{"slug":"blackrock","name":"BlackRock","name_en":"BlackRock","ticker":"BLK","updated_at":"2026-07-12T04:08:55.99+00:00","canonical":"https://valuechain.wiki/blackrock","same_as":["https://finance.yahoo.com/quote/BLK","https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=2012383"],"citable":"밸류체인 그래프 기준 BlackRock의 직접 연결 기업은 2곳(관계 기준 공급 0·매출 0·투자 2)이고, 사슬을 2차까지 넓히면 26곳에 닿는다. 링크의 근거 출처는 5건이며 그중 1차공시가 1건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, BlackRock is directly linked to 2 companies (0 supply, 0 revenue, 2 investment relationships) and reaches 26 companies within two hops; the links are backed by 5 dated sources, 1 of them primary filings (as of 2026-07-12).","kicker":"AI 붐에 돈을 대는 세계 최대 자산운용사, 그러나 그 시계는 AI가 아니라 금리에 맞춰 돈다","kicker_en":"The world's largest asset manager funding the AI boom, but its clock is set by interest rates, not AI","lead":"블랙록은 2025년 말 운용자산(AUM)이 14조 달러를 넘긴 세계 최대 자산운용사다. iShares ETF, 액티브 운용, 알라딘(Aladdin) 기술 플랫폼, GIP 인수로 확장한 사모 인프라를 축으로 삼는다. 수익의 대부분이 AUM에 연동된 운용보수라 실적이 자산 가격, 즉 금리 환경에 크게 좌우된다.","lead_en":"BlackRock is the world's largest asset manager, with assets under management above $14 trillion at the end of 2025. Its pillars are iShares ETFs, active management, the Aladdin technology platform, and private-markets infrastructure expanded by the GIP acquisition. Because most revenue is AUM-linked management fees, results move with asset prices, which are set by the interest-rate environment.","segments":{"fy":2025,"parts":[{"desc":"AUM 5.47조 달러(전체의 39%). 세계 최대 ETF 프랜차이즈","name":"iShares ETF"},{"desc":"논-ETF 인덱스 4.06조, 액티브 3.43조","name":"인덱스·액티브 운용"},{"desc":"GIP 인수로 확장. 데이터센터·전력 인프라 노출(AIP)","name":"대체·사모 인프라"},{"desc":"기술서비스·구독 수익 19.8억 달러(+24%), ACV +31%","name":"알라딘 기술"}],"total":"운용자산(AUM) 14.04조 달러(2025년 말, 사상 최대). FY2025 총수익 242억 달러(+19%), 연간 순유입 기록적 6,980억 달러.","source":"https://www.sec.gov/Archives/edgar/data/2012383/000119312526071966/blk-20251231.htm","concentration":"수익의 76%가 AUM연동 운용·자문보수 → 실적이 자산가격·금리에 좌우. GIP 인수와 AIP로 AI 데이터센터에 자본 공급."},"segments_en":{"fy":2025,"parts":[{"desc":"AUM $5.47T (39% of total); the world's largest ETF franchise","name":"iShares ETFs"},{"desc":"Non-ETF index $4.06T, active $3.43T","name":"Index & active"},{"desc":"Expanded via GIP; data-center and power exposure through AIP","name":"Alternatives & private infra"},{"desc":"Technology & subscription revenue $1.98B (+24%), ACV +31%","name":"Aladdin technology"}],"total":"AUM $14.04T at end-2025 (record). FY2025 total revenue $24.2B (+19%), record full-year net inflows of $698B.","source":"https://www.sec.gov/Archives/edgar/data/2012383/000119312526071966/blk-20251231.htm","concentration":"76% of revenue is AUM-linked advisory/administration fees, so results track asset prices and rates. 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KGaA","name_en":"Merck KGaA (EMD)","tier":3,"returns_yearly":{"2021":42.2,"2022":-0.4,"2023":-19.1,"2024":-2.5,"2025":-12.7,"2026":13.5}},{"slug":"cameco","name":"Cameco","name_en":"Cameco","tier":3,"returns_yearly":{"2021":63.2,"2022":4.3,"2023":90.5,"2024":19.5,"2025":78.4,"2026":4.9}},{"slug":"kyec","name":"KYEC","name_en":"King Yuan Electronics (KYEC)","tier":3,"returns_yearly":{"2021":26.7,"2022":-7.7,"2023":132.4,"2024":38.6,"2025":171,"2026":4.2}},{"slug":"fabrinet","name":"Fabrinet","name_en":"Fabrinet","tier":3,"returns_yearly":{"2021":52.7,"2022":8.2,"2023":48.4,"2024":15.5,"2025":107.1,"2026":3.5}},{"slug":"hoya","name":"호야","name_en":"Hoya Corporation","tier":3,"returns_yearly":{"2021":10.8,"2022":-3,"2023":34.4,"2024":11.3,"2025":24.9,"2026":-2.9}},{"slug":"hpsp","name":"HPSP","name_en":"HPSP","tier":3,"returns_yearly":{"2023":216.5,"2024":-30.4,"2025":54.7,"2026":-4.5}},{"slug":"synopsys","name":"Synopsys","name_en":"Synopsys","tier":3,"returns_yearly":{"2021":42.1,"2022":-13.4,"2023":61.3,"2024":-5.7,"2025":-3.2,"2026":-5.2}},{"slug":"phison","name":"Phison","name_en":"Phison Electronics","tier":3,"returns_yearly":{"2021":26.8,"2022":-10.7,"2023":45.1,"2024":-6.7,"2025":418.3,"2026":-6}},{"slug":"photronics","name":"Photronics","name_en":"Photronics","tier":3,"returns_yearly":{"2021":68.9,"2022":-10.7,"2023":86.4,"2024":-24.9,"2025":35.8,"2026":-6.6}},{"slug":"mobileye","name":"Mobileye","name_en":"Mobileye","tier":3,"returns_yearly":{"2023":23.6,"2024":-54,"2025":-47.6,"2026":-8.5}},{"slug":"te-connectivity","name":"TE Connectivity","name_en":"TE Connectivity","tier":3,"returns_yearly":{"2021":35.1,"2022":-27.7,"2023":24.6,"2024":3.5,"2025":61.1,"2026":-11.3}},{"slug":"recursion","name":"Recursion Pharmaceuticals","name_en":"Recursion Pharmaceuticals","tier":3,"returns_yearly":{"2022":-55,"2023":27.9,"2024":-31.4,"2025":-39.5,"2026":-13}},{"slug":"d-wave","name":"D-Wave Quantum","name_en":"D-Wave Quantum","tier":3,"returns_yearly":{"2022":-85.3,"2023":-38.9,"2024":854.5,"2025":211.3,"2026":-23.2}},{"slug":"rigetti","name":"Rigetti Computing","name_en":"Rigetti Computing","tier":3,"returns_yearly":{"2022":-92.9,"2023":35.1,"2024":1449.2,"2025":45.2,"2026":-25.3}},{"slug":"oklo","name":"Oklo","name_en":"Oklo","tier":3,"returns_yearly":{"2022":0.7,"2023":6.5,"2024":101,"2025":238,"2026":-31.9}},{"slug":"byd-electronics","name":"BYD일렉트로닉스","name_en":"BYD Electronics","tier":3,"returns_yearly":{"2021":-56.1,"2022":16,"2023":-0.4,"2024":60.6,"2025":-19.4,"2026":-34.4}},{"slug":"ubtech","name":"UBTech","name_en":"UBTech Robotics","tier":3,"returns_yearly":{"2024":-21.6,"2025":95.4,"2026":-39.2}},{"slug":"shinko","name":"신코덴키","name_en":"Shinko Electric Industries","tier":3,"returns_yearly":null},{"slug":"siemens-eda","name":"Siemens EDA","name_en":"Siemens EDA","tier":3,"returns_yearly":null},{"slug":"jsr","name":"JSR","name_en":"JSR Corporation","tier":3,"returns_yearly":null},{"slug":"openai","name":"OpenAI","name_en":"OpenAI","tier":3,"returns_yearly":null}],"analysis":"블랙록의 투자 논점은 'AI에 돈을 대지만 시계는 금리에 맞춰 도는 세계 최대 운용사'다. AUM 14조 달러에서 수익의 76%가 AUM연동 보수라, 실적은 AI가 아니라 자산가격·금리에 좌우된다 — kicker 그대로다. AI 노출은 운영자가 아니라 '자본 공급자'로서다: GIP 인수와 AIP(마이크로소프트·MGX·엔비디아, 최대 $100B 잠재력)로 AI 데이터센터·전력에 자본을 대고, Aligned Data Centers를 약 $400억(EV)에 인수한다. 여기에 AUM과 무관한 알라딘 기술 구독(수익 +24%, ACV +31%)이 구조 성장 레그를 더한다. 관건은 금리·자산가격 사이클과 사모 인프라 자본배치의 성과이며, 리스크는 시장 급락에 따른 AUM·보수 감소다.","analysis_en":"BlackRock's thesis is 'the world's largest manager that funds AI but whose clock is set by rates.' On $14T AUM, 76% of revenue is AUM-linked fees, so results track asset prices and rates, not AI — exactly as the kicker says. Its AI exposure is as a capital supplier, not an operator: via the GIP acquisition and AIP (with Microsoft, MGX and NVIDIA, up to $100B potential) it funds AI data centers and power and is acquiring Aligned Data Centers at ~$40B EV. On top, AUM-independent Aladdin technology subscriptions (revenue +24%, ACV +31%) add a structural growth leg. The keys are the rate/asset-price cycle and the returns on private-infrastructure deployment; the risk is falling AUM and fees in a market drawdown.","analysis_asof":"2026-07-09"},"edges":[{"direction":"revenue","counterparty":"투자자·클라이언트 (운용·자문보수)","counterparty_slug":null,"confidence":"high","metric":{"type":"revenue","unit":"$M","basis":"investment advisory & administration fees","value":18474,"period":"FY2025","basis_en":"investment advisory & administration fees"},"note":"AUM 연동 투자자문·관리보수. FY2025 184.7억 달러(총수익의 76%).","note_en":"AUM-linked investment advisory and administration fees. FY2025 $18,474M (76% of revenue).","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-25","url":"https://www.sec.gov/Archives/edgar/data/2012383/000119312526071966/blk-20251231.htm","title":"BlackRock FY2025 Form 10-K","title_en":"BlackRock FY2025 Form 10-K","excerpt":"투자자문·관리보수 18,474백만 달러.","excerpt_en":"Investment advisory and administration fees $18,474M."},{"stance":"confirms","publisher":"BlackRock","publisher_en":"BlackRock","kind":"ir","lang":"en","published_at":"2026-01-14","url":"https://s24.q4cdn.com/856567660/files/doc_financials/2025/Q4/BLK-4Q25-Earnings-Release.pdf","title":"BlackRock 4Q25 실적 발표","title_en":"BlackRock 4Q25 Earnings Release","excerpt":"Total revenue 24,216 ... Investment advisory and administration fees 18,474.","excerpt_en":"Total revenue 24,216 ... Investment advisory and administration fees 18,474."}]},{"direction":"cost","counterparty":"임직원 보상","counterparty_slug":null,"confidence":"high","metric":{"type":"cost","unit":"$M","basis":"employee compensation & benefits","value":8446,"period":"FY2025","basis_en":"employee compensation & benefits"},"note":"임직원 보상·후생 FY2025 84.5억 달러(총비용 171.7억).","note_en":"Employee compensation & benefits FY2025 $8,446M (total expense $17,171M).","sources":[{"stance":"confirms","publisher":"BlackRock","publisher_en":"BlackRock","kind":"ir","lang":"en","published_at":"2026-01-14","url":"https://s24.q4cdn.com/856567660/files/doc_financials/2025/Q4/BLK-4Q25-Earnings-Release.pdf","title":"BlackRock 4Q25 실적 발표","title_en":"BlackRock 4Q25 Earnings Release","excerpt":"Employee compensation and benefits 8,446 ... Total expense 17,171.","excerpt_en":"Employee compensation and benefits 8,446 ... Total expense 17,171."}]},{"direction":"revenue","counterparty":"알라딘 기술 구독 클라이언트","counterparty_slug":null,"confidence":"high","metric":{"type":"revenue","unit":"$M","basis":"technology services & subscription","value":1981,"period":"FY2025","basis_en":"technology services & subscription"},"note":"알라딘 등 기술서비스·구독 수익 FY2025 19.8억 달러(+24%), ACV +31%.","note_en":"Technology services & subscription revenue (Aladdin) FY2025 $1,981M (+24%), ACV +31%.","sources":[{"stance":"confirms","publisher":"BlackRock","publisher_en":"BlackRock","kind":"ir","lang":"en","published_at":"2026-01-14","url":"https://s24.q4cdn.com/856567660/files/doc_financials/2025/Q4/BLK-4Q25-Earnings-Release.pdf","title":"BlackRock 4Q25 실적 발표","title_en":"BlackRock 4Q25 Earnings Release","excerpt":"Technology services and subscription revenue 1,981.","excerpt_en":"Technology services and subscription revenue 1,981."}]},{"direction":"investment","counterparty":"마이크로소프트","counterparty_slug":"microsoft","confidence":"high","metric":{"unit":"$B","as_of":"2024-09-17","basis":"AIP total investment potential","value":100,"basis_en":"AIP total investment potential","qualifier":"aip_cofounder"},"note":"AI 인프라 파트너십(AIP) 공동 창립 — 마이크로소프트·MGX와 함께 AI 데이터센터·전력 인프라에 최대 1,000억 달러 투자 잠재력(지분 300억+부채)을 동원. GIP 통한 인프라 플랫폼 결합.","note_en":"Co-founded the AI Infrastructure Partnership (AIP) with Microsoft and MGX to mobilize up to $100B of investment potential ($30B equity + debt) into AI data centers and power infrastructure, combined with the GIP platform.","sources":[{"stance":"confirms","publisher":"Microsoft","publisher_en":"Microsoft","kind":"ir","lang":"en","published_at":"2024-09-17","url":"https://news.microsoft.com/source/2024/09/17/blackrock-global-infrastructure-partners-microsoft-and-mgx-launch-new-ai-partnership-to-invest-in-data-centers-and-supporting-power-infrastructure/","title":"블랙록·GIP·마이크로소프트·MGX, AI 인프라 파트너십(AIP) 출범","title_en":"BlackRock, GIP, Microsoft and MGX launch new AI partnership to invest in data centers","excerpt":"$100 billion investment potential will enhance American competitiveness in AI while meeting the growing need for energy infrastructure.","excerpt_en":"$100 billion investment potential will enhance American competitiveness in AI while meeting the growing need for energy infrastructure."}]},{"direction":"cost","counterparty":"기술·데이터·일반관리비","counterparty_slug":null,"confidence":"mid","metric":{"type":"cost","unit":"$M","basis":"general & administration","value":2731,"period":"FY2025","basis_en":"general & administration"},"note":"일반관리비(기술·데이터 포함) FY2025 27.3억 달러.","note_en":"General & administration (incl. technology & data) FY2025 $2,731M.","sources":[{"stance":"confirms","publisher":"BlackRock","publisher_en":"BlackRock","kind":"ir","lang":"en","published_at":"2026-01-14","url":"https://s24.q4cdn.com/856567660/files/doc_financials/2025/Q4/BLK-4Q25-Earnings-Release.pdf","title":"BlackRock 4Q25 실적 발표","title_en":"BlackRock 4Q25 Earnings Release","excerpt":"General and administration expense 2,731.","excerpt_en":"General and administration expense 2,731."}]},{"direction":"investment","counterparty":"Aligned Data Centers (AIP·GIP 인수)","counterparty_slug":null,"confidence":"mid","metric":{"unit":"$B","as_of":"2025-10-15","value":40,"qualifier":"acquisition_enterprise_value"},"note":"AIP·MGX·GIP가 약 400억 달러(EV)에 Aligned Data Centers 지분 전량 인수(2025-10 발표, 2026 상반기 종결 예정). 50개+ 캠퍼스·5GW+.","note_en":"AIP, MGX and BlackRock's GIP agreed to acquire all equity in Aligned Data Centers at ~$40B EV (announced Oct 2025, close expected H1 2026); 50+ campuses, 5GW+.","sources":[{"stance":"confirms","publisher":"Global Infrastructure Partners","publisher_en":"Global Infrastructure Partners","kind":"ir","lang":"en","published_at":"2025-10-15","url":"https://www.global-infra.com/news/ai-infrastructure-partnership-aip-mgx-and-blackrocks-global-infrastructure-partners-gip-to-acquire-all-equity-in-aligned-data-centers/","title":"AIP·MGX·GIP, Aligned Data Centers 지분 전량 인수","title_en":"AIP, MGX and BlackRock's GIP to acquire all equity in Aligned Data Centers","excerpt":"AIP, MGX, and BlackRock's Global Infrastructure Partners (GIP) to Acquire All Equity in Aligned Data Centers.","excerpt_en":"AIP, MGX, and BlackRock's Global Infrastructure Partners (GIP) to Acquire All Equity in Aligned Data Centers."}]},{"direction":"investment","counterparty":"NVIDIA","counterparty_slug":"nvidia","confidence":"mid","metric":{"as_of":"2025-03-19","qualifier":"aip_partner"},"note":"엔비디아가 2025년 3월 AIP에 파트너로 합류(xAI와 함께) — 블랙록·GIP·MS·MGX의 AI 데이터센터 투자에 AI 팩토리 전문성 제공. 블랙록은 인덱스·iShares로 엔비디아 대형 주주이기도.","note_en":"NVIDIA joined AIP as a partner in March 2025 (with xAI), bringing AI-factory expertise to the BlackRock/GIP/Microsoft/MGX data-center investment; BlackRock is also a large index/iShares holder of NVIDIA.","sources":[{"stance":"confirms","publisher":"BlackRock","publisher_en":"BlackRock","kind":"ir","lang":"en","published_at":"2025-03-19","url":"https://www.blackrock.com/corporate/newsroom/press-releases/article/corporate-one/press-releases/blackrock-gip-microsoft-mgx-welcome-nvidia-xai-to-aip","title":"AIP, 엔비디아·xAI를 파트너로 맞이","title_en":"BlackRock, GIP, Microsoft and MGX welcome NVIDIA and xAI to the AI Infrastructure Partnership","excerpt":"BlackRock, Global Infrastructure Partners, Microsoft and MGX welcome NVIDIA and xAI to the AI Infrastructure Partnership.","excerpt_en":"BlackRock, Global Infrastructure Partners, Microsoft and MGX welcome NVIDIA and xAI to the AI Infrastructure Partnership."}]}]}