BlackRock: AI compute could be tokenized as digital assets
In brief
- BlackRock publishes white paper on machine-native economies and tokenized compute infrastructure.
- AI compute power could be priced, financed, and traded as tokenized digital assets.
- Hyperscaler cloud revenue projected to reach $1.1 trillion annually by 2030 at 29% CAGR.
- Tokenized compute markets remain largely speculative, requiring robust compliance and identity infrastructure.
Three Convergence Points
BlackRock's researchers identified three areas where AI and programmable finance are starting to converge: automated machine-to-machine payments, tokenized financial assets, and emerging markets for computing capacity. Each represents a frontier where autonomous agents could operate without human intermediation, settling transactions on-chain in real time.
The firm's analysis centers on a simple premise: as AI systems become more autonomous, they'll need to buy and sell resources. Compute is one of those resources. "Compute is emerging as a new and potentially large market for digital assets," the paper states.
Market Scale and Timeline
BlackRock's paper estimates that revenue from hyperscaler cloud services will hit roughly $1.1 trillion annually by 2030, representing a 29% compound annual growth rate from 2025. That scale matters. A firm managing over $10 trillion in assets doesn't publish research on niche markets.
The researchers envision AI agents transacting based on factors like price, performance, and latency—choosing compute providers the way an algorithm picks the cheapest flight. That's the machine-native economy in action.
Infrastructure First, Speculation Later
BlackRock is careful to note that these markets are "largely speculative at this stage." The firm emphasizes that robust infrastructure around permissions, identity, and compliance needs to be built before any of this becomes real.
BlackRock's research also flags agentic payment protocols like x402 and the Machine Payments Protocol as foundational infrastructure for machine-initiated transactions. These aren't products BlackRock is selling yet. The white paper doesn't announce any new products or reference existing tokens. It's a research document, not a product launch.
That said, the firm has been methodically building its digital asset footprint for years, launching the BUIDL fund and tokenized money-market products that put traditional financial instruments on-chain. This white paper reads like a longer-term thesis—a map of where the infrastructure needs to go.
