# Who does BlackRock pay? Who are its key suppliers?
Canonical: https://valuechain.wiki/blackrock · Facet: suppliers · Updated: 2026-09-24T12:56:02.47041+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: BlackRock discloses no named confirmed suppliers/cost counterparties; 2 relationships are tracked as undisclosed/aggregate. Per the valuechain.wiki graph: 2 cost edges, backed by 1 dated sources, 0 of them primary filings (as of 2026-09-24).

### 옥시덴탈 페트롤리엄 (high)  → /occidental-petroleum.md
- metric: Amount $500M · as of 2025-12-31 · Amount BlackRock had funded into the STRATOS joint venture by year-end 2025
- note: 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] SEC EDGAR (EN, filing, published 2026-02-18) https://www.sec.gov/Archives/edgar/data/797468/000162828026009059/oxy-20251231.htm: "BlackRock has invested $500 million of its total commitment of $550 million."
- [confirms] Occidental Petroleum (EN, ir, published 2023-11-07) https://www.oxy.com/news/news-releases/occidental-and-blackrock-form-joint-venture-to-develop-stratos-the-worlds-largest-direct-air-capture-plant/: "BlackRock will invest $550 million on behalf of clients in the development of STRATOS."

### 임직원 보상 (high)
- metric: cost 8,446$M · FY2025 · employee compensation & benefits
- note: Employee compensation & benefits FY2025 $8,446M (total expense $17,171M).
- [confirms] BlackRock (EN, ir, published 2026-01-14) https://s24.q4cdn.com/856567660/files/doc_financials/2025/Q4/BLK-4Q25-Earnings-Release.pdf: "Employee compensation and benefits 8,446 ... Total expense 17,171."

### 마이크로소프트 (high)  → /microsoft.md
- metric:  100$B · AIP total investment potential
- note: 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] Microsoft (EN, ir, published 2024-09-17) https://news.microsoft.com/source/2024/09/17/blackrock-global-infrastructure-partners-microsoft-and-mgx-launch-new-ai-partnership-to-invest-in-data-centers-and-supporting-power-infrastructure/: "$100 billion investment potential will enhance American competitiveness in AI while meeting the growing need for energy infrastructure."

### 로스 스토어스 (high)  → /ross-stores.md
- note: 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.
- [confirms] SEC EDGAR (EN, filing, published 2026-04-06) https://www.sec.gov/Archives/edgar/data/745732/000074573226000013/rost-20260406.htm: "BlackRock, Inc. ... 22,616,546 ... 7.0%."

### 인사이트 (high)  → /incyte.md
- note: 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.
- [confirms] SEC EDGAR (EN, filing, published 2026-04-28) https://www.sec.gov/Archives/edgar/data/879169/000087916926000031/incy-20260428.htm: "BlackRock, Inc. 15,242,171 7.6%."

### 알트리아 (high)  → /altria.md
- note: 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.
- [confirms] SEC EDGAR (EN, filing, published 2026-04-02) https://www.sec.gov/Archives/edgar/data/764180/000110465926038900/tmb-20260514xdef14a_c.pdf: "BlackRock, Inc. 126,395,276 7.56%"

### 마라톤 페트롤리엄 (high)  → /marathon-petroleum.md
- note: BlackRock reported itself to the SEC as a major beneficial owner of Marathon Petroleum common stock, aggregating holdings across its specified business units.
- [confirms] SEC EDGAR (EN, filing, published 2025-04-23) https://www.sec.gov/Archives/edgar/data/1510295/000205211325001512/xslSCHEDULE_13G_X01/primary_doc.xml: "Aggregate Amount Beneficially Owned ... 21,060,653 ... Percent of class ... 6.8%"

### 엘레반스 헬스 (high)  → /elevance-health.md
- note: 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] SEC EDGAR (EN, filing, published 2025-04-17) https://www.sec.gov/Archives/edgar/data/1156039/000157641925000697/xslSCHEDULE_13G_X01/primary_doc.xml: "Amount beneficially owned: 17694658 ... Percent of class: 7.8%"

### 타가 리소시스 (high)  → /targa-resources.md
- note: 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.
- [confirms] SEC EDGAR (EN, filing, published 2026-03-26) https://www.sec.gov/Archives/edgar/data/1389170/000119312526126280/trgp-20260326.htm: "BlackRock, Inc. 20,030,896 9.33%."

### 원오크 (high)  → /oneok.md
- note: 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.
- [confirms] SEC EDGAR (EN, filing, published 2026-04-01) https://www.sec.gov/Archives/edgar/data/1039684/000103968426000010/oke-20260331.htm: "Common Stock | BlackRock, Inc. | 52,604,741 | 9.00%"

### 에드워즈 라이프사이언스 (high)  → /edwards-lifesciences.md
- note: 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.
- [confirms] SEC EDGAR (EN, filing, published 2026-03-26) https://www.sec.gov/Archives/edgar/data/1099800/000109980026000015/ew-20260326.htm: "BlackRock, Inc.: 44,267,376 shares, 7.5% of the class."
- [confirms] SEC EDGAR (EN, filing, published 2025-10-17) https://www.sec.gov/Archives/edgar/data/1099800/000201238325002528/xslSCHEDULE_13G_X01/primary_doc.xml: "Aggregate amount beneficially owned: 44,267,376; percent of class: 7.5%."

### 퍼블릭 서비스 엔터프라이즈 그룹 (high)  → /public-service-enterprise-group.md
- note: 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.
- [confirms] SEC EDGAR (EN, filing, published 2025-03-13) https://www.sec.gov/Archives/edgar/data/788784/000119312525053984/d796078ddef14a.htm: "Blackrock, Inc. 54,782,408 11.00."

### 올드 도미니언 (high)  → /old-dominion.md
- note: 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] SEC EDGAR (EN, filing, published 2026-04-20) https://www.sec.gov/Archives/edgar/data/878927/000087892726000006/odfl-20260417.htm: "BlackRock, Inc. 14,185,482 6.7%. Information was obtained from a Schedule 13G/A filed on July 17, 2025 with the SEC by BlackRock, Inc."
- [confirms] SEC EDGAR / Old Dominion Freight Line IR (EN, filing, published 2025-07-17) https://ir.odfl.com/sec-filings/all-sec-filings/content/0002052113-25-003239/0002052113-25-003239.pdf: "Name of person filing: BlackRock, Inc. Amount beneficially owned: 14185482. Percent of class: 6.7%."

### 조에티스 (high)  → /zoetis.md
- note: 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.
- [confirms] SEC EDGAR (EN, filing, published 2026-07-30) https://www.sec.gov/Archives/edgar/data/1555280/000201238326003137/xslSCHEDULE_13G_X02/primary_doc.xml: "Aggregate Amount Beneficially Owned: 37,660,315. Percent of class: 9.0%."

### 아메리칸 워터 웍스 (high)  → /american-water-works.md
- note: 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] U.S. Securities and Exchange Commission (EN, filing, published 2026-03-24) https://www.sec.gov/Archives/edgar/data/1410636/000119312526120668/d21438ddef14a.htm: "BlackRock beneficially owned 19,762,045 shares, representing 10.1% of shares outstanding."

### 허벨 (high)  → /hubbell-incorporated.md
- note: 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] U.S. Securities and Exchange Commission EDGAR (EN, filing, published 2026-03-23) https://www.sec.gov/Archives/edgar/data/48898/000130817926000121/hubb014454-def14a.htm: "BlackRock, Inc. ... 4,013,112 ... 7.6%."

### 에디슨 인터내셔널 (high)  → /edison-international.md
- note: 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.
- [confirms] SEC EDGAR (EN, filing, published 2026-03-13) https://www.sec.gov/Archives/edgar/data/827052/000110465926027655/eix-20260423xdef14a.htm: "BlackRock Inc. held 38,858,476 shares, representing 10.1% of the class."
- [confirms] SEC EDGAR (EN, filing, published 2025-03-07) https://www.sec.gov/Archives/edgar/data/827052/000155837025003002/eix-20250424xdef14a.htm: "The prior proxy reported BlackRock at 36,725,997 shares, or 9.6%."

### 기술·데이터·일반관리비 (mid)
- metric: cost 2,731$M · FY2025 · general & administration
- note: General & administration (incl. technology & data) FY2025 $2,731M.
- [confirms] BlackRock (EN, ir, published 2026-01-14) https://s24.q4cdn.com/856567660/files/doc_financials/2025/Q4/BLK-4Q25-Earnings-Release.pdf: "General and administration expense 2,731."

### Aligned Data Centers (AIP·GIP 인수) (mid)
- metric:  40$B
- note: 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] Global Infrastructure Partners (EN, ir, published 2025-10-15) https://www.global-infra.com/news/ai-infrastructure-partnership-aip-mgx-and-blackrocks-global-infrastructure-partners-gip-to-acquire-all-equity-in-aligned-data-centers/: "AIP, MGX, and BlackRock's Global Infrastructure Partners (GIP) to Acquire All Equity in Aligned Data Centers."

### NVIDIA (mid)  → /nvidia.md
- note: 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] BlackRock (EN, ir, published 2025-03-19) https://www.blackrock.com/corporate/newsroom/press-releases/article/corporate-one/press-releases/blackrock-gip-microsoft-mgx-welcome-nvidia-xai-to-aip: "BlackRock, Global Infrastructure Partners, Microsoft and MGX welcome NVIDIA and xAI to the AI Infrastructure Partnership."

Reverse side: https://valuechain.wiki/blackrock/customers.md · Ripple: https://valuechain.wiki/blackrock/ripple.md

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