BlackRock is expanding the ways it finances companies, from buying their publicly traded securities to arranging private loans and investing in data centers. Its second-quarter results, released July 15, 2026, put assets under management at $15.3 trillion after clients added a net $192 billion during the quarter.
BlackRock manages those investments for clients, earning fees from that work. The assets span much more than AI: the company said quarterly inflows came from exchange-traded funds, private markets, actively managed bonds and share strategies that use systematic investment rules. Across the first half of 2026, net inflows reached $321 billion.
Revenue rose 31 percent from a year earlier. BlackRock attributed the increase to stronger markets, new business, fees associated with its purchase of HPS Investment Partners, higher performance fees and growth in technology services. It reported a separate 13 percent increase in technology-services and subscription revenue, citing its Aladdin investment software and related products.
Loans negotiated outside public markets
The HPS acquisition closed on July 1, 2025. BlackRock combined the two firms’ private-credit operations into a business with $190 billion in client assets at closing. HPS brought funds that negotiate loans directly with borrowers, alongside other credit investments. Scott Kapnick, Scot French and Michael Patterson were named to lead the combined private-financing division.
For borrowers, these funds offer financing arranged with an investment manager and its investors. HPS describes lending secured by assets, privately negotiated senior debt and financing that takes a lower priority in repayment. The funds’ investors supply capital and bear the investment risk; BlackRock manages the portfolios. Existing HPS funds kept their names after the purchase.
When BlackRock announced the purchase in December 2024, it valued the agreement at approximately $12 billion in equity. It identified insurance companies as important customers for the expanded lending business. Insurers collect premiums that they invest to meet future claims, giving investment managers a source of long-term capital.
Technology companies join the financing
BlackRock’s AI Infrastructure Partnership brings another set of participants into large investment projects. In March 2025, Nvidia and xAI joined BlackRock, its Global Infrastructure Partners business, Microsoft and Abu Dhabi’s MGX. The group set a fundraising goal of $30 billion in equity, with borrowing potentially bringing total investment to $100 billion.
The partnership is intended to fund new and expanded data centers and the energy infrastructure serving them, mainly in the United States and selected partner countries. Nvidia also serves as a technical adviser. GE Vernova and NextEra Energy agreed to work with the group on power supply and equipment planning.
BlackRock described an arrangement in which the facilities could serve multiple companies without exclusive commitments to the partners.
