Blackstone Digital Infrastructure Trust filed for an initial public offering to raise up to $1.75 billion.
The real estate investment trust plans to offer 87.5 million shares.
The company set the offering price at $20 per share.
It will list on the New York Stock Exchange under the ticker BXDC.
This newly formed entity currently holds no assets and operates as a blind-pool vehicle.
Proceeds will fund the acquisition of stabilized data centers leased to investment-grade hyperscale tenants.
The strategy capitalizes on increasing demand for digital infrastructure driven by artificial intelligence.
A Blackstone affiliate expressed non-binding interest in buying up to $200 million of the shares.