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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
BlackRock and MGX deploy **$5B** growth capital to Aligned post-close, signaling confidence in hyperscale demand elasticity through 2026.
$5 billion
in growth capital to Aligned Data Centers immediately after…
1.8 gigawatts
of contracted capacity and another
3.2 gigawatts
in development
$12 billion
including assumed debt
A consortium anchored by BlackRock and Abu Dhabi sovereign vehicle MGX committed $5 billion in growth capital to Aligned Data Centers immediately after completing its acquisition of the hyperscale platform. The Tuesday announcement marks one of the largest single post-close commitments in the data center sector this cycle.
The consortium closed its acquisition of Aligned on July 21 and disclosed the $5 billion commitment the same day. Aligned operates purpose-built facilities designed for AI workloads and hyperscale cloud tenants across eleven campuses in North America. The company's pre-acquisition pipeline included 1.8 gigawatts of contracted capacity and another 3.2 gigawatts in development.
BlackRock's infrastructure group structured the deal through its Global Infrastructure Partners platform, bringing MGX as the sovereign co-anchor. The $5 billion earmarked for growth capital sits outside the purchase price and will fund new campus construction, grid interconnection upgrades, and power procurement agreements through mid-2026. Neither party disclosed the acquisition valuation, though industry sources familiar with the process indicated a total enterprise value north of $12 billion including assumed debt.
The commitment size reflects two realities. First, hyperscale tenants are signing longer-term power contracts—10 to 15 years rather than the historical 5 to 7—to lock in capacity ahead of competitors. Second, Aligned's model relies on owning the substation and utility relationship, which requires upfront capital but produces margin advantages once operational. The consortium is betting that margin expands as power costs stabilize and tenant demand remains inelastic.
MGX has deployed over $30 billion into AI infrastructure and semiconductor supply chains since its 2023 formation. This marks its largest single commitment into a Western data center operator. BlackRock's infrastructure portfolio now holds stakes in over 9 gigawatts of data center capacity globally, concentrated in North America and Northern Europe. The firm has signaled a preference for platforms that control their own power sourcing rather than lease from third-party providers.
Allocators should watch Aligned's next two to three campus announcements, expected before year-end. The company has active site selection in Texas, Ohio, and a second location in Northern Virginia. Any announcement that includes dedicated utility agreements or on-site generation will confirm the consortium's thesis on vertical integration. Watch also for MGX's next U.S. infrastructure deployment—if it mirrors this structure, the sovereign is building a repeatable playbook for hyperscale bets.
BlackRock's infrastructure desk rarely commits this scale of growth capital in a single tranche. The move suggests the firm expects Aligned to double its operational capacity within 24 months and that tenant demand can absorb the supply without compressing lease rates. Power availability, not capital, remains the constraint.
Branded by POPS4 · proof in 60 seconds
For the principal
If your office holds energy or power generation assets in Texas or Ohio, Aligned's campus announcements create co-investment or offtake opportunities.
For the operator
Track Aligned's utility filings in target states; early interconnection agreements signal where the $5B deploys first and fastest.
For the house
Named accounts with hyperscale cloud exposure should expect tighter data center lease pricing; Aligned's capacity addition may temporarily ease Northern Virginia scarcity.
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