NYSE · Alternative assets · Capital supplier to AI infrastructure
Blackstone
Blackstone is the world's largest alternative asset manager, with over $1.1 trillion in assets under management. It earns fees and performance revenue by managing institutional and retail capital across four segments (real estate, private equity, credit and insurance, and multi-asset). It is also the largest data center investor, holding about $70 billion of data centers with a $100 billion development pipeline, and states its aim to be the world's largest investor in AI infrastructure, supplying capital to the AI chain.
BX Updated Jul 12, 2026 2 AI consumers
Per the valuechain.wiki graph, Blackstone is directly linked to 1 companies (0 supply, 0 revenue, 1 investment relationships) and reaches 5 companies within two hops; the links are backed by 5 dated sources, 2 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · AUM over $1.1 trillion (2024). Record 2024 Fee-Related Earnings of $5.3bn (+21%); Q4 management fees of $1.9bn (60th consecutive quarter of growth)
- Customer concentration · Capital comes from institutional LPs (pensions, sovereign wealth funds, insurers) and retail. As the largest data center investor (about $70bn held, over $100bn pipeline), it is concentrated in AI infrastructure
- Segments · Real Estate · Private Equity · Credit & Insurance · Multi-Asset Investing
Revenue from
- 기관·개인 LP (연기금·국부펀드·보험 등) High confidence· Amount 1.1 USD조 · 2024 · total AUM
Blackstone's revenue is rooted in management fees and performance revenue (carry) from managing institutional LP and retail capital, with record 2024 Fee-Related Earnings of $5.3bn and AUM over $1.1 trillion.Confirms EN Blackstone Published Jan 30, 2025: Blackstone Reports Fourth Quarter and Full Year 2024 Results - 보험·영구자본 (Credit & Insurance, BIS·리테일) Medium confidence
In Credit & Insurance, Blackstone manages insurance capital (BIS) and retail perpetual capital for steady fees; private credit, including data center debt financing, is a fast-growing engine.Mentions EN Blackstone Published Jan 30, 2025: Blackstone Reports Fourth Quarter and Full Year 2024 Results
Pays to
- 인건비·보상 (투자전문가·임직원) Medium confidence
As an asset manager, Blackstone's largest cost is compensation to investment professionals and staff (salaries, bonuses and carry allocations), per its disclosed financial statements.Mentions EN Blackstone Published Jan 30, 2025: Blackstone Reports Fourth Quarter and Full Year 2024 Results - 펀드 운용·일반관리비 (비공개) Medium confidence
Blackstone spends on fund operations, deal sourcing and diligence, and general administration (legal, IT, real estate), per its disclosed financial statements.Mentions EN Blackstone Published Jan 30, 2025: Blackstone Reports Fourth Quarter and Full Year 2024 Results
Investments
- AirTrunk (APAC 데이터센터) High confidence· Amount 16 USD10억 · 2024 · AirTrunk acquisition (A$24B)
Blackstone, with CPP Investments, acquired AirTrunk, the largest APAC data center platform, for about A$24 billion (about $16 billion) in 2024, its largest-ever Asia-Pacific investment.Confirms EN Blackstone Published Jan 15, 2025: Behind the Deal: AirTrunk, Data Centers and Blackstone's Digital Infrastructure Strategy - QTS Realty Trust (데이터센터) High confidence· Amount 10 USD10억 · 2021 · QTS Realty take-private
Blackstone took data center operator QTS Realty private for about $10 billion in 2021 and grew it more than 900% over 3.5 years; it is a core pillar of Blackstone's data center platform.Confirms EN Blackstone Published Jan 15, 2025: Behind the Deal: AirTrunk, Data Centers and Blackstone's Digital Infrastructure Strategy - CoreWeave High confidence· Amount 7.5 USD10억 · 2024-05 · CoreWeave debt financing led by Blackstone
Blackstone led a $7.5 billion debt financing for CoreWeave, the AI cloud and GPU-rental data center firm, in May 2024 (co-led by Magnetar), collateralized by CoreWeave's NVIDIA GPUs to fund data center expansion.Confirms KO Herald Corp Published May 22, 2024: What is CoreWeave, the firm Blackstone put KRW 10tn into?Confirms EN Blackstone Published May 17, 2024: CoreWeave Secures $7.5 Billion Debt Financing Facility led by Blackstone and Magnetar
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 |
|---|---|---|---|---|---|---|---|
| Blackstone | node | +107.1 | -40 | +82.7 | +35.1 | -7.8 | -18.5 |
| CoreWeave | benef1 | · | · | · | · | · | +24.1 |
| Vertiv | benef2 | +33.8 | -45.3 | +251.8 | +136.8 | +42.8 | +96.9 |
| Core Scientific | benef2 | · | · | · | · | +3.6 | +61.3 |
| NVIDIA | benef2 | +125.5 | -50.3 | +239 | +171.2 | +38.9 | +13.3 |
| Super Micro | benef2 | +38.8 | +86.8 | +246.2 | +7.2 | -4 | -3.3 |
YTD as of 2026-07-10 · source: Yahoo Finance
The thesis is a position as the world's largest alternative asset manager supplying capital to the AI-infrastructure boom. The spine of its $1.1tn AUM is management fees from pension, sovereign and insurance LPs: record 2024 Fee-Related Earnings of $5.3bn (+21%), with management fees up for 60 consecutive quarters — a perpetual/long-dated capital structure. It is also the largest data-center investor, holding ~$70bn with a $100bn pipeline, and it feeds the AI chain with both equity and debt — QTS (bought 2021, up 900%+ in 3.5 years), AirTrunk ($16bn) and CoreWeave debt financing ($7.5bn) — an upstream node. Risks are leverage sensitivity as rising rates and funding costs press asset values, fundraising and exits at once, and that carry depends on the asset-sale cycle.
Analysis generated from returns as of 2026-07-09Analyst ratings
Consensus: Buy 2 · Hold 3 · Sell 0 · Avg. target $136 · Price $123.09 (07-10) · Upside +10%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| TD Cowen · William Katz | Buy | $133 | Jun 16, 2026 | Report ↗ |
| Barclays · Benjamin Budish | Equal-Weight | $124 | Jun 5, 2026 | Report ↗ |
| Goldman Sachs · Alexander Blostein | Neutral | $116 | Jun 4, 2026 | Report ↗ |
| J.P. Morgan · Ken Worthington | Neutral | $136 | Apr 24, 2026 | Report ↗ |
| RBC Capital · Bart Dziarski | Outperform | $173 | Apr 24, 2026 | Report ↗ |
Buy at $133, expecting a fundraising recovery and improving realizations.
Analyses covering this node
- Capital that funds the boom runs on the rate clock: banks, asset managers, Berkshire Jul 9, 2026
- AI money stays inside the chain: consumption and capital run on other clocks Jul 5, 2026