BlackRock
Strongest AI-moat story in finance, built on the Aladdin platform rather than AI products. Q2 2026 (reported July 15) — revenue $7.08B (+31% YoY), record AUM $15.3T, $192B of net inflows, 8% organic base-fee growth, adjusted operating margin 45.9%. Technology services and subscription revenue $566M (+13% YoY; ACV +15%), slower than Q1's +22%, which still carried Preqin acquisition benefit. Private markets AUM $329B after HPS (closed July 2025). The AI Infrastructure Partnership closed its ~$40B Aligned Data Centers purchase in July 2026, and the firm was reported among investors in Project Prometheus' ~$10B round at ~$38B (April 2026, no lead investor).
Scenarios
Aladdin switching costs are extreme (multi-year integrations, regulatory sign-offs) and ACV is growing 15%, making the platform the industry's default risk and data layer. AI copilots on that installed base deepen lock-in, while GIP and the AI Infrastructure Partnership give direct exposure to data-center buildout economics.
Technology services is only ~8% of revenue and grew 13% in Q2 — the AI moat is real but small next to a market-beta asset-management engine. A serious Aladdin outage or breach, or in-house AI platforms at sovereign funds and large asset owners, could erode the premium.
Key Factors to Watch
- ●Q2 2026 (Jul 15) — revenue $7.08B (+31%), AUM $15.3T, net inflows $192B, adjusted operating margin 45.9%
- ●Technology services and subscription revenue $566M (+13% YoY), ACV +15% — ~8% of total revenue
- ●Private markets AUM $329B post-HPS (closed July 2025); 2026 buyback plan raised to $2B
- ●AI Infrastructure Partnership closed ~$40B Aligned Data Centers deal (July 2026) — $30B equity target, up to $100B with debt
- ●Project Prometheus — reported participant in ~$10B round at ~$38B valuation (April 2026), no lead investor
Score History
| Date | Score | Direction | Note |
|---|---|---|---|
| 2026-10-03 | 8.0 | Very Positive | Rotating refresh — summary moved from Q1 to Q2 2026 (Jul 15) — revenue $7.08B (+31%), AUM $15.3T, tech services $566M (+13%, ACV +15%); fixed HPS close date (July 2025, not Jan 2026) and Prometheus role (reported participant, not anchor); AIP closed Aligned ~$40B; score held 8.0 |
| 2026-03-08 | 8.0 | Very Positive | Score 7.9→8.0 (formula reweight: sb 0.25→0.15, are 0.20→0.25, md 0.20→0.25, dr 0.20→0.25, aam 0.15→0.10) |
| 2026-03-08 | 7.9 | Positive | Score 8.1->7.9 (are 9->7, md 9->10). External research cross-ref: tech services $4.4B on $20B+ revenue (are=7 not 9), but Aladdin $25T ecosystem is impregnable (md=10) |
| 2026-03-08 | 8.1 | Very Positive | Initial assessment from batch 2 research |
Finance Peers
Last researched: 2026-10-03
This is research and analysis, not financial advice. Scores reflect AI impact potential, not investment recommendations.