The world's largest asset manager funding the AI boom, but its clock is set by interest rates, not AI
BlackRock
BlackRock is the world's largest asset manager, with assets under management above $14 trillion at the end of 2025. Its pillars are iShares ETFs, active management, the Aladdin technology platform, and private-markets infrastructure expanded by the GIP acquisition. Because most revenue is AUM-linked management fees, results move with asset prices, which are set by the interest-rate environment.
BLK Updated Sep 11, 2026 5 AI consumers· 2 recurring
Per the valuechain.wiki graph, BlackRock is directly linked to 10 companies (0 supply, 0 revenue, 10 investment relationships) and reaches 45 companies within two hops; the links are backed by 15 dated sources, 10 of them primary filings (as of 2026-09-11).
Annual return · 2026-09-04'21+29.4%'22-20.4%'23+17.9%'24+29.3%'25+6.6%YTD+6%
Money in ▸투자자·클라이언트 (운용·자문보수)●Revenue 18,474$M알라딘 기술 구독 클라이언트●Revenue 1,981$M
BlackRockAUM $14.04T at end-2025
▸ Money out임직원 보상●cost 8,446$M기술·데이터·일반관리비◐cost 2,731$M
Financials & Segments
- Total revenue · AUM $14.04T at end-2025 (record). FY2025 total revenue $24.2B (+19%), record full-year net inflows of $698B.
- Customer concentration · 76% of revenue is AUM-linked advisory/administration fees, so results track asset prices and rates. GIP and AIP make it a capital supplier to AI data centers.
- Segments · iShares ETFs · Index & active · Alternatives & private infra · Aladdin technology
Revenue from
- 투자자·클라이언트 (운용·자문보수) High confidence· Revenue 18,474$M · FY2025 · investment advisory & administration fees
AUM-linked investment advisory and administration fees. FY2025 $18,474M (76% of revenue). - 알라딘 기술 구독 클라이언트 High confidence· Revenue 1,981$M · FY2025 · technology services & subscription
Technology services & subscription revenue (Aladdin) FY2025 $1,981M (+24%), ACV +31%.
Pays to
- 임직원 보상 High confidence· cost 8,446$M · FY2025 · employee compensation & benefits
Employee compensation & benefits FY2025 $8,446M (total expense $17,171M). - 기술·데이터·일반관리비 Medium confidence· cost 2,731$M · FY2025 · general & administration
General & administration (incl. technology & data) FY2025 $2,731M.
Investments
- Occidental Petroleum High confidence· Amount $500M · as of 2025-12-31 · Amount BlackRock had funded into the STRATOS joint venture by year-end 2025
BlackRock committed $550 million through a client fund to Occidental's STRATOS joint venture and had funded $500 million by the end of 2025.Confirms EN Occidental Petroleum Published Nov 7, 2023: Occidental and BlackRock Form Joint Venture to Develop STRATOS - Microsoft High confidence· 100$B · AIP total investment potential
Co-founded the AI Infrastructure Partnership (AIP) with Microsoft and MGX to mobilize up to $100B of investment potential ($30B equity + debt) into AI data centers and power infrastructure, combined with the GIP platform.Confirms EN Microsoft Published Sep 17, 2024: BlackRock, GIP, Microsoft and MGX launch new AI partnership to invest in data centers - Ross Stores High confidence
BlackRock beneficially owned 22,616,546 Ross Stores common shares as of March 1, 2026, according to Ross Stores' 2026 proxy, representing 7.0% of shares outstanding. - Altria Group, Inc. High confidence
BlackRock is a beneficial owner of more than 5% of Altria, as listed in Altria's 2026 proxy statement. The 7.56% stake is based on BlackRock's Schedule 13G/A holdings as of year-end 2023. - Marathon Petroleum Corporation High confidence
BlackRock reported itself to the SEC as a major beneficial owner of Marathon Petroleum common stock, aggregating holdings across its specified business units. - Elevance Health, Inc. High confidence
BlackRock reported beneficial ownership of 17,694,658 Elevance common shares as of March 31, 2025, equal to 7.8% of the class, and stated in the filing that the shares were held in the ordinary course rather than to influence control.Confirms EN SEC EDGAR Published Apr 17, 2025: BlackRock Schedule 13G Amendment No. 15 for Elevance Health - Targa Resources Corp. High confidence
BlackRock is listed as a greater-than-5% beneficial owner in Targa's 2026 proxy statement, with the 9.33% figure based on BlackRock's Schedule 13G holdings as of year-end 2023. - ONEOK, Inc. High confidence
BlackRock is listed in ONEOK's 2026 proxy as a holder of more than 5% of the company with a reported 9.00% stake, a figure based on BlackRock's Schedule 13G/A filed in January 2024. - Edwards Lifesciences Corporation High confidence
BlackRock beneficially owned 44,267,376 Edwards common shares, or 7.5%, as of September 30, 2025, with BlackRock's Schedule 13G/A and Edwards' 2026 proxy statement reporting the same position. - Aligned Data Centers (AIP·GIP 인수) Medium confidence· 40$B
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+.Confirms EN Global Infrastructure Partners Published Oct 15, 2025: AIP, MGX and BlackRock's GIP to acquire all equity in Aligned Data Centers - NVIDIA Medium confidence
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.Confirms EN BlackRock Published Mar 19, 2025: BlackRock, GIP, Microsoft and MGX welcome NVIDIA and xAI to the AI Infrastructure Partnership
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| BlackRock | node | +29.4 | -20.4 | +17.9 | +29.3 | +6.6 | +6 |
| Marathon Petroleum Corporation | benef1 | +61 | +86.6 | +30.5 | -4.1 | +19.2 | +141.9 |
| Targa Resources Corp. | benef1 | +100.1 | +43.7 | +21 | +110.1 | +5.7 | +59.5 |
| ONEOK, Inc. | benef1 | +64.7 | +18.9 | +13.2 | +50.1 | -22.9 | +34.8 |
| Ross Stores | benef1 | -6 | +2.9 | +20.6 | +10.4 | +20.4 | +28.6 |
| Altria Group, Inc. | benef1 | +24.2 | +4.4 | -3.7 | +40.8 | +18.2 | +23.3 |
| Elevance Health, Inc. | benef1 | +46.1 | +11.8 | -6.9 | -20.7 | -3.1 | +17.4 |
| Edwards Lifesciences Corporation | benef1 | +42 | -42.4 | +2.2 | -2.9 | +15.2 | +5.5 |
| Microsoft | benef1 | +52.5 | -28 | +58.2 | +12.9 | +15.6 | +4 |
| Seagate Technology | benef2 | +87.5 | -51.4 | +69.1 | +4.1 | +225.3 | +209.1 |
| Western Digital | benef2 | +17.7 | -51.6 | +66 | +13.9 | +283.7 | +171.6 |
| Marvell | benef2 | +84.6 | -57.5 | +63.7 | +83.8 | -22.8 | +163.4 |
| Intel | benef2 | +6.1 | -46.6 | +94.6 | -59.6 | +84 | +159.6 |
| AMD | benef2 | +56.9 | -55 | +127.6 | -18.1 | +77.3 | +123 |
| Wiwynn | benef2 | +24.7 | -22.3 | +206.4 | +3.5 | +64.4 | +120.2 |
| Astera Labs | benef2 | · | · | · | · | +25.6 | +86.6 |
| Vertiv | benef2 | +33.8 | -45.3 | +251.8 | +136.8 | +42.8 | +73.2 |
| State Street Corporation | benef2 | +31 | -13.8 | +3.5 | +30.2 | +35.5 | +53.3 |
| Archer-Daniels-Midland Company | benef2 | +37.3 | +40 | -20.4 | -27.5 | +18.2 | +50.2 |
| Arista Networks | benef2 | +97.9 | -15.6 | +94.1 | +87.7 | +18.5 | +47.9 |
| Occidental Petroleum | benef2 | +67.7 | +119.1 | -4.1 | -15.9 | -14.9 | +47.4 |
| GE Vernova | benef2 | · | · | · | · | +99 | +44.4 |
| Caterpillar | benef2 | +16 | +18.6 | +25.9 | +24.7 | +60.3 | +42.9 |
| Ciena | benef2 | +45.6 | -33.8 | -11.7 | +88.4 | +175.8 | +37.3 |
| Equinix | benef2 | +20.3 | -21.1 | +25.4 | +19.5 | -16.9 | +37.3 |
| Super Micro | benef2 | +38.8 | +86.8 | +246.2 | +7.2 | -4 | +35.3 |
| Eaton | benef2 | +46.7 | -7.2 | +56.2 | +39.5 | -2.8 | +30.1 |
| Quanta Computer | benef2 | +22.2 | -12.8 | +254.5 | +12.7 | +8.9 | +28.5 |
| CVS Health | benef2 | +54.9 | -7.6 | -12.5 | -40.8 | +84.3 | +24.7 |
| NVIDIA | benef2 | +125.5 | -50.3 | +239 | +171.2 | +38.9 | +23.7 |
| Becton, Dickinson and Company | benef2 | +1.9 | +5.1 | -2.7 | -5.4 | -12.6 | +22.7 |
| Schneider Electric | benef2 | +25.9 | +1.6 | +25.8 | +36.1 | +0.5 | +20.7 |
| Federal Realty Investment Trust | benef2 | +66 | -22.7 | +6.6 | +12.1 | -5.9 | +19.8 |
| Foxconn (Hon Hai) | benef2 | -5.1 | +2.8 | +7.8 | +80.1 | +26.9 | +19.6 |
| Credo Technology | benef2 | · | · | +46.3 | +245.2 | +114.1 | +18.5 |
| IREN | benef2 | · | -92.3 | +472 | +37.3 | +284.6 | +18.3 |
| Philip Morris International Inc. | benef2 | +20.8 | +12.3 | -1.9 | +34.3 | +38 | +15.8 |
| Simon Property Group | benef2 | +95.7 | -21.9 | +29.2 | +26.9 | +12.9 | +15.7 |
| Cummins | benef2 | -1.7 | +14.1 | +1.7 | +48.9 | +49.4 | +11 |
| Automatic Data Processing, Inc. | benef2 | +42.6 | -1.3 | -0.2 | +28.4 | -10.2 | +9.6 |
| 3M Company | benef2 | +4.9 | -29.6 | -3.3 | +46.1 | +26.4 | +6.8 |
| Brookfield Asset Management Ltd. | benef2 | · | · | +45.6 | +39.7 | -0.2 | -0.4 |
| Apollo Global Management | benef2 | +53.2 | -9.6 | +49.4 | +79.9 | -11.1 | -6.5 |
| IonQ | benef2 | · | -79.3 | +259.1 | +237.1 | +7.4 | -11.9 |
| Constellation Energy | benef2 | · | · | +37.2 | +92.7 | +58.8 | -15 |
| Take-Two Interactive Software, Inc. | benef2 | -14.5 | -41.4 | +54.6 | +14.4 | +39.1 | -16.1 |
YTD as of 2026-09-04 · source: Yahoo Finance
BlackRock is the world's largest asset manager funding the AI boom, but its clock is set by interest rates, not AI. It stayed steadily positive in recent years and is +6% in 2026. Its demand and supply links are known, but listed-counterparty return data is limited. Because most revenue is AUM-linked management fees, results move with asset prices, which are set by the interest-rate environment.
Analysis generated from returns as of 2026-09-04Analyst ratings
Consensus: Buy 3 · Hold 0 · Sell 0 · Avg. target $1,348 · Price $1,122.29 (09-04) · Upside +20%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Keefe, Bruyette & Woods · Alex Bond | Outperform | $1,275 | Jul 10, 2026 | Report ↗ |
| Barclays · Benjamin Budish | Overweight | $1,340 | Jul 9, 2026 | Report ↗ |
| Morgan Stanley · Michael Cyprys | Overweight | $1,430 | Jun 26, 2026 | Report ↗ |
Heading into July 2026 earnings the consensus is buy-heavy, with targets spanning $1,165 to Morgan Stanley's $1,430 at the top.
Analyses covering this node
- Capital that funds the boom runs on the rate clock: banks, asset managers, Berkshire Jul 9, 2026
- Clocks that haven't run and clocks that ran hardest Jul 5, 2026