00:00We're talking about access. We want to talk about a filing that we saw on the IPO front,
00:03not SpaceX. That won't happen for a little while, but Blackstone, their digital infrastructure
00:08trust filing for an IPO. We broke the news earlier today that this is going to be something
00:12that they could raise about $2 billion working with the likes of Goldman Sachs, Citigroup,
00:17and Morgan Stanley. And Katie, the thing that's interesting is this is a, at least the pitching
00:22of it is a novel vehicle akin to a SPAC, but not a SPAC in terms of targeting the retail
00:27clients
00:27and trying to give them an opportunity to invest in AI data center REITs and kind of rolling that up
00:32into one. It's interesting to see this now, you know, a data center acquisition firm now filing for
00:38an IPO. I mean, talk to us about this moment in time and, you know, how something like this,
00:43this sort of vehicle would be received. Well, the big thing to keep in mind is that there are only
00:47a pair of stocks that are data center REITs that are actively traded. So you look at Equinex,
00:51ticker EQIX, it's up 34% year to date. So these are big winners that investors want access to. I
00:57talked to folks on the buy side and the big thing is we want to buy more stocks that have
01:02exposure
01:02to data centers. The big question is, A, what are those companies and how do they end up being
01:06positioned? And to your point, the interesting thing to keep an eye on will be how does Blackstone
01:11deploy the capital and how do they raise more money to acquire more assets? And how does this
01:16fit into sort of Blackstone's ambitions when it comes to data centers overall? Yeah, they've leaned
01:21into it. They've invested tens of billions of dollars into this. They own a number of companies.
01:24We've been keeping a close eye on potentially to IPO. So it's certainly an area that has
01:29a lot of demand and a lot of capital. Some of those companies are preferring to stay private
01:33just because there's so much private capital. So it's going to be interesting to see, A, how
01:37big this is and B, if any other firms kind of follow in their wake and try to do something
01:41similar.
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