Excitement over artificial intelligence is powering a boom in what was once a small niche in the commercial real-estate business. Developers are rushing to build hundreds of data centers, especially those with the high power and cooling systems that AI servers need. Blackstone , for one, has grown its data-center development pipeline to more than $15 billion from only $1 billion in two years. Investment firms such as PGIM Real Estate and IPI Partners are raising billions of dollars for data center-specific funds, according to people familiar with the matter.

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Organizations: IPI Partners