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Wall Street is pitching data centers as a major real estate bet, but the risks are piling up.
While Blackstone's Digital Infrastructure Trust trades on the NYSE, its shares have fallen roughly 16% since their mid-May debut, closing under $17 on Thursday.
This decline occurs as the fund has not yet deployed any capital into investments, a stark contrast to competitors like Blue Owl, which owns over 130 data centers representing more than $18 billion in assets.
Blackstone CEO Nick Pell described the strategy in a May CNBC interview as a way to capture the market for stabilized data centers, calling it the lowest risk way to play.
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