BlackRock’s AI Infrastructure Partnership Hits $12.5 Billion Toward $30 Billion Goal
BlackRock and Microsoft’s Global AI Infrastructure Investment Partnership raised $12.5 billion in private equity toward a $30 billion target, with commitments from Nvidia, xAI and MGX. The collaboration, which includes a $40 billion Aligned Data Centers acquisition, aims to mobilize up to $100 billion for AI infrastructure investments.
1. BlackRock Reports Record Fourth-Quarter Inflows and Assets Under Management
BlackRock closed the fourth quarter with a landmark $14 trillion in assets under management, driven by net client inflows of $342 billion during the period and $698 billion for the full year. Revenue for the quarter reached $7.0 billion, representing a 23% increase over the prior year period, while adjusted earnings per share came in at $13.16, topping consensus estimates of $12.44. Organic base fee growth annualized at 12%, reflecting strength across iShares ETFs, systematic active equities, private markets and cash management solutions. For full-year 2025, the firm reported adjusted earnings per share of $48.09 and total revenue of $24.22 billion, a 19% year-over-year gain. The board approved a 10% increase in the quarterly cash dividend to $5.73 per share and authorized repurchase of an additional 7 million shares.
2. AI Infrastructure Partnership Secures $12.5 Billion Toward $30 Billion Goal
During the earnings call, CEO Larry Fink highlighted progress in the Global AI Infrastructure Investment Partnership with Microsoft, Nvidia, xAi and MGX, noting that the collaboration has raised $12.5 billion toward its $30 billion private-equity target. The joint venture aims to mobilize up to $100 billion in total investment power, including debt financing for data-center and related infrastructure projects. BlackRock and partners closed a $40 billion acquisition of Aligned Data Centers in October, marking the largest data-center deal to date. Fink emphasized that capital commitments continue to flow into the fund, underscoring sustained investor interest in AI-driven infrastructure.
3. Expansion in Private Credit Contributes $25 Billion of Deployments
BlackRock’s push into private credit accelerated in 2025, with the firm deploying $25 billion into private-market investments, including its recently acquired HPS platform. Total private credit assets reached over $145 billion by year-end. CFO Martin Small affirmed that rising defaults are in line with historical normalizations and that BlackRock’s portfolios remain insulated by focusing on issuers with average annual earnings of $250 million. The firm’s closed-end investment company HLEND exemplifies this approach, emphasizing lending to mid-sized corporates with robust cash flows. BlackRock maintains that the structural pipeline for private credit fundraising and deployment remains intact, supporting long-term growth in this segment.