# Who does Blackstone pay? Who are its key suppliers?
Canonical: https://valuechain.wiki/blackstone · Facet: suppliers · Updated: 2026-10-12T17:27:03.421574+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: Blackstone discloses no named confirmed suppliers/cost counterparties; 2 relationships are tracked as undisclosed/aggregate. Per the valuechain.wiki graph: 2 cost edges, backed by 2 dated sources, 2 of them primary filings (as of 2026-10-12).

### EQT 코퍼레이션 (high)  → /eqt.md
- metric: Amount $3.5B · investment completed 2024-12-30 · Cash contribution by a Blackstone Credit & Insurance affiliate to the PipeBox midstream joint venture
- note: 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.
- [confirms] SEC EDGAR (EN, filing, published 2026-02-18) https://www.sec.gov/Archives/edgar/data/33213/000003321326000018/eqt-20251231.htm: "contributed $3.5 billion of cash"

### 앨라일람 (high)  → /alnylam-pharmaceuticals.md
- metric: Amount $1B · 2020; rights reverified Q2 2026 · Consideration for 50% of future Leqvio royalties and 75% of commercial milestone rights
- note: Blackstone paid Alnylam $1 billion in 2020 for 50% of royalties owed on Novartis's net sales of Leqvio and 75% of commercial milestones. Alnylam's Q2 2026 Form 10-Q reaffirms the rights and related liability.
- [confirms] SEC EDGAR (EN, filing, published 2026-07-30) https://www.sec.gov/Archives/edgar/data/1178670/000117867026000062/alny-20260630.htm: "Alnylam disclosed that Blackstone acquired 50% of Leqvio royalties and 75% of commercial milestones and that related current and non-current liabilities remained recognized at June 30, 2026."
- [confirms] SEC EDGAR (EN, filing, published 2026-02-12) https://www.sec.gov/Archives/edgar/data/1178670/000162828026007497/alny-20251231.htm: "A Blackstone affiliate paid $1.0 billion for 50% of Leqvio royalties and 75% of commercial milestones."
- [mentions] Novartis (EN, ir, published 2026-01-28) https://www.novartis.com/investors/financial-data/product-sales: "Novartis reported $1.198 billion of Leqvio net sales in 2025, up 59% year over year."
- [mentions] Yonhap Infomax (KO, news, published 2020-04-14) https://news.einfomax.co.kr/news/articleView.html?idxno=4082972: "Yonhap Infomax reported Blackstone’s $2 billion strategic financing collaboration with Alnylam."

### 인건비·보상 (투자전문가·임직원) (high)
- metric: Amount $880M · Q2 2026 · Quarterly fee-related compensation
- note: Compensation for investment professionals and employees is a core cost. Fee-related compensation was $880.1 million in Q2 2026.
- [confirms] SEC EDGAR (EN, filing, published 2026-07-23) https://www.sec.gov/Archives/edgar/data/1393818/000119312526313250/d153439dex991.htm: "Fee-related compensation was $880.1 million in Q2 2026."
- [mentions] Blackstone (EN, filing, published 2025-01-30) https://www.blackstone.com/wp-content/uploads/sites/2/2025/01/Blackstone4Q24EarningsPressRelease.pdf: "Blackstone's results derive from management and performance fees, with compensation among its principal costs."

### 모더나 (high)  → /moderna.md
- metric: Contract value $750M · influenza program development and commercialization funding arrangement · Maximum funding commitment from Blackstone Life Sciences
- note: 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] SEC EDGAR (EN, filing, published 2026-02-20) https://www.sec.gov/Archives/edgar/data/1682852/000168285226000033/mrna-20251231.htm: "up to $750 million in funding"
- [confirms] Blackstone (EN, ir, published 2024-03-27) https://www.blackstone.com/news/press/blackstone-life-sciences-announces-collaboration-to-support-modernas-influenza-program/: "funds managed by Blackstone Life Sciences will provide up to $750 million to fund Moderna's flu program"

### 펀드 운용·일반관리비 (비공개) (high)
- metric: Amount $380M · Q2 2026 · Quarterly other operating expenses
- note: Blackstone incurs fund-operation, sourcing, diligence and administrative costs. Other operating expenses were $380.1 million in Q2 2026.
- [confirms] SEC EDGAR (EN, filing, published 2026-07-23) https://www.sec.gov/Archives/edgar/data/1393818/000119312526313250/d153439dex991.htm: "Other operating expenses were $380.1 million in Q2 2026."
- [mentions] Blackstone (EN, filing, published 2025-01-30) https://www.blackstone.com/wp-content/uploads/sites/2/2025/01/Blackstone4Q24EarningsPressRelease.pdf: "Blackstone deducts compensation and general and administrative operating expenses in arriving at Fee-Related Earnings."

### 메드트로닉 (high)  → /medtronic.md
- metric: Amount $142M · FY2026 · FY2026 income recognized under Blackstone research and development funding arrangements
- note: 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.
- [confirms] SEC EDGAR (EN, filing, published 2026-06-18) https://www.sec.gov/Archives/edgar/data/1613103/000162828026044354/mdt-20260424.htm: "entered into various arrangements with affiliates of Blackstone"

### AirTrunk (APAC 데이터센터) (high)
- metric: Amount 16 USD10억 · 2024 · AirTrunk acquisition (A$24B)
- note: 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] Blackstone (EN, ir, published 2025-01-15) https://www.blackstone.com/insights/article/behind-the-deal-airtrunk/: "Blackstone acquired AirTrunk for A$24 billion (about $16 billion). Its data center holdings are about $70 billion with over $100 billion in pipeline, and it aims to be the world's largest investor in AI infrastructure."

### QTS Realty Trust (데이터센터) (high)
- metric: Amount 10 USD10억 · 2021 · QTS Realty take-private
- note: 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] Blackstone (EN, ir, published 2025-01-15) https://www.blackstone.com/insights/article/behind-the-deal-airtrunk/: "Blackstone leverages its experience scaling QTS, which grew more than 900% over 3.5 years after acquisition, to expand AirTrunk."

### CoreWeave (high)  → /coreweave.md
- metric: Amount 7.5 USD10억 · 2024-05 · CoreWeave debt financing led by Blackstone
- note: 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] SEC EDGAR (EN, filing, published 2026-02-27) https://www.sec.gov/Archives/edgar/data/1393818/000119312526082531/d48618d10k.htm: "Per the 10-K, AUM ~$1.1T with data centers as a top theme; led a $7.5B debt financing for CoreWeave."
- [confirms] Herald Corp (KO, news, published 2024-05-22) https://biz.heraldcorp.com/article/3395004: "Blackstone led a $7.5 billion (about KRW 10tn) debt financing for CoreWeave, which runs and leases data centers on NVIDIA AI chips, using CoreWeave's NVIDIA GPUs as collateral."
- [confirms] Blackstone (EN, ir, published 2024-05-17) https://www.blackstone.com/news/press/coreweave-secures-7-5-billion-debt-financing-facility-led-by-blackstone-and-magnetar/: "CoreWeave signed a $7.5 billion debt financing facility led by Blackstone and co-led by Magnetar; the funds develop its fleet of high-performance compute to execute contracts with enterprise customers and AI innovators."

### PPL 코퍼레이션 (high)  → /ppl.md
- note: 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] Utility Dive (EN, news, published 2026-08-10) https://www.utilitydive.com/news/ppl-blackstone-joint-venture-secures-5-gw-of-gas-turbines-for-data-centers/827408/: "PPL and Blackstone formed Invitium to build, own and run power plants for data centers."
- [confirms] U.S. Securities and Exchange Commission (EN, filing, published 2026-02-20) https://www.sec.gov/Archives/edgar/data/922224/000092222426000008/ppl-20251231.htm: "PPL owns 51% and Blackstone Infrastructure owns 49%."
- [confirms] Simply Wall St (KO, analysis, published 2025-10-12) https://simplywall.st/ko/stocks/us/utilities/nyse-ppl/ppl/news/979b7e98dac6d373/amp: "PPL announced a joint venture with Blackstone Infrastructure for Pennsylvania combined-cycle generation."

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