Blackstone's Q3 2026 AUM trajectory reflects sustained net inflows across private credit, real estate, and infrastructure, fueled by its expanding AI-related data center platform now valued near $200 billion. Fee-earning AUM stood at $961.6 billion at the end of June, with total AUM at $1.346 trillion, supported by organic growth in perpetual strategies and secondaries activity. Recent capital raises, including a $1 billion private credit continuation fund, underscore institutional demand amid elevated interest in alternatives. The firm's data center leasing projections of seven gigawatts for 2026 highlight sector momentum that could lift AUM further before the earnings release. Traders will focus on reported inflows and any market-driven valuation effects when Q3 results arrive in coming weeks.