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BlackRock$BLK · filed: grew revenue 18.7% in FY2025 to $24.2BNew shipNext year $24.2B–$29.8B sealedCheck ▾Close ▴
What BlackRock filed
Grew revenue 18.7% in FY2025 to $24.2 billion, operating margin 29.1% against a 24.4% median for security brokers, dealers & flotation companies, equity 32.9% of assets, and dividend per share up 3 years running. Every figure links to the filing it came from on BlackRock’s card. New ship: no warning signs.
What the house said in advance
Revenue for the fiscal year after 2025-12-31 between $24.2B and $29.8B, an 80% range sealed on 26 Sept 2026 · receipt #592edd · graded in public by the revenue in BlackRock’s next annual report.
Figures as filed with the SEC. Ranges, scores and boats are statistical descriptions of past filings, not ratings or recommendations. Reporting, not advice.
In plain words
**$25B** BlackRock-IFM data center fund locks Asia hyperscale capacity ahead of sovereign AI build-out, with **320 MW** pre-leased.
$25 billion
joint venture targeting hyperscale data center development across Asia
60/40
in favor of BlackRock's Infrastructure Equity arm
800 MW
of total capacity by Q4 2027
320 MW
of pre-leased capacity
BlackRock and IFM Investors closed a $25 billion joint venture targeting hyperscale data center development across Asia, with Stack Infrastructure named as the operational anchor. The partnership commits to building and operating facilities in Singapore, Tokyo, Seoul, Sydney, Mumbai, and Jakarta over the next seven years, per Bloomberg sources familiar with the structure.
The vehicle splits 60/40 in favor of BlackRock's Infrastructure Equity arm, with IFM bringing operational expertise through its existing Asia-Pacific real asset portfolio. Stack Infrastructure, the U.S.-based hyperscale operator, takes a minority stake and exclusive development rights across all six markets under a master service agreement. Construction begins in Singapore and Tokyo within 90 days, targeting 800 MW of total capacity by Q4 2027. The partnership secured anchor commitments from two unnamed cloud providers for 320 MW of pre-leased capacity, with pricing locked at weighted-average rates 12-18% above current market in exchange for long-term power guarantees.
This structure answers the capital-intensity problem that has stalled Asian hyperscale expansion since late 2024. Land acquisition and power infrastructure in Tokyo alone require $4-5 billion in upfront spend before a single rack goes live, and Singapore's moratorium on new facilities until 2025 created a backlog that pushed pricing into economically unviable territory for most developers. BlackRock solves this by underwriting land and power separately from the data center shell, isolating construction risk while IFM manages the entitlement and utility relationships that have killed prior joint ventures. The anchor tenant commitments derisk the first $8 billion tranche, and the partnership has secured revolving credit lines from MUFG and DBS for an additional $6 billion in bridge financing tied to pre-lease milestones.
The timing reflects two macro shifts. First, Asian AI compute demand now outpaces North American growth for the first time since 2019, driven by Alibaba Cloud, Tencent, and regional sovereign LLM projects that cannot route through U.S. data sovereignty frameworks. Second, the hyperscale REITs that dominated 2021-2023 vintage development are operationally tapped out — Digital Realty and Equinix both publicly stated they will not chase new Asian greenfield projects without co-investment structures exactly like this one. That leaves private capital as the only viable builder at scale, and this partnership sets the pricing benchmark for every subsequent deal.
Operators should track land acquisition announcements in Mumbai and Jakarta over the next 120 days — those markets have the loosest power regulation and the fastest path to occupancy, making them leading indicators for whether the partnership can hit its 2027 capacity target. Singapore's updated data center guidelines, expected in May, will determine whether the partnership's reserved sites remain viable or require renegotiation. Anchor tenant lease structures will likely surface in Stack's Q2 earnings disclosures, revealing whether the premium pricing holds or compresses under competitive pressure from Equinix's existing Singapore footprint.
IFM's prior Asia infrastructure exits averaged 18% IRR over hold periods under six years, and this partnership's fee structure suggests they expect similar velocity if hyperscale lease-up tracks projections.
Branded by POPS4 · proof in 60 seconds
For the principal
Pre-leased hyperscale at premium pricing suggests anchor tenants see stranded capacity risk; exposure through Stack or direct co-invest worth modeling.
For the operator
Stack's master service agreement and minority stake create operational beta to Asian AI compute demand without land acquisition risk or entitlement drag.
For the house
Named-account positioning: underweight Digital Realty, overweight private infra credit; monitoring MUFG revolver terms for comp-set pricing on next vintage.
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