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.
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.
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.
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
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
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
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
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 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
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
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
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.
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 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.
Each connection below has a specific, cited role. A supplier, lender, customer or proposed acquirer has different economics from the project owner.
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.
Blackstone fund-platform exposure through QTS, the Aurora-Denver developer.
Planned 160 MW-plus critical capacity is not all commissioned; Blackstone corporate site investment and fees are not separately disclosed.
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.
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.
QTS is owned by funds managed by Blackstone; the relationship is managed-fund platform exposure.
Campus capital commitments, ownership economics and income attributable to the listed parent are not disclosed.
QTS platform owned by affiliated Blackstone funds, not a direct campus-specific earnings allocation. QTS identifies Phoenix 3 location.
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.datacenterdynamics.com ↗
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.
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.
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.