Wall Street pitches data centers as real estate, but risks mount

Blackstone, Blue Owl and Brookfield are bringing data center exposure to public markets: Blackstone's REIT BXDC raised $1.75 billion, but its shares have fallen 16%. Investors face project delays, power and permitting constraints, and growing political backlash — 70% of Americans oppose a data center in their area.

• Blackstone sold 87.5 million BXDC shares at $20; the stock is down 16%
• Blue Owl owns over 130 data centers across 32 markets worth $18 billion
• Gallup poll: 70% of Americans oppose a data center in their area
• New York and Texas imposed moratoriums on new hyperscale data centers