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    How Investors Are Reacting To BlackRock (BLK) SpaceX GPU Lease

    Simply Wall St·10/27/2026 18:16:44
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    • BlackRock recently broadened its technology footprint by anchoring SpaceX’s roughly US$40b GPU lease for AI and cloud, backing tokenized money market fund experiments in Japan, and helping power advisor platforms like Envestnet and 55ip that bundle portfolios, SMAs, and tax tools into unified solutions.
    • These moves push BlackRock beyond traditional asset management into fee streams tied to AI infrastructure, digital assets, and outsourced portfolio construction. This can affect how much of its earnings base relies on higher margin technology and servicing revenue rather than plain index products.
    • We will now explore how BlackRock’s anchor role in SpaceX’s massive AI GPU lease could shape its broader long term investment narrative.
    Spot other potential AI and automation beneficiaries beyond BlackRock by scanning our hand-picked 55 AI infrastructure stocks that are helping power the same kind of GPU, cloud, and data-heavy buildout.

    BlackRock Investment Narrative Recap

    To own BlackRock, you need to be comfortable with a fee engine that leans on ETFs, higher margin technology and data, and an expanding alternatives platform. The immediate story is about keeping recent double digit organic base fee momentum in ETFs and recurring tech revenue growth intact while absorbing any softness in lower fee institutional mandates that receive less disclosure.

    The short term swing factor remains whether operating margins near the high 40s can hold as mix shifts toward private markets, digital assets, and AI linked services. The biggest risk is that flows or pricing in less spotlighted segments quietly erode that margin profile, especially if market valuations on large asset managers compress.

    The launch of the iShares Future Robotics and Related Technologies Active ETF (RBTX) fits directly into the AI and automation thread running through BlackRock right now. It extends the toolkit across ETFs and active ETFs that already saw US$135b of net ETF inflows in Q3 2026, giving the firm one more product aimed at the automation of physical tasks with intelligent machines.

    For you as a potential or existing shareholder, RBTX matters less as a single fund and more as evidence of how BlackRock keeps adding higher fee exposures around AI, robotics, and precision themes. Execution risk comes from keeping performance, capacity, and risk controls tight as the active sleeve and product count expand while still supporting the margin and earnings profile that the thesis emphasizes.

    What The Current BlackRock Forecasts Assume

    Analysts sketch a future for BlackRock that leans heavily on scale, mix, and fee quality. Their models look out to 2029 and line up revenue, margins, and earnings in a way that needs the technology and alternatives story to keep doing the heavy lifting.

    In those projections, the business is assumed to grow revenue at 7.8% a year over the next three years while profit margins move from 24.2% today to 29.9% by around 2029. Earnings are forecast to reach US$10.7b by that year compared with US$6.9b of earnings today, so the consensus view effectively bakes in a rise of about US$3.8b in BlackRock's profit pool.

    To make those numbers line up with the current analyst price targets, the stock would need to trade on a P/E of 23.9x those projected 2029 earnings, slightly below the 24.1x P/E cited today and below the 38.1x multiple mentioned for the wider US capital markets group. Forecasts also build in a small annual reduction in shares outstanding of 0.23%, which supports earnings per share even if the absolute earnings path runs slower than expected.

    Against that backdrop, the AI and automation initiatives are not just headline stories. They are part of how analysts justify higher long term margins and a mix that tilts further toward technology and servicing revenue.

    BlackRock's narrative projects US$35.7b revenue and US$10.7b earnings by 2029. This rests on 7.8% yearly revenue growth and an earnings increase of about US$3.8b from US$6.9b today.

    Uncover why BlackRock's fair value indicates a 17% potential upside to its current price, a gap that could narrow more quickly than many investors expect.

    NYSE:BLK 1-Year Stock Price Chart
    NYSE:BLK 1-Year Stock Price Chart

    Exploring Other Perspectives

    Four fair value estimates from the Simply Wall St Community cluster between about US$1,265 and US$1,351, which shows how far retail views on BlackRock can stretch even within a small sample. When you set that against risks around margin assumptions and P/E compression, you get a wide debate that rewards checking several competing viewpoints.

    Explore 3 other BlackRock fair value estimates, including one that suggests there may be as much as 20% potential upside from the current price.

    Form Your Own Verdict

    Disagree with existing narratives? Extraordinary investment returns rarely come from following the herd, so trust your own analysis.

    Looking for more BlackRock style investment ideas?

    If the BlackRock story has you thinking about where else strong fundamentals, income potential, or steadier risk profiles might show up, the Simply Wall St Screener can help you cast a wider net without drowning in tickers.