BlackRock Aladdin Platform: Statistics and Facts 2026

What Aladdin is and why its numbers matter

Aladdin, short for Asset, Liability, Debt and Derivative Investment Network, is the investment management platform that BlackRock built for itself in 1988 and later began licensing to other institutions. Today it covers portfolio construction, risk analytics, trading, operations, accounting and reporting in one system. BlackRock describes the wider Aladdin family as the Aladdin platform, eFront for private markets, Aladdin Wealth for wealth managers and Preqin for private markets data. Its clients include asset managers, banks, pension funds, insurers, corporations and wealth managers.

The platform matters because it sits underneath a large part of institutional investing. More than 200 insurers run their portfolios on Aladdin, and 87 of the top 100 alternatives investors are clients of Aladdin, eFront or Preqin, according to the BlackRock Investor Day 2025 presentation. BlackRock itself manages 15.3 trillion dollars of client assets on the same technology as of June 30, 2026. For the wider context of the firm, see our BlackRock statistics and facts report.

One widely quoted figure needs care. Press reports in 2020 put the assets tracked on Aladdin at about 21.6 trillion dollars, and some websites now repeat larger totals such as 25 trillion dollars. BlackRock does not publish a current, audited total for assets on the platform, so this report does not use one. It relies instead on the figures BlackRock does report: revenue, annual contract value, users, retention and recurring revenue.

Technology revenue: 1.14 billion dollars to 1.98 billion dollars in five years

BlackRock reports Aladdin under technology services and subscription revenue. The line grew from 1,139 million dollars in 2020 to 1,281 million dollars in 2021, 1,364 million dollars in 2022, 1,485 million dollars in 2023 and 1,603 million dollars in 2024. In 2025 it jumped to 1,981 million dollars, an increase of 378 million dollars, or 23.6 percent, the fastest growth in the period. Part of the 2025 jump came from Preqin, which BlackRock bought on March 3, 2025, and which contributed about 65 million dollars of revenue in the fourth quarter of 2025 alone.

Up 74 percent in five years: technology revenue rose from 1.14 billion dollars in 2020 to 1.98 billion dollars in 2025, with the biggest single-year gain in 2025.

Over the full five years, technology revenue grew by 842 million dollars, or 74 percent, a compound annual growth rate of about 11.7 percent. Most of that gain came in a single year: from 2020 to 2024 the line grew at about 8.9 percent a year, before the Preqin deal and record Aladdin sales lifted 2025. The table below shows the revenue line next to total BlackRock revenue, which helps explain why Aladdin remains a minority of the business despite the fast growth. More detail on the group total is in our BlackRock total revenue data.

Annual contract value: from 8 percent growth to 31 percent

Annual contract value, or ACV, is the forward-looking measure of committed subscription revenue, and it usually moves before reported revenue. BlackRock reported ACV growth of 13 percent at the end of 2021, 8 percent in 2022, 10 percent in the fourth quarter of 2023 and 12 percent in the fourth quarter of 2024. In 2025, ACV rose 31 percent from the fourth quarter of 2024 including Preqin, and 16 percent excluding Preqin. In the second quarter of 2026, ACV was up 15 percent year on year, which BlackRock attributed to continued adoption of Aladdin.

Preqin doubled the headline: ACV grew 31 percent in 2025 including Preqin, against 16 percent organically, and was still growing 15 percent in the second quarter of 2026.

The organic series is the better guide to the core Aladdin business. It shows an acceleration from 8 percent in 2022 to 16 percent in 2025, driven by what BlackRock described as record Aladdin sales and larger multi-product mandates. The long-term target BlackRock gave investors in 2025 is low to mid-teens ACV growth, which the 15 percent reading for the second quarter of 2026 matches. BlackRock also noted at its 2025 Investor Day that ACV grew 14 percent in the first quarter of 2025, the last quarter before Preqin was fully included.

Quarterly revenue: 379 million dollars to 566 million dollars

Quarterly figures show the same acceleration. Technology services revenue was 379 million dollars in the fourth quarter of 2023 and 428 million dollars in the fourth quarter of 2024. It reached 499 million dollars in the second quarter of 2025, 531 million dollars in the fourth quarter of 2025 and 566 million dollars in the second quarter of 2026. First-half 2026 technology revenue totalled 1,096 million dollars, which implies about 530 million dollars in the first quarter of 2026.

Half a billion a quarter: quarterly technology revenue rose from 379 million dollars at the end of 2023 to 566 million dollars in the second quarter of 2026, a gain of 49 percent.

The quarter-on-quarter pattern is not perfectly smooth. Revenue was roughly flat between the fourth quarter of 2025 and the first quarter of 2026, at about 530 million dollars, before rising 36 million dollars in the second quarter. Timing of implementations and one-off fees can move individual quarters, which is why BlackRock points investors to ACV rather than quarterly revenue as the main indicator.

Where Aladdin fits in 24.2 billion dollars of BlackRock revenue

BlackRock generated total revenue of 24,216 million dollars in 2025, up 19 percent. Base fees and securities lending were by far the largest source at 19,179 million dollars, or 79.2 percent. Technology services and subscription revenue was the second largest line at 1,981 million dollars, or 8.2 percent, ahead of performance fees at 1,424 million dollars, distribution fees at 1,355 million dollars and advisory and other revenue at 277 million dollars.

Second biggest line: technology services earned 1.98 billion dollars in 2025, 8.2 percent of revenue and 557 million dollars more than performance fees.

Technology has also become a steadier revenue source than performance fees, which swing with markets. In the first half of 2026, technology services brought in 1,096 million dollars against 577 million dollars of performance fees, out of total revenue of 13,782 million dollars. That makes Aladdin about 8.0 percent of first-half revenue. Our BlackRock operating margin page shows how the group turns this revenue into profit.

A slow climb: the technology share rose from 6.6 percent in 2021 to 8.2 percent in 2025, held back because base fees also grew strongly as markets rose.

Users and reach: 360,000 users and 97 percent retention

BlackRock disclosed several reach metrics at its 2025 Investor Day. Aladdin and Preqin together had more than 360,000 users, about three times the level at the 2023 Investor Day. Preqin alone had more than 220,000 users when the acquisition closed in March 2025, and its database covers about 210,000 funds. More than 200 insurers run on Aladdin, and 87 of the top 100 alternatives investors use Aladdin, eFront or Preqin.

Retention is the clearest sign of how sticky the platform is. BlackRock reported a 97 percent three-year average client retention rate and said 98 percent of technology revenue is recurring. Some older articles cite 98 percent retention; the figure BlackRock published in 2025 is 97 percent. Once an institution has rebuilt its trading, compliance and reporting around Aladdin, moving to another system is a multi-year project, which is why churn stays low.

BlackRock assets under management: 15.3 trillion dollars on Aladdin

Aladdin began as the system BlackRock uses for its own portfolios, and it still runs the entire BlackRock book. Assets under management rose from 7.43 trillion dollars at the end of 2019 to 8.68 trillion dollars in 2020 and 10.01 trillion dollars in 2021, fell to 8.59 trillion dollars in the 2022 market decline, recovered to 10.01 trillion dollars in 2023 and reached 11.55 trillion dollars in 2024. Record net inflows of 698 billion dollars lifted assets to 14.04 trillion dollars at the end of 2025, and to 15.34 trillion dollars on June 30, 2026, after a further 321 billion dollars of net inflows in the first half.

Doubled since 2019: BlackRock assets rose from 7.43 trillion dollars at the end of 2019 to 15.34 trillion dollars in June 2026, all of it managed on Aladdin.

External clients add their own assets on top of this, but because BlackRock does not report a combined figure, any total for all assets on Aladdin is an estimate. How BlackRock compares with other managers is shown in our ranking of the largest asset managers worldwide, and the split of its own assets is in BlackRock assets under management. A large part of those assets sits in exchange-traded funds, covered in our iShares ETF statistics.

The Aladdin product suite: platform, eFront, Wealth and Preqin

The Aladdin family has grown through both internal development and acquisitions. The core Aladdin platform, often called Aladdin Enterprise, is the same system BlackRock uses internally, covering the full investment process from portfolio construction to accounting. Aladdin Wealth brings risk and portfolio tools to wealth managers and private banks. eFront, acquired in 2019, provides workflow software for private equity, private credit, real estate and infrastructure investors.

Preqin is the most recent and largest addition. BlackRock agreed to buy it for about 3.2 billion dollars in 2024 and completed the deal on March 3, 2025. Preqin adds private markets data covering around 210,000 funds, which BlackRock is integrating into Aladdin, including Preqin benchmarks inside the platform. BlackRock expects the private markets data segment alone to reach an addressable market of 18 billion dollars by 2030. The full list of deals is in our BlackRock acquisitions data.

Cloud hosting: Microsoft Azure since 2020, AWS from 2026

Aladdin was originally run from BlackRock data centres. On April 7, 2020, BlackRock and Microsoft announced a strategic partnership to host Aladdin infrastructure on Microsoft Azure, which older articles sometimes date to 2022. On December 1, 2025, BlackRock announced a second partnership, with Amazon Web Services, to deliver Aladdin on AWS. General availability for Aladdin Enterprise clients in the United States is planned for the second half of 2026, and Amazon Treasury will be among the first users, running the Amazon global investment portfolio on Aladdin on AWS.

The move to two clouds matters commercially. Many banks and insurers already standardise on one cloud provider, and offering both removes a common objection in sales discussions. It also ties Aladdin to the large-scale computing that modern risk models and AI tools need. The wider cloud market is covered in our report on how the big three cloud providers dominate, and the infrastructure behind it in our data centre statistics.

The addressable market: more than 20 billion dollars

BlackRock sizes the market Aladdin can address at more than 20 billion dollars a year. At its 2025 Investor Day it split that into about 8 billion dollars for public markets investment technology, about 5 billion dollars for private markets investment technology and about 8 billion dollars for private markets data. Against technology revenue of 1.98 billion dollars in 2025, that implies BlackRock captures roughly a tenth of the addressable pool, leaving substantial room to grow.

Private markets are the bigger prize: private markets technology and data together account for about 13 billion dollars of the more than 20 billion dollars BlackRock sees as addressable.

The private markets side explains the Preqin deal. Institutions are putting more money into private equity, private credit and infrastructure, and BlackRock expects alternative assets to reach 30 trillion dollars by the end of the decade. Data and analytics for these assets have historically been scattered, and combining Preqin data with eFront workflows and Aladdin risk models is designed to give one view across public and private holdings. Related data on the alternatives industry is in our report on hedge fund assets worldwide, and on the digital finance sector in our fintech statistics.

Revenue growth rates: 6.5 percent to 23.6 percent

Year-on-year revenue growth shows how uneven the path has been. Technology revenue grew 12.5 percent in 2021, slowed to 6.5 percent in 2022 as market declines hit asset-based fees, recovered to 8.9 percent in 2023 and 7.9 percent in 2024, and then accelerated to 23.6 percent in 2025 with Preqin included. In the second quarter of 2026, growth was 13.4 percent year on year, now on a basis that includes Preqin in both periods.

2025 was the outlier: revenue growth jumped to 23.6 percent in 2025 with Preqin, then settled at 13.4 percent in the second quarter of 2026, in line with the low to mid-teens target.

The 13.4 percent reading for the second quarter of 2026 is the first clean comparison with Preqin included in both years, and it sits almost exactly on the 15 percent ACV growth rate for the same quarter. That consistency suggests the business is running close to the low to mid-teens growth BlackRock has promised investors. The share price reaction to these results is tracked in our BlackRock stock page.

Outlook: what the numbers point to for 2026 and beyond

Three measurable trends will shape the next phase of Aladdin. First, AWS general availability in the second half of 2026 opens a second cloud route for US clients. Second, Preqin integration gives BlackRock a data product in the fastest-growing part of its addressable market. Third, management is pushing AI analysis tools and data workflows into the platform, a trend covered in our artificial intelligence statistics.

BlackRock has not published a numeric revenue forecast for Aladdin, only the low to mid-teens long-term ACV growth target. If technology revenue kept growing at 13 percent a year from the 2025 base of 1.98 billion dollars, it would pass 2.2 billion dollars in 2026; this is an illustration of the stated target, not a BlackRock forecast. The main risks are a sharp market fall that slows new sales, delays in cloud migrations and competition from other investment technology providers. The financial system Aladdin serves is covered in our global financial markets report.

Aladdin in numbers

Aladdin questions answered with data