Blue Owl Capital is reportedly exploring the creation of a data center-focused real estate investment trust (REIT) with plans to take it public, according to sources familiar with the matter. This move comes as data center assets emerge as a key funding focus, with a growing number of companies tapping capital markets to finance artificial intelligence infrastructure projects.

The alternative asset manager is expected to seed the new REIT with approximately $6.5 billion of its own data center properties, the sources said. Blue Owl intends to raise additional capital through an initial public offering and subsequent share sales, which would be used to acquire more data centers and expand the trust's portfolio.

Blue Owl already holds a portfolio of data center assets and finished raising capital for its latest digital infrastructure fund in May, securing $7 billion in commitments. The sources cautioned that discussions are still ongoing, and the final structure of the REIT and the IPO could change. Blue Owl's shares briefly rose 1.2% on the news. The stock is down nearly 21% year-to-date, with the company's market capitalization exceeding $18 billion. A Blue Owl spokesperson declined to comment.