfolio, with a weighted average remaining lease term of 12.9 years. The financing comprises up to $719.8 million of fixed-rate loans and up to $305.3 million of floating-rate notes, structured as up to 10 interest-only loans with a 30-year legal final maturity. Proceeds are to repay existing debt, fund reserves and support general corporate needs; closing is expected the week of 5 October 2026. This is a refinancing, not new construction capital.
 abs ~$1.0B Fitch presale report 22 September 2026; expected to close the week of 5 October 2026. Single outlet (CommercialSearch, citing Fitch) n.a.
VoltaGrid + Blackstone Tactical Opportunities + Halliburton
VoltaGrid, a Houston behind-the-meter power generation company serving data centers, closed the equity investments first announced on 11 May 2026: $775 million of primary capital from Blackstone Tactical Opportunities funds and Halliburton, plus an $800 million secondary purchase from existing members (upsized from $225 million). The company said the capital supports its buildout of behind-the-meter generation capacity for data center, microgrid and industrial customers across North America. J.P. Morgan, Barclays and TD Securities were placement agents.
 equity raise $775M Closing announced Monday 5 October 2026 (VoltaGrid release); investments first announced 11 May 2026 n.a.
PPL Corp. + Blackstone Infrastructure + Invitium Energy
Invitium Energy, the PPL (51%) and Blackstone Infrastructure joint venture formed to build power plants for Pennsylvania data centers under long-term supply agreements, bought land in Luzerne County and signed agreements for nearly 7,200 acres in northern Lackawanna County, with interconnection requests for gas plants of 1,500 MW and 750 MW in each county. PPL said the venture has reserved more than 5 GW of combined-cycle turbines and about 5 GW of projects in the PJM queue, and will not build without a signed agreement with a large customer. At a Fell Township planning commission meeting on Tuesday 29 September 2026, PPL, Blackstone Infrastructure and Invitium representatives said Invitium is under agreement to buy about 2,800 acres in the township, nearly 29% of its land, as part of memorandums signed in April and June 2026 for close to 7,200 acres across Archbald, Carbondale, Carbondale Township, Fell Township and Mayfield (a west campus of nearly 4,860 acres and an east campus of just over 2,200 acres). PPL treasurer Tadd Henninger said the venture would build only the power plants, with the prospect of on-site data centers owned and built by others, that no development plans exist yet and that not all of the land under contract is expected to be developable. At a Fell Township planning commission meeting on Tuesday 29 September 2026, Invitium representatives said the venture is under agreement to buy about 2,800 acres in the township, nearly 29 percent of its land, as part of memorandums signed in April and June 2026 covering close to 7,200 acres across Archbald, Carbondale, Carbondale Township, Fell Township and Mayfield, split into a west campus of nearly 4,860 acres and an east campus of just over 2,200 acres. Invitium said it would build only power plants and would not own, build or operate the data centers that could locate on site, and that it has no development plans to present yet.
 Land acquisitions and purchase agreements for data-center-dedicated generation ≥$40M Luzerne County purchase reported 30 July to 1 August 2026; Lackawanna County purchase agreements (signed April and June 2026) reported 29 August 2026; Fell Township planning commission presentation Tuesday 29 September 2026 n.a.
Nvidia + Lancium + Blackstone
Nvidia made a strategic investment in Lancium, a Blackstone portfolio company, alongside a collaboration to deploy Nvidia AI factory technology across Lancium's campuses. Lancium said it has 4 GW of capacity under lease and a development pipeline exceeding 15 GW of powered land, which will serve as deployment sites for Nvidia cloud partners and AI companies. Lancium plans to use Nvidia DSX reference designs, including DSX Flex for grid-responsive power consumption
 strategic equity investment and partnership n.a. Announced 24 August 2026 n.a.
The record

Sourced facts on Blackstone

  • QTS had roughly 400 megawatts of capacity at acquisition and has since grown to a platform of roughly 3 gigawatts.
  • BREIT's portfolio exposure to data centers stood at 23 percent.
  • The $5 billion Applied Digital perpetual preferred facility was executed with Macquarie Asset Management, not Blackstone; Blackstone's role in a $5 billion Applied Digital financing is n.a. on the evidence gathered.
  • Blackstone is planning a publicly traded AI-data-center vehicle sized in the "tens of billions".
  • At the AirTrunk announcement Blackstone cited an estimated US$1 trillion of US data center capex need over five years.
Sources

Sources for Blackstone

Every source cited on this page, once each. The full atlas source register is at Capital Atlas sources.

Private equity and infrastructure: one page each

Antin Infrastructure Partners 0Apollo Global Management 0Ares Management 2BlackRock / GIP / AI Infrastructure Partnership 0Blackstone 5Brookfield (BAM / Brookfield Infrastructure Partners) 2Copenhagen Infrastructure Partners 1DigitalBridge 5EQT 1Global Infrastructure Partners (as a distinct platform) 0I Squared Capital 0IPI Partners / Blue Owl 1KKR 3Macquarie Asset Management 1Oaktree Capital Management 1Pensions & Sovereign Wealth Funds (CalPERS, CPPIB, CDPQ/La Caisse, OTPP, PSP, ADIA, GIC, Mubadala, MGX) 0Silver Lake 0Stonepeak 2The Carlyle Group 2

The figure beside each provider is its count of named sites in the atlas.

Part of the North American Data Center Capital Atlas, refreshed every Tuesday, Thursday and Saturday. Site commitments overlap reported capital expenditure and overlap one another, so this page shows each figure as its source states it and never adds them into a single deployment number. Informational, not investment advice.
The SAVRN reference set

Seven references, one system

Capital, delay, policy, water, grid, permits and scarcity are one system seen from seven sides. Each reference is primary-sourced, refreshed on a schedule, and links into the others, so a project can be followed from the money committed to the docket that stopped it.

Delay Watchlist
Project-level slippage: named projects, jurisdictional actions, utility and federal dockets, SEC disclosures, and the interconnection queue.
Open the watchlist →
Moratorium Tracker
The policy layer: every state measure and local moratorium mapped and cited, with one page per state.
Open the tracker →
Water Tracker
Every federal, state, local and interstate water measure that touches a data center, plus a fifty-state water ledger.
Open the water tracker →
Grid Operator Watchlist
ERCOT, PJM, MISO, CAISO, SPP, NYISO, ISO-NE and FERC: the large-load rules, filings and queue positions that decide whether a site can energize.
Open the watchlist →
Permits and Power Development
Data center and substation permits, large loads in the interconnection queues, and the power plants planned to serve them, refreshed hourly from public records.
Open the permits tracker →
SAVRN Scarcity Tracker
Eleven primary-sourced indicators of AI infrastructure scarcity, one composite index, read against the token index, SAVRN's own cost basis and the frontier ceiling.
Open the scarcity tracker →
Have a specific address? Site Intelligence reads all seven references against one location, county, utility and grid operator included, and cites every finding.
Check an address →