RBC Capital Markets initiated Outperform coverage of Blackstone Digital Infrastructure Trust with a $24 price target, while BMO Capital Markets initiated Market Perform coverage with a $23 price target, citing divergent views on execution risk and valuation.

Blackstone Digital Infrastructure Trust completed its IPO in May and raised about $2 billion. The company currently owns no assets and plans to deploy proceeds into newly constructed, stabilized data centers leased to major cloud and AI companies including Amazon, Microsoft, Meta and Alphabet, targeting acquisition cap rates of roughly 5.75% to 7.0%.

RBC highlighted a near-term acquisition pipeline estimated at $25 billion and Blackstone's relationships with hyperscalers as key growth drivers. BMO noted concerns around the externally managed structure, blind-pool status and premium valuation relative to net-lease peers, though both firms cited robust industry fundamentals driven by AI investment and tight data center supply.

BMO estimated hyperscaler capital spending will exceed $750 billion in 2026 and top $2 trillion cumulatively between 2025 and 2027, supporting long-term demand for digital infrastructure assets.