Blackstone (BX) Stock Price, News and Forecast Ahead of the December 1, 2025 Market Open

Key takeaways before Monday’s open (1 December 2025)

• Last close: Blackstone Inc. (NYSE: BX) ended Friday, November 28, 2025 at $146.42, up around 1% on the day, with volume of about 1.63 million shares, below its recent average. ^[1]
• Performance snapshot: Despite a positive week (+~5.8%), BX is still down roughly 15% year‑to‑date and more than 20% over the past 12 months, and sits about 25% below its 52‑week high near $194. ^[2]
• Fresh news (Nov 28–30):
  • Blackstone refinanced $3.5 billion of data‑center debt at QTS and highlighted a planned $10 billion Iowa data center, underscoring its AI infrastructure push. ^[3]
  • Reports say Blackstone is negotiating a multi‑billion‑dollar private credit package for AI infrastructure startup Firmus Technologies, expanding its data‑center exposure further. ^[4]
  • An IFR report detailed a $650 million margin loan against Blackstone’s stake in engineering firm Legence, a creative way to return capital to investors without selling shares. ^[5]
  • CRE Daily flagged a legacy investment in United Site Services that could cost Blackstone and partners part of a $1.4 billion bet, highlighting risks in highly leveraged deals. ^[6]
  • Blackstone Real Estate Income Trust (BSTT) declared November monthly distributions of $0.0549 gross per share across most share classes, payable in late December. ^[7]
• Institutional interest: Recent 13F‑driven headlines show large investors like Norges Bank, Russell Investments and Skandinaviska Enskilda Banken adding to BX holdings in filings published November 29–30. ^[8]
• Street view:
  • Traditional analyst consensus sits at “Moderate Buy” with an average 12‑month price target around $179, implying >20% upside from Friday’s close. ^[9]
  • A Fintel/Nasdaq summary pegs a separate average target near $186, based on earlier price data, with projected revenue growth above 20%. ^[10]
  • AI‑driven platform Danelfin gives BX an AI Score of 6/10 (“Hold”), with a modest statistical edge over the S&P 500 over the next three months. ^[11]

Below is an in‑depth look at Blackstone’s stock, the latest news from November 28–30, 2025, and how the setup looks heading into the Monday, December 1 market open.

1. Blackstone stock price recap as of November 28, 2025

At the close on Friday, November 28, 2025, Blackstone shares traded at:

• Price:$146.42
• Market cap: roughly $112 billion ^[12]
• Volume: about 1.63 million shares, below typical recent volume ^[13]
• Short interest: around 1.4% of float ^[14]

According to AI‑analytics platform Danelfin and other aggregators, BX has: ^[15]

• Perf Week:+5.8%
• Perf Quarter:–14.6%
• Perf Year:–24.2%
• Perf YTD:–15.1%

Meanwhile, a recent comparison with the Nasdaq noted that Blackstone shares are roughly 25% below their 52‑week high of about $194, set in late November 2024, even as the broader tech‑heavy index has fared better. ^[16]

In short: BX has bounced recently but remains in a medium‑term drawdown, underperforming major US indices over 2025 despite strong reported fundamentals.

2. What changed between November 28 and 30? Key news and themes

2.1. Data‑center push: QTS refinancing and Firmus deal talks

QTS refinancing and expansion

On November 28, Benzinga reported that Blackstone is continuing to expand its data‑center footprint through subsidiary QTS Realty Trust. ^[17] Key points:

• Blackstone refinanced 10 QTS data centers in a $3.5 billion deal, unlocking fresh capital.
• Since acquiring QTS in 2021 for $10 billion, Blackstone has helped it expand to 70+ data centers, an eightfold increase in under five years.
• Those facilities now support more than 3 gigawatts of capacity, serving hyperscale clients like Meta Platforms and Amazon, whose AI ambitions require massive computing power.
• The article also highlights Blackstone’s work on a $10 billion data center in Cedar Rapids, Iowa, reinforcing its long‑term AI infrastructure bet.
• Lower interest rates after two Federal Reserve cuts in 2025 have made debt cheaper, aiding such refinancings and expansions. ^[18]

This strengthens the narrative that a growing share of Blackstone’s value is tied to digital infrastructure and AI‑driven data‑center demand.

Firmus Technologies: multi‑billion‑dollar credit package in the works

On November 30, an AFR‑linked analysis summarised by Skillfarm reported that Blackstone is in exclusive negotiations to provide a multi‑billion‑dollar debt package to Firmus Technologies, an AI‑infrastructure and data‑center company with roots in Australia. ^[19]

Highlights from that reporting:

• Firmus has rapidly scaled and recently saw its valuation triple to around $6 billion. ^[20]
• The proposed financing is described as “multiple billions of dollars” and would support new data‑center builds in the US, Europe and Asia‑Pacific, deepening Blackstone’s exposure to AI‑driven compute infrastructure. ^[21]
• The move builds on Blackstone’s earlier acquisition of data‑center operator AirTrunk and its broader strategy of financing digital‑infrastructure platforms. ^[22]

Together with the QTS move, this positions Blackstone as one of the key capital providers to the global AI data‑center buildout, a secular theme markets are watching closely.

2.2. Legence margin loan: capital recycling without selling

In a November 29 piece, IFR reported that Blackstone has taken a $650 million margin loan backed by its stake in Legence, an engineering and construction advisory firm it took public via a $728 million Nasdaq IPO in September. ^[23]

Key details:

• The loan is secured against roughly 75.7 million Legence shares, valued at about $3.1 billion, implying a conservative loan‑to‑value ratio of ~20%. ^[24]
• Legence shares have rallied to around $43.79, up more than 50% from the IPO price of $28, supported by strong Q3 results and an acquisition‑driven growth strategy. ^[25]
• IFR characterizes the margin loan as a “creative way to return capital to limited partners” without immediately reducing Blackstone’s equity ownership.

For BX shareholders, this underscores how Blackstone uses structured equity and margin loans to recycle capital and support distributions while retaining upside in successful portfolio companies.

2.3. Real‑estate income: steady distributions from BSTT

On November 28, Blackstone Real Estate Income Trust, Inc. (BSTT, a non‑traded REIT affiliated with Blackstone) filed an 8‑K declaring monthly distributions for November 2025. ^[26]

Highlights:

• Gross distribution:$0.0549 per share for all common share classes (except Class C).
• Net distributions (after servicing fees):
  • Class I: $0.0549
  • Class S / S‑2: $0.0451
  • Class D / D‑2: $0.0521
  • Class T: $0.0452
  • Class T‑2: $0.0453 ^[27]
• Record date: immediately after close of business on November 30, 2025;
• Payable on or about:December 22, 2025, in cash or via distribution reinvestment. ^[28]

Stable, recurring distributions from vehicles like BSTT help underpin Blackstone’s fee‑related earnings and are part of the reason income‑focused investors remain interested in BX despite volatility in its share price.

2.4. Private‑credit hangover: United Site Services loss risk

Not all recent headlines have been positive.

CRE Daily reported on November 28 that Blackstone, along with Fortress Investment Group and Ares Management, may be facing a combined loss of up to $1.4 billion on their investment in United Site Services (USS), a major US portable‑toilet operator. ^[29]

Key points:

• The trio backed a 2021 Platinum Equity transaction valuing USS around $4 billion, using a single‑asset vehicle that now appears over‑levered in a higher‑rate environment. ^[30]
• Slower post‑pandemic construction and higher interest costs undermined the original investment thesis. USS may soon be handed over to lenders once a forbearance agreement expires in early December. ^[31]
• CRE Daily frames the deal as a cautionary tale about high‑leverage private equity structures in a world where debt is no longer cheap.

For BX, this is a reminder that legacy, niche bets can still create headline risk and capital losses, even as newer strategies pivot toward AI infrastructure and private credit.

2.5. Big‑ticket energy & infrastructure bets remain in focus

Though slightly earlier than the November 28–30 window, several recent announcements are still coloring investor sentiment:

• $1.2 billion West Virginia gas plant: Earlier in November, Blackstone announced Wolf Summit Energy, a fully contracted 600‑MW combined‑cycle gas plant in Harrison County, West Virginia, designed in part to support growing electricity demand from AI and data centers. ^[32]
• $7 billion Port Arthur LNG Phase 2 stake: In September, Blackstone Credit & Insurance led a $7 billion investment for a 49.9% stake in Sempra Infrastructure’s Port Arthur LNG Phase 2, signaling its appetite for large‑scale energy‑transition infrastructure. ^[33]

These projects reinforce Blackstone’s positioning as a “picks and shovels” provider to AI, energy transition, and data‑center growth—a point management itself stressed on the latest earnings call. ^[34]

2.6. Institutional flows: Norges Bank and other buyers

Between November 28 and 30, several 13F‑based news alerts highlighted growing institutional interest in BX:

• Norges Bank was reported to have acquired more than 7.1 million shares of Blackstone, according to a filing summarized by MarketBeat on November 30. ^[35]
• Russell Investments Group Ltd. increased its BX position by around 7% in the latest quarter, bringing its total holdings to just under 400,000 shares. ^[36]
• Skandinaviska Enskilda Banken AB publ was also flagged as a buyer, adding to its BX stake according to a filing summary published November 29. ^[37]

While these are backward‑looking filings, they help frame BX as a core holding in institutional portfolios, even after a year of share‑price underperformance.

3. Fundamental backdrop: earnings, AUM and balance sheet

Blackstone’s Q3 2025 results, released in late October, are an important anchor for any near‑term outlook.

According to InvestmentNews’ recap of the quarter: ^[38]

• Distributable earnings (cash that can be paid as dividends) rose 48% year‑over‑year to $1.89 billion ($1.52 per share), beating analyst expectations around $1.21.
• Assets under management (AUM) climbed to a record $1.24 trillion, up 12% year‑over‑year, with $54.2 billion of inflows in the quarter and $225.4 billion over the last 12 months.
• The firm’s “dry powder”—capital available for new deals—stood at roughly $188 billion.
• Fee‑related earnings rose to $1.48 billion ($1.20 per share), up from $1.18 billion a year earlier.
• The credit & insurance platform reached $432.3 billion in AUM, up 22% year‑over‑year and accounting for nearly two‑thirds of quarterly inflows, underscoring the importance of private credit.
• Infrastructure investments delivered the highest strategy‑level returns, aided by data‑center, energy and grid‑infrastructure bets.

Despite these strong figures, the article notes that BX shares were still down about 6% on the year at that time, trailing the S&P 500. ^[39]

On the liability side, Blackstone recently completed a $1.2 billion senior notes offering, split between: ^[40]

• $600 million of 4.300% notes due 2030
• $600 million of 4.950% notes due 2036

The proceeds are earmarked for general corporate purposes, giving Blackstone additional flexibility to support deals and working capital.

4. Analyst and model‑based forecasts for Blackstone stock

4.1. Wall Street price targets and ratings

Several data providers aggregate analyst views on BX:

• MarketBeat reports a “Moderate Buy” consensus on Blackstone, with an average 12‑month target price around $179, based on roughly 20 covering analysts. ^[41]
• A Fintel‑summarized view, republished by Nasdaq in late October, shows an average target of $186.45, with a range from about $151.50 to $225.75, implying around 20% upside from the stock’s late‑September price at that time. ^[42]

With BX now at $146.42, those targets translate into roughly:

• +22% implied upside to $179
• +27% implied upside to $186.45 (based on current, not historical, price)

Keep in mind: these figures may not reflect any analyst revisions since late October, and they are estimates, not guarantees.

4.2. Earnings and growth projections

Simply Wall St’s forecast page for BX compiles analyst models and expects: ^[43]

• Revenue to rise from about $12.7 billion in 2025 to $16.1 billion in 2026, and around $19.5 billion by 2027.
• Earnings (net income) to grow faster than revenue, to roughly $8.3 billion by 2026 and $10.1 billion by 2027, implying mid‑20s annual growth rates.
• Analysts project double‑digit EPS growth over the next few years and an eventual return on equity above 50% if those forecasts are realized. ^[44]

In other words, the Street is modeling BX as a high‑growth, capital‑light fee business, despite its recent share‑price wobble.

4.3. AI‑based signals and quant views

AI‑driven analytics provide a more market‑probability angle:

• Danelfin gives BX an AI Score of 6/10 (“Hold”), based on fundamental, technical and sentiment factors.
  • Its models estimate BX has a 58.3% probability of outperforming the S&P 500 over the next three months, about 3.1 percentage points better than the average US stock (55.2%). ^[45]
  • However, the platform also notes negative recent price momentum (e.g., –14.6% performance over the last quarter). ^[46]

Some long‑horizon algorithmic sites (like AI Pickup) project BX reaching the high‑$140s by late 2025 and climbing toward the $180s and beyond over the next several years, but these are purely model‑driven projections and not widely used benchmarks. ^[47]

5. Technical and trading outlook into Monday, December 1, 2025

5.1. Trend picture

From a short‑term trading perspective, the numbers paint a mixed picture: ^[48]

• Near term:
  • 1‑week performance of +5.8% suggests a short‑term rebound off recent lows.
  • Volume on Friday came in below longer‑term averages, hinting at a modest, not explosive, reversal.
• Medium term:
  • –14.6% over the last quarter indicates a downtrend since late summer.
  • –15.1% year‑to‑date and –24.2% over the last year confirm that BX has been a laggard vs. the S&P 500 and Nasdaq, which have posted positive 2025 returns. ^[49]

Net‑net, BX enters Monday’s session:

• Technically oversold on a medium‑term view,
• But showing early signs of a bounce, aided by positive AI‑infra news and ongoing institutional interest.

5.2. What could drive the open on December 1?

With US markets closed over the weekend, no real‑time pre‑market quote is available yet. The Monday open will likely be shaped by:

1. Macro and rates expectations
   • Articles covering the QTS refinancing stress that two Fed rate cuts in 2025 have already eased borrowing costs, and markets are debating the odds of a third cut in December. ^[50]
   • Any surprise on inflation data or Fed commentary early in the week could shift sentiment on rate‑sensitive financials and private‑credit names like BX.
2. AI and data‑center sentiment
   • Further confirmation (or leaks) around the Firmus Technologies financing or additional AI‑infrastructure deals would likely be taken positively, reinforcing the “picks and shovels” narrative. ^[51]
3. Private‑credit risk headlines
   • Follow‑up reporting on United Site Services and any other stressed exposures in credit portfolios could weigh on sentiment, particularly if investors start extrapolating to a broader private‑credit downturn. ^[52]
4. Fund‑flow and positioning data
   • With institutional filings showing large asset managers adding BX, traders will watch for any options‑market signals (Fintel recently flagged a put/call ratio around 1.35, leaning slightly bearish) that might indicate whether hedging remains elevated into year‑end. ^[53]

6. Scenario framework for BX over the next 12 months

Rather than a single point forecast, it’s useful to think in scenarios:

Bull case (optimistic)

• Rates drift lower and credit markets stay orderly, supporting real‑estate valuations and private‑credit performance.
• AI‑infrastructure and data‑center investments (Firmus, QTS, AirTrunk, Wolf Summit Energy, etc.) deliver strong returns and additional capital deployment opportunities. ^[54]
• Fundraising stays robust across private equity, credit and infrastructure, allowing AUM to grow in line with—or above—current forecasts. ^[55]
• In this scenario, it’s plausible that BX re‑rates toward or above the consensus targets (roughly $180–$190), especially if earnings track the projected 20%+ growth path.

Base case (consensus‑like)

• Rates remain range‑bound; fundraising stays solid but not spectacular.
• AI and infrastructure remain strong themes, but pockets of credit stress (like USS) periodically flare up. ^[56]
• Earnings grow close to current forecasts, but valuation remains conservative after a volatile year for alternatives.
• In this case, BX could grind higher over 12 months, perhaps into the $160–$180 band, roughly in line with the lower half of Street targets.

Bear case (risk‑off)

• Higher‑for‑longer rates or a hard economic landing pressure real estate valuations and deal activity.
• Private‑credit defaults and restructurings become more broad‑based, not just “idiosyncratic,” leading to mark‑downs and reduced fundraising. ^[57]
• Retail and institutional investors pull back from alternatives, compressing fee‑related earnings.
• In this outcome, BX could revisit or undercut recent lows, with the stock potentially trading closer to $120–$130, especially if analysts cut earnings and price targets.

These are illustrative scenarios, not predictions, and actual outcomes will depend on how macro conditions and deal performance evolve.

7. Key risks to monitor

Investors considering BX ahead of December 1 should keep an eye on:

• Interest‑rate path and inflation data – directly affecting valuations, leverage costs and fundraising.
• Credit quality in private‑credit portfolios – especially in more cyclical or highly leveraged sectors like autos, construction services and niche industrials. ^[58]
• Real‑estate valuations – particularly in office, older retail and over‑levered sectors, even as Blackstone increasingly tilts toward logistics and data centers. ^[59]
• Regulatory and political scrutiny – around private equity, housing and private credit, which could affect fee models or capital requirements.
• Execution risk in AI and energy‑infrastructure projects – big ticket deals like Port Arthur LNG, AI data centers and the West Virginia gas plant demand flawless execution and stable counterparties. ^[60]

8. Bottom line ahead of the December 1, 2025 open

Going into Monday’s session:

• Valuation: BX trades well below its 52‑week high and at a discount to the average analyst target, while still commanding a premium to many traditional asset managers thanks to its growth profile. ^[61]
• Fundamentals: Q3 showed surging distributable earnings, record AUM and powerful inflows, particularly into private credit and infrastructure. ^[62]
• Strategic direction: Recent news between November 28 and 30 highlights both aggressive expansion in AI‑driven data centers (QTS, Firmus) and the ongoing clean‑up of older, highly levered bets (USS). ^[63]
• Market perception: Wall Street remains cautiously optimistic, while AI‑based models suggest a modest probability edge versus the market but flag negative medium‑term momentum. ^[64]

For investors and traders watching BX at the December 1, 2025 market open, Blackstone looks like a high‑quality but cyclical compounder:

• Highly levered to themes like AI infrastructure, private credit and energy transition,
• Yet still exposed to rate risk and credit accidents that can periodically dent performance.

As always, any decision to buy, hold or sell BX should take into account your own risk tolerance, time horizon and portfolio context. This article is for information purposes only and does not constitute personalized investment advice.

References

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