blackrock inc.

overview

BlackRock Inc. is the world’s largest asset manager with $13.5 trillion in assets under management as of Q3 2025. Founded in 1988 by Larry Fink, BlackRock has evolved from a fixed-income specialist into a comprehensive investment platform spanning public equities, private markets, infrastructure, and digital assets. Through its October 2024 acquisition of Global Infrastructure Partners (GIP) for$12.5 billion, BlackRock became a top-tier infrastructure investor with $170 billion in combined infrastructure AUM. In September 2024, BlackRock launched the AI Infrastructure Partnership (AIP), a$100 billion investment vehicle targeting AI data center infrastructure, representing the firm’s most significant strategic move into digital infrastructure ownership and development.

business model

Global investment management across public and private markets, with fee-based revenue from advisory services, technology platforms (Aladdin), and asset management. BlackRock’s infrastructure strategy focuses on long-duration assets with inflation-protected cash flows, particularly targeting digital infrastructure (data centers), energy transition (renewables, nuclear), and transportation. The firm’s AIP consortium model creates an off-balance-sheet financing structure for hyperscalers, enabling institutional investors (pensions, sovereign wealth funds) to own AI data center assets while tech companies lease capacity, maintaining higher stock valuations.

data center profile

global footprint

us portfolio (from database)

projects by state

specialization

primary focus: hyperscale, ai-ml, wholesale

key differentiators:

• Off-balance-sheet financing model for hyperscalers

• Vertical integration through AIP consortium (tech + finance + suppliers)

• World’s largest asset manager backing

• Long-term institutional capital (pensions, sovereign wealth)

• Energy and power infrastructure expertise via GIP

financial highlights

strategy

corporate strategy

Position BlackRock as the world’s leading infrastructure investor across digital infrastructure, energy transition, and transportation. The firm’s 2024-2025 strategic pivot centers on private markets expansion, combining traditional asset management with direct infrastructure ownership. BlackRock’s AI Infrastructure Partnership represents a new investment model: consortium-based financing that addresses hyperscaler capital needs, sovereign wealth deployment requirements, and institutional investor demand for long-duration inflation-protected assets. This strategy leverages BlackRock’s scale ($13.5T AUM), technology platform (Aladdin), and global relationships to aggregate capital and deal flow unavailable to smaller managers.

growth strategy

Aggressive expansion into AI data center infrastructure through the $100 billion AI Infrastructure Partnership. BlackRock's growth strategy employs three mechanisms: (1) Platform acquisitions - buying established operators like Aligned Data Centers ($40B) to instantly acquire operational scale, development pipeline, and management expertise; (2) Greenfield development - building new hyperscale campuses in power-rich markets using GIP’s infrastructure development capabilities; (3) Vertical integration - partnering with power providers (GE Vernova, NextEra Energy), technology vendors (NVIDIA, Cisco), and hyperscalers (Microsoft) to control the entire value chain and address bottlenecks (land, power, permitting, equipment). Target: Deploy $30B equity within 3-5 years, leveraging to$100B total investment across 100+ data center campuses globally. Focus markets: Texas, Arizona, Pennsylvania, Latin America (Chile, Mexico), and international expansion into Middle East (via MGX partnership) and Asia Pacific.

power strategy

Multi-pronged power strategy combining utility partnerships, renewable energy procurement, and next-generation nuclear. BlackRock/GIP views power availability as the #1 constraint on data center growth, requiring 20 GW/year globally. Strategy includes: (1) Direct utility partnerships for dedicated power infrastructure, (2) On-site generation (solar, natural gas peaker plants), (3) Small modular reactor (SMR) partnerships for 24/7 baseload power, (4) Battery storage and microgrid capabilities for reliability.

renewable commitment: Aligned Data Centers (BlackRock’s first AIP acquisition) commits to sustainable operations and energy-efficient infrastructure. BlackRock’s broader portfolio targets net-zero commitments aligned with Paris Agreement goals. However, the firm prioritizes reliability and availability over 100% renewable energy, recognizing that AI workloads require 24/7 uptime that intermittent renewables cannot provide alone.

major commitments

partnerships

power providers

technology partners

NVIDIA Corporation (AI Hardware / Consortium Partner) : AIP consortium equity investor. Joined March 2025. Ensures GPU supply and deployment alignment with data center build-out. Strategic partnership combines NVIDIA’s chip roadmap with BlackRock’s infrastructure capital.

Cisco Systems (Networking / Consortium Partner) : AIP consortium supplier partner. Provides networking equipment and infrastructure for hyperscale data centers.

financial partnerships

leadership

Larry Fink

Chairman & Chief Executive Officer

Co-founded BlackRock in 1988 after previous role at First Boston (now Credit Suisse) where he pioneered mortgage-backed securities trading. MBA from UCLA Anderson School of Management, BA in Political Science from UCLA.

One of the most influential figures in global finance. Fink’s annual letters to CEOs shape corporate governance globally. Under his leadership, BlackRock grew from $23B AUM (1992) to$13.5T (2025). Architected the GIP acquisition and AIP consortium, positioning BlackRock as a dominant infrastructure investor.

Adebayo Ogunlesi

Chairman & CEO, Global Infrastructure Partners (GIP); BlackRock Board Member

Nigerian-born investment banker and lawyer. Former head of Global Investment Banking at Credit Suisse. Founded GIP in 2006 with Credit Suisse backing. Built GIP into a $116B infrastructure platform before BlackRock acquisition. Known for landmark deals including London Gatwick Airport, Edinburgh Airport, and energy infrastructure.

Brings deep infrastructure expertise and deal-making capabilities to BlackRock. Ogunlesi’s relationships with sovereign wealth funds (including Middle East capital) were critical to forming the AIP consortium. Regarded as one of the world’s foremost infrastructure investors.

Rob Kapito

President & Co-Founder

Co-founded BlackRock after working with Larry Fink at First Boston. Built BlackRock’s portfolio management platform and Aladdin technology system. Instrumental in BlackRock’s expansion from fixed income into equities and alternatives.

As co-founder, Kapito shaped BlackRock’s risk management culture and technology-driven investment platform. His focus on analytics and systematic risk management enabled BlackRock’s scale.

competitive position

BlackRock is the world’s largest asset manager by AUM ($13.5T) and has rapidly ascended to a top-tier infrastructure investor following the GIP acquisition ($170B combined infrastructure AUM). In AI data center infrastructure specifically, BlackRock/GIP’s AIP consortium represents the largest single pool of dedicated capital ($100B), positioning the firm as a market leader alongside Blackstone ($80B+ DC assets), DigitalBridge ($96-106B digital infrastructure AUM), and Brookfield (infrastructure giant). BlackRock’s competitive position is strengthened by: (1) Unmatched access to institutional capital (pensions, sovereign wealth, insurance), (2) Technology platform advantage (Aladdin risk management system), (3) Global relationships enabling deal flow, (4) Permanent capital structure enabling longer hold periods than traditional PE.

strengths

• World’s largest asset manager with $13.5T AUM providing unmatched capital access

• Premium brand and reputation attracting institutional investors

• Technology advantage via Aladdin platform for risk management and analytics

• Global relationships with sovereign wealth funds (MGX, Temasek, Kuwait), pensions, and insurers

• Permanent capital structure (no forced exits like PE funds)

opportunities

• Massive AI infrastructure build-out cycle (20 GW/year globally, $600B+ announced 2025)

• Consolidation opportunities as smaller DC operators seek liquidity

• International expansion via sovereign wealth partnerships (MGX for Middle East, Temasek for Asia)

• Vertical integration into power infrastructure (renewables, nuclear SMRs)

• Technology integration opportunities (Aladdin for DC operations optimization)

threats

• Competition from established infrastructure investors (Blackstone, Brookfield, DigitalBridge)

• Hyperscaler build-vs-lease decisions (internal builds may be more economical)

• Power supply constraints limiting DC development (20 GW/year demand vs. limited generation)

• Regulatory resistance to foreign ownership (sovereign wealth in US critical infrastructure)

• Energy policy uncertainty (nuclear permitting, renewable intermittency, grid reliability)

projects

sources

• BlackRock Inc. - Official Website

• BlackRock Inc. (2025-10-15)

• BlackRock Investor Relations

• BlackRock Inc. (2025-10-15)

• BlackRock, GIP and MGX in $40bn data centre takeover to power AI growth

• Financial Times (2025-10-15)

• BlackRock’s GIP Buys Aligned Data Centers in $40 Billion AI Bet

• Bloomberg (2025-10-15)

• AI Infrastructure Partnership (AIP), MGX, and BlackRock’s GIP to Acquire All Equity in Aligned Data Centers

• Business Wire (2025-10-14)

• BlackRock Inc (BLK) Q3 2025 Earnings Call Highlights: Record AUM and Strategic Growth

• Yahoo Finance (2025-10-14)

• MGX, AIP and BlackRock’s GIP to acquire Aligned Data Centers in boost to AI infrastructure

• The National (UAE) (2025-10-15)

• MGX, BlackRock, GIP, and Microsoft Welcome Kuwait Investment Authority to AIP

• Business Wire (2025-06-02)

• BlackRock, GIP, Microsoft, and MGX Welcome NVIDIA and xAI to AI Infrastructure Partnership

• Business Wire (2025-03-19)

• BlackRock, GIP, Microsoft and MGX launch new AI Infrastructure Partnership

• Microsoft Source (2024-09-17)