Blackstone agreed to buy a 49% stake in Rowan Digital Infrastructure, a Denver-based data center developer whose tenants include Amazon Web Services, in a deal that values the company at roughly $3.8B excluding debt, with Blackstone expected to gain strong control rights. Rowan has raised more than $4B in construction debt since mid-2024 to build data centers across the U.S., developing facilities for both traditional cloud computing and AI workloads, which analysts consider a less speculative bet than pure-play AI infrastructure developers. The deal adds to Blackstone's roughly $130B data center portfolio, which includes QTS, acquired for $10B in 2021 and since grown 14-fold in leased capacity, and AirTrunk, acquired for $16B in 2024 across Australia and Asia.
