Alternative asset management · AI-infrastructure capital
Blackstone
Blackstone managed $1.3683 trillion of assets at September 30, 2026 and earned $1.572052 billion of fee-related earnings in Q3. Its life-sciences financing portfolio includes rights to 50% of Alnylam’s future Leqvio royalties.
Business categories Asset Management & Alternatives · Finance & Capital · primary
- Asset Management & Alternatives: Ares Management · BlackRock · KKR & Co. · Brookfield Asset Management Ltd. · Ameriprise Financial
BX Updated Nov 5, 2026 6 AI consumers· 5 recurring
Per the valuechain.wiki graph, Blackstone is directly linked to 6 companies (0 supply, 0 revenue, 6 investment relationships) and reaches 17 companies within two hops; the links are backed by 20 dated sources, 11 of them primary filings (as of 2026-11-05).
Financials & Segments
- Total revenue · $1.3683tn total AUM, $989.7bn fee-earning AUM and $562.3bn perpetual-capital AUM at September 30, 2026. Q3 FRE was $1.572052bn
- Customer concentration · The four segments manage institutional and individual capital. Q3 2026 inflows were $63.3bn.
- Segments · Real Estate · Private Equity · Credit & Insurance · Multi-Asset Investing
Revenue from
- 기관·개인 LP (연기금·국부펀드·보험 등) High confidence· Amount $1.3T · Q2 2026 · Total assets under management
Blackstone earns management, advisory and performance fees by managing institutional and individual capital. At June 30, 2026, total AUM was $1.3463 trillion and fee-earning AUM was $961.6 billion.Confirms KO ALT2 Published Jul 23, 2026: Blackstone Q2 2026 earnings call: record $1.35 trillion AUM led by AI infrastructureConfirms EN Blackstone Published Jan 30, 2025: Blackstone Reports Fourth Quarter and Full Year 2024 Results - 보험·영구자본 (Credit & Insurance, BIS·리테일) High confidence· Amount $562.3B · Q3 2026 · Blackstone perpetual capital AUM
Blackstone earns recurring fees from perpetual capital, including credit and insurance and private-wealth vehicles. Perpetual-capital AUM was $562.3 billion at September 30, 2026.Mentions EN Blackstone Published Jan 30, 2025: Blackstone Reports Fourth Quarter and Full Year 2024 Results
Pays to
- 인건비·보상 (투자전문가·임직원) High confidence· Amount $880M · Q2 2026 · Quarterly fee-related compensation
Compensation for investment professionals and employees is a core cost. Fee-related compensation was $880.1 million in Q2 2026.Mentions EN Blackstone Published Jan 30, 2025: Blackstone Reports Fourth Quarter and Full Year 2024 Results - 펀드 운용·일반관리비 (비공개) High confidence· Amount $380M · Q2 2026 · Quarterly other operating expenses
Blackstone incurs fund-operation, sourcing, diligence and administrative costs. Other operating expenses were $380.1 million in Q2 2026.Mentions EN Blackstone Published Jan 30, 2025: Blackstone Reports Fourth Quarter and Full Year 2024 Results
Investments
- EQT Corporation High confidence· Amount $3.5B · investment completed 2024-12-30 · Cash contribution by a Blackstone Credit & Insurance affiliate to the PipeBox midstream joint venture
Blackstone, through an affiliate of Blackstone Credit & Insurance, contributed $3.5 billion in cash to EQT's PipeBox midstream joint venture in December 2024 and received a noncontrolling interest, while EQT retained voting control and continued to consolidate the venture. - Alnylam Pharmaceuticals High confidence· Amount $1B · 2020; rights reverified Q3 2026 · Consideration for 50% of future Leqvio royalties and 75% of commercial milestone rights
Blackstone paid Alnylam $1 billion in 2020 for 50% of royalties on Novartis Leqvio net sales and 75% of commercial milestones. Alnylam reported a $1.539305 billion carrying value for the related liability at Q3 2026. - Moderna High confidence· Contract value $750M · influenza program development and commercialization funding arrangement · Maximum funding commitment from Blackstone Life Sciences
Blackstone Life Sciences committed up to $750 million to fund development and commercialization of Moderna's influenza program, from which Moderna recognized $340 million and $267 million of expense reductions in FY2025 and FY2024, respectively.Confirms EN Blackstone Published Mar 27, 2024: Blackstone Life Sciences Announces Collaboration to Support Moderna's Influenza Program - Medtronic plc High confidence· Amount $142M · FY2026 · FY2026 income recognized under Blackstone research and development funding arrangements
Blackstone Life Sciences affiliates fund development programs in Medtronic's cardiovascular and diabetes businesses. Medtronic recognized $142 million of income under these arrangements in FY2026. - 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 - PPL Corporation High confidence
Blackstone formed a joint venture with PPL Corporation to build, own, and operate generation for Pennsylvania data centers, with Blackstone Infrastructure owning 49% and PPL owning 51%.Confirms EN Utility Dive Published Aug 10, 2026: PPL-Blackstone joint venture secures 5 GW of gas turbines for data centers in PennsylvaniaConfirms KO Simply Wall St Published Oct 12, 2025: How investors may respond to PPL joining Blackstone for Pennsylvania data-center growth
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 | -21.6 |
| Moderna | benef1 | +143.1 | -29.3 | -44.6 | -58.2 | -29.1 | +393.6 |
| CoreWeave | benef1 | · | · | · | · | · | +14.6 |
| PPL Corporation | benef1 | +12.9 | +0.4 | -3.8 | +24 | +11.4 | +1.8 |
| Medtronic plc | benef1 | -9.8 | -22.6 | +9.6 | +0.3 | +24 | -0.3 |
| EQT Corporation | benef1 | +71.6 | +57.6 | +16.2 | +21.4 | +17.6 | -0.6 |
| Alnylam Pharmaceuticals | benef1 | +30.5 | +40.1 | -19.5 | +22.9 | +69 | -59.1 |
| Vertiv | benef2 | +33.8 | -45.3 | +251.8 | +136.8 | +42.8 | +73.2 |
| GE Vernova | benef2 | · | · | · | · | +99 | +54 |
| Super Micro | benef2 | +38.8 | +86.8 | +246.2 | +7.2 | -4 | +43 |
| Williams Companies | benef2 | +38.4 | +32.8 | +11.9 | +62.3 | +14.9 | +25.2 |
| NVIDIA | benef2 | +125.5 | -50.3 | +239 | +171.2 | +38.9 | +23.2 |
| Thermo Fisher Scientific | benef2 | +43.5 | -17.3 | -3.4 | -1.7 | +11.8 | +13.9 |
| Agilent Technologies, Inc. | benef2 | +35.5 | -5.5 | -6.4 | -2.7 | +1.9 | +11.5 |
| Core Scientific | benef2 | · | · | · | · | +3.6 | +5.8 |
| Danaher Corporation | benef2 | +48.6 | -19 | -1.2 | -0.3 | +0.4 | -3.4 |
| Sempra | benef2 | +7.4 | +20.3 | -0.1 | +21.1 | +3.9 | -3.5 |
| Abbott Laboratories | benef2 | +30.5 | -20.7 | +2.3 | +4.8 | +12.9 | -19 |
YTD as of 2026-10-28 · source: Yahoo Finance
Blackstone shares fell 7.8% in 2025 and another 21.6% through October 28, 2026. AUM reached $1.3683 trillion at September 30, 2026, and Q3 fee-related earnings of $1.572052 billion rose 6% year over year. In life-sciences financing, Blackstone paid Alnylam $1 billion in 2020 for rights to 50% of future Leqvio royalties and 75% of commercial milestones. Novartis Q3 Leqvio sales rose 64% to $506 million and Alnylam total royalties rose 105% to $94.664 million. Alnylam shares were down 59.1% through November 5, separating cash-flow growth from the rights holder's equity price. That is consistent with a capital provider trading on rates and valuation as well as product sales. Nine-month payments of $91.438 million on the related liability are not Blackstone's Q3 cash receipt or a Leqvio-only payment. The next checks are Q4 royalties and any direct Blackstone receipt disclosure.
Analysis generated from returns as of 2026-10-28Analyst ratings
Consensus: Buy 2 · Hold 3 · Sell 0 · Avg. target $136 · Price $117.095 (10-28) · Upside +16%
| 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
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