Alternative asset management · AI-infrastructure capital
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 Sep 11, 2026 3 AI consumers· 2 recurring
Per the valuechain.wiki graph, Blackstone is directly linked to 3 companies (0 supply, 0 revenue, 3 investment relationships) and reaches 9 companies within two hops; the links are backed by 8 dated sources, 4 of them primary filings (as of 2026-09-11).
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
- 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
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 | -8.9 |
| Moderna | benef1 | +143.1 | -29.3 | -44.6 | -58.2 | -29.1 | +393.6 |
| CoreWeave | benef1 | · | · | · | · | · | +24.8 |
| Medtronic plc | benef1 | -9.8 | -22.6 | +9.6 | +0.3 | +24 | -0.3 |
| Vertiv | benef2 | +33.8 | -45.3 | +251.8 | +136.8 | +42.8 | +73.2 |
| Super Micro | benef2 | +38.8 | +86.8 | +246.2 | +7.2 | -4 | +35.3 |
| NVIDIA | benef2 | +125.5 | -50.3 | +239 | +171.2 | +38.9 | +23.7 |
| Core Scientific | benef2 | · | · | · | · | +3.6 | +22.9 |
| Thermo Fisher Scientific | benef2 | +43.5 | -17.3 | -3.4 | -1.7 | +11.8 | +6.1 |
| Abbott Laboratories | benef2 | +30.5 | -20.7 | +2.3 | +4.8 | +12.9 | -11.9 |
YTD as of 2026-09-04 · source: Yahoo Finance
Blackstone operates across NYSE, Alternative assets, Capital supplier to AI infrastructure. It remained weak at -7.8% in 2025 and -8.9% in 2026. Its demand and supply links are known, but listed-counterparty return data is limited. 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.
Analysis generated from returns as of 2026-09-04Analyst ratings
Consensus: Buy 2 · Hold 3 · Sell 0 · Avg. target $136 · Price $136.15 (09-04) · Upside +0%
| 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