Digital Realty agreed to acquire Blackstone's majority stake in three Virginia data centers for $3.5 billion, gaining 288MW of fully leased capacity.

On June 30, 2026, Digital Realty Trust Inc. announced an agreement to acquire a majority stake in three large-scale data centers in Northern Virginia from a Blackstone Group fund. The transaction is valued at $3.5 billion, consisting of $1.2 billion in cash and $2.3 billion in Digital Realty stock, with total asset valuation reaching $7.8 billion.

The deal includes an 80% stake in two 96-megawatt data centers in Manassas and a 50% stake in another 96-megawatt facility on Sterling's Digital Dulles campus. This acquisition significantly strengthens Digital Realty's position in Northern Virginia, the world's largest data center market. The move capitalizes on surging demand for AI and cloud computing services. The facilities are fully leased to three investment-grade clients rated AA-, with 15-year lease terms featuring 3.6% annual rent escalations, providing a stable revenue foundation.

Digital Realty operates as a leading cloud- and carrier-neutral data center provider, offering colocation and interconnection services to hyperscalers and major enterprises. The company maintains approximately $66.97 billion in market capitalization, with 300 properties across 57 metropolitan areas in 31 countries serving around 5,000 customers. Revenue breaks down to roughly 90% from physical space rentals and 10% from interconnection services and other fees.

Digital Realty's GF Value is calculated at $166.74, indicating a current 14.3% overvaluation at $190.58 per share. The P/E ratio (TTM) stands at 50.28x, above the five-year median of 48.32x, suggesting investors are pricing in significant growth expectations that may prove challenging in a competitive market. The GF Score reflects strength in growth potential and momentum but rates financial strength at only 5/10, signaling potential balance sheet concerns that warrant investor consideration.