Blackstone Transforms QTS Into AI Infrastructure

Blackstone, via its 2021 $10 billion acquisition of QTS Realty Trust, has scaled into a dominant data center owner supplying hyperscale AI workloads, converting power-rich campuses built for 50–100 kW racks into premium assets. That shift has compressed cap rates below 5% in prime markets, attracted build-to-suit 15–20 year leases, and positioned QTS to capture part of cloud providers' planned $250 billion-plus infrastructure spending through 2026.