Alternative asset management · AI-infrastructure capital
Blackstone
Blackstone was the world's largest alternative asset manager with $1.3463 trillion of assets under management at June 30, 2026. It generated $1.78 billion of fee-related earnings in Q2 2026 and $6.35 billion over the latest twelve months. Across real estate, private equity, credit and insurance, and multi-asset investing, it manages institutional and individual capital while supplying equity, debt, and royalty financing to data centers and life sciences.
Business categories Asset Management & Alternatives · Finance & Capital · primary
BX Updated Oct 12, 2026 5 AI consumers· 3 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 18 dated sources, 9 of them primary filings (as of 2026-10-12).
Financials & Segments
- Total revenue · $1.3463tn total AUM, $961.6bn fee-earning AUM and $555.6bn perpetual-capital AUM at June 30, 2026. Q2 FRE was $1.78bn and LTM FRE was $6.35bn
- Customer concentration · The four segments manage institutional and individual capital. Q2 2026 inflows were $68.3bn, while AI-ecosystem investments supported performance and new opportunities.
- 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 $555.6B · Q2 2026 · Perpetual capital AUM
Blackstone earns recurring fees from perpetual capital, including credit and insurance and private-wealth vehicles. Perpetual-capital AUM was $555.6 billion at June 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 Q2 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 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. - 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 | '20 | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|---|
| Blackstone | node | · | +107.1 | -40 | +82.7 | +35.1 | -7.8 | -23.5 |
| 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 | +0 | +30.5 | +40.1 | -19.5 | +22.9 | +69 | -41.5 |
| 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 2026-10-09 · source: Yahoo Finance
Blackstone shares fell 7.8% in 2025 and another 23.5% through October 9, 2026, while operating metrics moved the other way. Q2 2026 AUM rose 11% year over year to $1.3463 trillion and LTM fee-related earnings reached $6.35 billion. In life sciences, Blackstone paid Alnylam $1 billion in 2020 for 50% of Leqvio royalties and 75% of commercial milestones. Leqvio sales rose 59% to $1.198 billion in 2025, while Alnylam recorded $174 million of royalty revenue. Alnylam shares also reversed from +69.0% in 2025 to -33.1% in 2026. Product sales and royalties grew, but the capital provider and technology owner traded first on rates and valuation. Novartis, which controls commercialization and manufacturing, is the next node to test.
Analysis generated from returns as of 2026-10-09Analyst ratings
Consensus: Buy 2 · Hold 3 · Sell 0 · Avg. target $136 · Price $114.29 (10-09) · Upside +19%
| 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
← All companiesMarkdown · JSON · Customers · Suppliers · Ripple · Consensus