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BlackRock’s GIP Poised for $38B AES Power Grab – AI-Fuelled Demand Sparks Takeover Frenzy
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BlackRock Soars: Crypto ETFs, AI Funds and Mega M&A Propel Assets to Record $13.5T

by
14 October 2025
  • Record Q3 Results: BlackRock reported Q3 2025 adjusted EPS of $11.55 (earnings $1.91B) on $6.51B revenue, surpassing forecasts [1] [2]. Total assets hit a record $13.46 trillion (up from $11.48T a year ago) on roughly $171B of net long-term inflows, driven by historic ETF demand [3].
  • ETF & Fee Growth: Quarterly net inflows reached ~$205B, led by a record quarter for iShares ETFs (and strong private markets/cash flows) [4]. Organic base fee growth was ~10% (annualized), reflecting broad demand across BlackRock’s index, systematic equity, private credit, and cash products [5]. The firm also bought back $375M of stock in Q3 [6].
  • Big Acquisitions: BlackRock closed its $6.5B purchase of HPS Investment Partners on July 1 (adding ~$165B in AUM) [7] and completed the ElmTree Funds acquisition (commercial real estate net-lease specialist) on Sept 2 [8]. Earlier deals include 2024’s Global Infrastructure Partners (GIP) takeover and March’s Preqin data acquisition. CEO Larry Fink noted these moves give BlackRock a “fully unified platform” to serve clients [9].
  • Infrastructure Deals: BlackRock’s GIP unit won Minnesota regulatory approval for a $6.2B buyout of utility Allete (Minnesota Power) [10], after agreeing to added clean-energy commitments. GIP is also in late-stage talks to buy AES Corp (~$38–40B) [11] and Aligned Data Centers (~$40B) [12], aiming to secure power and land for AI-driven data centers.
  • ESG & Governance: Amid GOP scrutiny, BlackRock left the Net Zero Asset Managers Initiative (citing legal/regulatory pressure) [13]. The firm’s support of environmental/social shareholder proposals fell to 2% in 2025 (from 4% in 2024) [14], drawing criticism (e.g. Dutch fund PFZW cut ties over climate-vote concerns). Proxy engagement has quieted under new SEC guidance, with BlackRock sharply reducing meetings with company directors this year [15].
  • Stock & Sentiment: BLK shares trade near all-time highs; they’ve risen about +13% year-to-date (vs S&P500 +13%) [16]. Analysts applaud BlackRock’s strategic pivot into AI, crypto and infrastructure. For example, the iShares Bitcoin Trust (IBIT) is now ~$90B (top-20 US ETF) [17]. Edward Jones analyst Kyle Sanders said BlackRock’s recent deals “made healthy contributions” and that the firm is entering “a new chapter” in its growth story [18].

BlackRock’s latest earnings and moves underscore its market heft and broad strategy. CEO Larry Fink observed that “record demand” across the firm’s businesses — from technology-driven funds to private credit and ETFs — powered the quarter [19]. In particular, strong flows into lower-cost index and cash products (helped by the Fed’s recent rate cut) drove the fee bump. An analyst noted that all of BlackRock’s new private-market businesses (HPS, Preqin, GIP) “made healthy contributions” to Q3 results [20], validating BlackRock’s aggressive M&A in 2025. Larry Fink said the unified public-private platform positions BlackRock well for what he expects will be a strong Q4 [21].

Beyond earnings, BlackRock continues to expand its ecosystem. Its infrastructure arm (GIP) is pursuing mammoth energy-and-AI deals, from Minnesota Power (Allete) to AES Corp and Aligned Data Centers [22] [23]. BlackRock is also innovating in ETFs: for example, it rolled out new AI/tech funds in late 2024 (calling AI a “mega force” in investing [24]), and its iShares Bitcoin Trust has swelled to about $90B [25] amid the crypto rally. These moves have helped reprice the stock: Citi recently lifted BLK’s target to $1,350 as it expects BlackRock’s AI/crypto bets to boost long-term growth [26].

On the ESG front, BlackRock’s approach has faced scrutiny. It recently quit a climate investor group to avoid legal entanglements [27] and dialed back activism in proxies. In the latest proxy season, virtually no environmental or social measures garnered firm backing. BlackRock says this aligns with client mandates and that its sustainable investing ($1T+ in ESG assets) remains robust, but some large clients (notably Dutch and U.S. funds) are pressuring it for stronger climate engagement.

In summary, BlackRock’s October update highlights a company riding a market upswing while laying groundwork for future expansion. With record fees and assets, strategic acquisitions paying off, and new investment products (from crypto ETFs to AI funds), BlackRock is exerting outsize influence on the asset management industry [28] [29]. As one analyst put it, the firm is “entering a new chapter” — one driven by technology trends and ambitious dealmaking [30].

Sources: BlackRock Q3 earnings release [31] [32]; Reuters and AP news (covering financial results, M&A, ESG issues) [33] [34] [35] [36] [37].

BlackRock CEO Larry Fink reveals intriguing response about XRP ETF
Watch this video on YouTube.

References

1. www.reuters.com, 2. www.newstimes.com, 3. www.reuters.com, 4. www.blackrock.com, 5. www.blackrock.com, 6. www.blackrock.com, 7. www.blackrock.com, 8. www.blackrock.com, 9. www.reuters.com, 10. www.reuters.com, 11. www.reuters.com, 12. www.reuters.com, 13. www.reuters.com, 14. www.reuters.com, 15. www.reuters.com, 16. www.newstimes.com, 17. www.tradingview.com, 18. www.reuters.com, 19. www.reuters.com, 20. www.reuters.com, 21. www.reuters.com, 22. www.reuters.com, 23. www.reuters.com, 24. www.reuters.com, 25. www.tradingview.com, 26. www.tradingview.com, 27. www.reuters.com, 28. www.reuters.com, 29. www.reuters.com, 30. www.reuters.com, 31. www.reuters.com, 32. www.blackrock.com, 33. www.reuters.com, 34. www.reuters.com, 35. www.reuters.com, 36. www.reuters.com, 37. www.reuters.com

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CEO of TS2 Space and founder of TS2.tech. Expert in satellites, telecommunications, and emerging technologies, covering trends in space, AI, and connectivity.

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