The world's largest asset manager funding the AI boom, but its clock is set by interest rates, not AI
BlackRock
The world's largest asset manager ended September 2026 with $15.49 trillion of AUM and $205 billion of quarterly net inflows across ETFs, institutional mandates, private markets and Aladdin.
Business categories Asset Management & Alternatives · Finance & Capital · primary
Other companies in the same category
- Asset Management & Alternatives: Blackstone · Ares Management · KKR & Co. · Brookfield Asset Management Ltd. · Ameriprise Financial
BLK Updated Oct 17, 2026 7 AI consumers· 5 recurring
Per the valuechain.wiki graph, BlackRock is directly linked to 18 companies (0 supply, 0 revenue, 18 investment relationships) and reaches 62 companies within two hops; the links are backed by 26 dated sources, 21 of them primary filings (as of 2026-10-17).
Annual return · 2026-10-09'21+29.4%'22-20.4%'23+17.9%'24+29.3%'25+6.6%YTD+2.8%
Money in ▸투자자·클라이언트 (운용·자문보수)●Amount $15.5T알라딘 기술 구독 클라이언트●Revenue 1,981$M
BlackRock$15.49 trillion of AUM at September 2026, with $205 billion of quarterly net inflows and $869 billion over the last twelve months.
▸ Money out임직원 보상●cost 8,446$M기술·데이터·일반관리비◐cost 2,731$M
Financials & Segments
- Total revenue · $15.49 trillion of AUM at September 2026, with $205 billion of quarterly net inflows and $869 billion over the last twelve months.
- Customer concentration · A diversified platform across ETFs, institutional mandates, private markets and cash. Q3 annualized organic base-fee growth was 11%.
- Segments · iShares ETFs · Index & active · Alternatives & private infra · Aladdin technology
Revenue from
- 투자자·클라이언트 (운용·자문보수) High confidence· Amount $15.5T · Q3 2026 · Total assets under management
BlackRock earns advisory and administration fees on institutional and retail assets. AUM reached $15.49 trillion at September 2026, with $205 billion of quarterly net inflows. - 알라딘 기술 구독 클라이언트 High confidence· Revenue 1,981$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 - Ares Management High confidence· Market share 7.11% · as of 2025-12-31 · BlackRock beneficial ownership of Ares Class A shares
BlackRock beneficially owned 15,778,507 Ares Class A shares, or 7.11%, according to Ares's 2026 proxy. - 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. - Incyte Corporation High confidence
BlackRock is listed in Incyte's 2026 proxy statement as a beneficial owner above 5%, with the statement's table reporting 15,242,171 shares representing a 7.6% stake. - 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. - Public Service Enterprise Group Incorporated High confidence
BlackRock is identified in PSEG's 2025 proxy statement as a beneficial owner of more than 5%, with 54,782,408 shares equal to an 11.00% stake. - Old Dominion Freight Line, Inc. High confidence
BlackRock reported beneficial ownership of 6.7% of Old Dominion's common stock in an amended Schedule 13G filed in July 2025, which states that the position was held in the ordinary course rather than for a control purpose.Confirms EN SEC EDGAR / Old Dominion Freight Line IR Published Jul 17, 2025: Old Dominion Freight Line Schedule 13G/A Filed by BlackRock - Zoetis Inc. High confidence
BlackRock reported beneficial ownership of 37,660,315 Zoetis shares, or 9.0%, as of June 30, 2026, with the filing stating that the shares were held in the ordinary course rather than to influence control. - American Water Works High confidence
BlackRock beneficially owned 19,762,045 American Water common shares as of year-end 2024 according to American Water's 2026 proxy statement, representing 10.1% of shares outstanding at the proxy's measurement date.Confirms EN U.S. Securities and Exchange Commission Published Mar 24, 2026: American Water Works Company, Inc. 2026 Proxy Statement - Hubbell Incorporated High confidence
BlackRock beneficially owned 4,013,112 Hubbell shares as of March 31, 2025, representing 7.6% of the class, according to Hubbell's 2026 proxy.Confirms EN U.S. Securities and Exchange Commission EDGAR Published Mar 23, 2026: Hubbell Incorporated 2026 Proxy Statement - Edison International High confidence
BlackRock was disclosed in Edison International's 2026 proxy as a major shareholder with 38,858,476 shares, or 10.1%, with the relationship cross-checked against the prior year's 9.6% proxy disclosure. - 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 | +2.8 |
| Marathon Petroleum Corporation | benef1 | +61 | +86.6 | +30.5 | -4.1 | +19.2 | +183 |
| Targa Resources Corp. | benef1 | +100.1 | +43.7 | +21 | +110.1 | +5.7 | +59.5 |
| Altria Group, Inc. | benef1 | +24.2 | +4.4 | -3.7 | +40.8 | +18.2 | +30.3 |
| Ross Stores | benef1 | -6 | +2.9 | +20.6 | +10.4 | +20.4 | +28.6 |
| ONEOK, Inc. | benef1 | +64.7 | +18.9 | +13.2 | +50.1 | -22.9 | +26.8 |
| Elevance Health, Inc. | benef1 | +46.1 | +11.8 | -6.9 | -20.7 | -3.1 | +17.4 |
| Old Dominion Freight Line, Inc. | benef1 | +84.1 | -20.5 | +43.5 | -12.5 | -10.5 | +16.5 |
| Incyte Corporation | benef1 | -15.6 | +9.4 | -21.8 | +10 | +43 | +14.2 |
| American Water Works | benef1 | +24.8 | -17.9 | -11.7 | -3.5 | +7.4 | +10.1 |
| Edwards Lifesciences Corporation | benef1 | +42 | -42.4 | +2.2 | -2.9 | +15.2 | +5.5 |
| Hubbell Incorporated | benef1 | +35.6 | +15.1 | +42.4 | +28.9 | +7.4 | +4.7 |
| Microsoft | benef1 | +52.5 | -28 | +58.2 | +12.9 | +15.6 | +4 |
| Edison International | benef1 | +13.6 | -2.6 | +17.4 | +15.2 | -20.4 | -1.7 |
| Public Service Enterprise Group Incorporated | benef1 | +18.3 | -5.1 | +3.6 | +42.6 | -1.9 | -6.7 |
| Ares Management | benef1 | +77.8 | -12.8 | +79.5 | +52.7 | -6.2 | -25 |
| Zoetis Inc. | benef1 | +48.3 | -39.5 | +35.9 | -16.6 | -21.8 | -39.6 |
| Seagate Technology | benef2 | +87.5 | -51.4 | +69.1 | +4.1 | +225.3 | +209.1 |
| AMD | benef2 | +56.9 | -55 | +127.6 | -18.1 | +77.3 | +183.9 |
| 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 |
| Western Digital | benef2 | +17.7 | -51.6 | +66 | +13.9 | +283.7 | +130.9 |
| Astera Labs | benef2 | · | · | · | · | +25.6 | +105.7 |
| Wiwynn | benef2 | +24.7 | -22.3 | +206.4 | +3.5 | +64.4 | +92.3 |
| Vertiv | benef2 | +33.8 | -45.3 | +251.8 | +136.8 | +42.8 | +73.2 |
| GE Vernova | benef2 | · | · | · | · | +99 | +54 |
| Occidental Petroleum | benef2 | +67.7 | +119.1 | -4.1 | -15.9 | -14.9 | +48.2 |
| Arista Networks | benef2 | +97.9 | -15.6 | +94.1 | +87.7 | +18.5 | +47.9 |
| Super Micro | benef2 | +38.8 | +86.8 | +246.2 | +7.2 | -4 | +43 |
| Archer-Daniels-Midland Company | benef2 | +37.3 | +40 | -20.4 | -27.5 | +18.2 | +41.8 |
| State Street Corporation | benef2 | +31 | -13.8 | +3.5 | +30.2 | +35.5 | +38.8 |
| Ciena | benef2 | +45.6 | -33.8 | -11.7 | +88.4 | +175.8 | +37.3 |
| Eaton | benef2 | +46.7 | -7.2 | +56.2 | +39.5 | -2.8 | +36 |
| Equinix | benef2 | +20.3 | -21.1 | +25.4 | +19.5 | -16.9 | +34.3 |
| Philip Morris International Inc. | benef2 | +20.8 | +12.3 | -1.9 | +34.3 | +38 | +28.7 |
| CVS Health | benef2 | +54.9 | -7.6 | -12.5 | -40.8 | +84.3 | +24.7 |
| Sumitomo Mitsui Financial Group | benef2 | +33 | +45 | +42 | +56 | +46.3 | +24 |
| NVIDIA | benef2 | +125.5 | -50.3 | +239 | +171.2 | +38.9 | +23.2 |
| Becton, Dickinson and Company | benef2 | +1.9 | +5.1 | -2.7 | -5.4 | -12.6 | +22.8 |
| Quanta Computer | benef2 | +22.2 | -12.8 | +254.5 | +12.7 | +8.9 | +21.2 |
| Federal Realty Investment Trust | benef2 | +66 | -22.7 | +6.6 | +12.1 | -5.9 | +19.8 |
| Credo Technology | benef2 | · | · | +46.3 | +245.2 | +114.1 | +18.5 |
| IREN | benef2 | · | -92.3 | +472 | +37.3 | +284.6 | +18.3 |
| Foxconn (Hon Hai) | benef2 | -5.1 | +2.8 | +7.8 | +80.1 | +26.9 | +16.3 |
| Kuraray | benef2 | -4.9 | +8.7 | +50.1 | +51 | -24.7 | +15.5 |
| Schneider Electric | benef2 | +25.9 | +1.6 | +25.8 | +36.1 | +0.5 | +11.7 |
| Simon Property Group | benef2 | +95.7 | -21.9 | +29.2 | +26.9 | +12.9 | +11.4 |
| Caterpillar | benef2 | +16 | +18.6 | +25.9 | +24.7 | +60.3 | +10.5 |
| 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 |
| NXP Semiconductors | benef2 | +44.8 | -29.2 | +48.4 | -8 | +6.4 | +5.9 |
| Expedia Group, Inc. | benef2 | +36.5 | -51.5 | +73.3 | +22.8 | +53.3 | +5.8 |
| WEC Energy Group | benef2 | +8.7 | -0.5 | -7 | +16.1 | +16 | +3.1 |
| Cummins | benef2 | -1.7 | +14.1 | +1.7 | +48.9 | +49.4 | -0.1 |
| Cheryong Electric | benef2 | -14.1 | +141.8 | +89.3 | +178.6 | -9.3 | -1 |
| Taihan Cable & Solution | benef2 | +59.3 | -0.7 | -36 | +40.6 | +124.6 | -4.4 |
| Apollo Global Management | benef2 | +53.2 | -9.6 | +49.4 | +79.9 | -11.1 | -6.5 |
| LG Chem | benef2 | -29 | +9.7 | -36.6 | -45.3 | +31.2 | -8.6 |
| Brookfield Asset Management Ltd. | benef2 | · | · | +45.6 | +39.7 | -0.2 | -9.7 |
| IonQ | benef2 | · | -79.3 | +259.1 | +237.1 | +7.4 | -11.9 |
| Tesla | benef2 | +49.8 | -65 | +101.7 | +62.5 | +11.4 | -14.9 |
| Constellation Energy | benef2 | · | · | +37.2 | +92.7 | +58.8 | -15.3 |
| Take-Two Interactive Software, Inc. | benef2 | -14.5 | -41.4 | +54.6 | +14.4 | +39.1 | -16.6 |
YTD as of 2026-10-09 · source: Yahoo Finance
BlackRock shares gained 6.6% in 2025 and only 2.8% through October 9, 2026, while AUM rose to $15.49 trillion at September 2026 and quarterly net inflows reached $205 billion. The gap between operating scale and the stock shows that asset-manager equities respond to rates, fee rates and valuation, not AUM alone. Ares's proxy reports BlackRock beneficial ownership of 7.11% of Ares Class A shares. That link is best read as broad public-equity exposure rather than direct private-credit provision. Unlike Ares (-25.0%), Blackstone (-23.5%) and KKR (-32.0%), BlackRock stayed positive because ETFs, cash management and Aladdin diversify its revenue clock.
Analysis generated from returns as of 2026-10-09Analyst ratings
Consensus: Buy 3 · Hold 0 · Sell 0 · Avg. target $1,348 · Price $1,082.39 (10-09) · Upside +25%
| 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
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