Blackstone Plans Public Company for AI Data-Center Buying Spree

Blackstone Inc. is launching a publicly traded acquisition company that will snap up data centers, giving millions of mom-and-pop investors a chance to bet on the artificial intelligence boom.

The alternative investment giant is approaching sovereign wealth funds and other institutions for the first checks, aiming to eventually raise tens of billions of dollars from a broader group of investors, according to people familiar with the matter, who asked not to be identified discussing confidential information.

The new vehicle will encapsulate two of the $1.3 trillion alternative asset manager’s biggest initiatives — its bid to become the world’s biggest investor ...