Blackstone’s Jersey Mike’s IPO Filing and AirTrunk’s A$500M AI Data-Center Bond Plan
Blackstone's portfolio companies plan two transactions: Jersey Mike's has filed for an IPO after Blackstone's $8 billion buyout, and AirTrunk is exploring a A$500 million asset-backed bond for AI data-center funding. Jersey Mike's posted 10.6% revenue growth to $309.8 million in 2025, while AirTrunk aims to refinance loans and boost capacity across Asia-Pacific.
1. Jersey Mike's IPO Filing
Jersey Mike's filed confidentially for an initial public offering after Blackstone acquired a majority stake for $8 billion last year. The chain operates over 3,000 U.S. locations and reported revenue of $309.8 million in 2025, up 10.6%, while net income dropped 23.1% year-over-year.
2. AirTrunk’s A$500M Bond Plan
AirTrunk, a Blackstone-backed data-center operator, is exploring a A$500 million asset-backed bond to refinance existing loans and support capacity expansion for AI workloads. The planned bond could precede a Singapore REIT listing and follows a recent green loan of ¥191.6 billion in Japan.
3. Implications for Blackstone
These capital events highlight Blackstone’s strategy to monetize its restaurant investment and finance AI infrastructure growth through varied instruments. Successful execution could unlock value upon IPO and enhance returns on data-center assets, while refinancing terms and market demand will influence funding costs.