BlackRock MILITARY

Target: BlackRock, Inc.

Domain: Military - Military Forensics

Research date: 25 October 2026

Evidence period: 2016–2026, with investment-position evidence through 30 June 2026.

Direct Defence Contracting & Procurement

Corporate operating activities

BlackRock describes its Israeli operations as investment management and related financial services, stating that it has operated in Israel since 2016 and provides investment solutions to institutions, financial professionals, and individuals.¹

BlackRock’s corporate contact directory identifies an office at 94 Yigal Alon Street, Tel Aviv, establishing a documented Israeli commercial presence without identifying that office as a defence facility or military contractor.²

The company identifies Anath Levin as its Israeli Country Head and describes its local activities in terms of client investment management, savings, and investment technology.³

Israeli military and security procurement

No public evidence identified of a BlackRock contract, tender award, memorandum of understanding, or framework agreement directly supplying equipment or military services to the Israeli Ministry of Defence, IDF, Israel Prison Service, or Israeli Border Police.

Defence trade directory listings

No public evidence identified of BlackRock appearing as a defence-equipment supplier in an Israeli military export or procurement directory.

Defence partnerships and announcements

BlackRock’s disclosed Israeli operations and investment products establish financial-services activity, but the reviewed corporate descriptions do not identify a defence manufacturing partnership or Israeli military procurement relationship.⁴

No public evidence identified of a BlackRock joint venture established to manufacture or deliver military equipment to Israeli security forces.

Dual-Use Products & Tactical Variants

Technology products

BlackRock’s Israeli website describes an investment operating system using artificial intelligence, alongside iShares investment products and financial risk-management services.³

These disclosures identify financial technology and investment management applications; they do not identify a purpose-built military targeting product or a tactical variant designed for Israeli armed forces.⁵

No public evidence identified of BlackRock producing militarised hardware, battlefield communications equipment, ruggedised military devices, or tactical equipment.

Civilian versus military supply

BlackRock’s Israeli business advertises investment services to retail and institutional customers, but the reviewed disclosure does not identify a military end-user contract.¹

No public evidence identified of purpose-built BlackRock software whose designed output generates kinetic targeting decisions or weapons effects.

Export control and end-use certification

No public evidence identified of export licence applications, military end-user certificates, or arms export-control decisions concerning BlackRock-manufactured products supplied to Israel.

Heavy Machinery, Construction & Infrastructure

Machinery and equipment

The June 2024 civil-society compilation of UN experts’ statements identifies Caterpillar among companies whose equipment-related military transfers or relationships attracted scrutiny; BlackRock is separately identified in the investor category.⁶

The UN experts’ intervention distinguished companies supplying weapons or equipment from financial institutions investing in those companies.⁷

No public evidence identified of BlackRock itself manufacturing, selling, transporting, or maintaining earthmoving machinery used in occupied Palestinian territories.

Construction and engineering

No public evidence identified of a BlackRock construction contract involving settlements, checkpoints, detention facilities, the separation barrier, military installations, or demolition operations.

Settlement nexus

BlackRock’s published Israeli office is in Tel Aviv; the reviewed location disclosure does not establish an office, construction project, or military logistics installation within the occupied West Bank, East Jerusalem, or occupied Golan Heights.²

No public evidence identified of a BlackRock-owned machinery fleet operating in settlements.

Related institutional decisions

On 25 August 2025, Norges Bank Investment Management announced exclusions of Caterpillar and five Israeli banking companies from Norway’s sovereign wealth fund on conflict-related ethical grounds; the announcement concerns the Norwegian fund’s investment decisions and does not identify an equivalent BlackRock exclusion.⁸

Supply Chain Integration with Defence Primes

Financial holdings in Elbit Systems

BlackRock’s reported institutional holdings in Elbit Systems Ltd. are documented in publicly available Form 13F position-history records covering multiple reporting periods from 2024 through 2026.⁹

The reported BlackRock Elbit Systems position was 85,560 shares, valued at approximately $17.12 million, at 30 September 2024.⁹

The reported position was 96,935 shares, valued at approximately $25.02 million, at 31 December 2024.⁹

At 30 September 2025, the reported position was 128,904 shares, valued at approximately $65.72 million.⁹

At 31 December 2025, the reported position was 119,513 shares, valued at approximately $69.04 million.⁹

At 31 March 2026, the reported position was 172,027 shares, valued at approximately $146.07 million.⁹

At 30 June 2026, the reported position was 225,388 shares, valued at approximately $171.01 million.⁹

A separate institutional-ownership compilation identifies BlackRock among Elbit Systems’ reported institutional holders and corroborates the approximately $171 million June 2026 position.¹⁰

BlackRock’s SEC Form 13F-HR for the quarter ended 30 June 2026 was filed on 7 August 2026 under accession number 0002012383-26-003238.¹¹

The SEC filing’s cover page identifies BlackRock, Inc. as the reporting institutional investment manager and records the reporting period as 30 June 2026.¹²

These reported positions establish a financial securities-holding relationship; the Form 13F reporting mechanism does not itself establish a component supply agreement, defence procurement contract, or direct financing of a particular weapons shipment.¹²

Group reporting arrangements

BlackRock Group Ltd. filed a Form 13F-NT notice for the quarter ended 30 June 2026, illustrating the existence of related reporting entities within the wider BlackRock group.¹³

BlackRock Investment Management (UK) Ltd. also filed a Form 13F-NT notice for the same reporting period.¹⁴

These notices do not independently establish additional beneficial ownership of the Elbit holdings reported by BlackRock, Inc.^{13, 14}

Other defence manufacturers

A June 2024 report coordinated by PAX and researched by Profundo identified Boeing, General Dynamics, Leonardo, Lockheed Martin, RTX, and Rolls-Royce as major manufacturers supplying weapons or weapons systems to Israel during 2019–2023.¹⁵

The report’s financial analysis concerned European financial institutions and the six identified manufacturers; its aggregate financing figures do not establish a corresponding BlackRock-specific amount.¹⁶

The European Coordination of Committees and Associations for Palestine separately published an account of that report and identified the same six manufacturers and financing categories.¹⁷

Direct manufacturing integration

No public evidence identified of BlackRock supplying optical systems, propulsion equipment, electronics, armour materials, explosives, guidance systems, or other manufacturing components to Elbit Systems, Israel Aerospace Industries, Rafael, or Israel Military Industries.

No public evidence identified of BlackRock participating as a manufacturing partner in a joint weapons-development or licensed military production programme.

Logistical Sustainment & Base Services

Military installation services

No public evidence identified of contracts for BlackRock to provide catering, fuel, transport, maintenance, waste management, facilities management, or other logistical services to Israeli military installations.

Telecommunications and software services

BlackRock’s published Israeli business materials identify asset management and financial technology as service areas, without identifying military-base telecommunications or logistical support contracts.⁵

No public evidence identified of BlackRock supplying software purpose-built for the operational sustainment of Israeli military bases.

Shipping and freight

No public evidence identified of BlackRock operating shipping, freight forwarding, military cargo handling, or defence port services for Israeli armed forces.

Geographic scope

No public evidence identified of BlackRock service contracts supporting Israeli military installations in the West Bank, East Jerusalem, the Golan Heights, or the Negev.

Munitions, Weapons Systems & Strategic Platforms

Manufacturing activities

BlackRock’s reported Elbit Systems securities holdings provide evidence of financial exposure to a defence manufacturer, rather than BlackRock’s own production of weapons or ammunition.⁹

No public evidence identified of BlackRock itself manufacturing small arms, artillery, armoured vehicles, combat drones, warships, military aircraft, missiles, or munitions.

Strategic defence platforms

The June 2024 PAX/Profundo report documents military supply relationships involving major international weapons manufacturers, including companies associated with aircraft and other strategic military platforms.¹⁵

The report does not establish BlackRock as the manufacturer or systems integrator of those platforms.¹⁵

No public evidence identified of BlackRock supplying components specifically developed for Iron Dome, David’s Sling, Arrow, military aircraft weapons integration, or military fire-control systems.

Munitions and precursor materials

No public evidence identified of BlackRock supplying explosive materials, propellants, ammunition, warhead components, or critical munitions precursors to Israeli defence entities.

Military targeting software

BlackRock’s publicly described technology products concern investment management, financial risk analysis, and related financial services.³

No public evidence identified of BlackRock producing software designed primarily to generate military targets, automate lethal targeting decisions, or directly control kinetic weapons effects.

Export Licensing, Regulatory & Legal History

Export licensing

No public evidence identified of BlackRock receiving, losing, or being denied a licence to export weapons, munitions, or military equipment to Israeli armed forces.

Arms-transfer scrutiny

In June 2024, UN experts called upon manufacturers transferring weapons to Israel to cease such transfers and separately urged financial investors, explicitly including BlackRock, to address their business relationships with the relevant manufacturers.⁷

The intervention identified potential human-rights and international-law risks associated with continued arms transfers and investment relationships; it did not report a completed judicial determination of wrongdoing by BlackRock.⁶

Post-July 2024 financial positions

BlackRock’s reported Elbit Systems holdings continued through reporting dates after July 2024, including 31 December 2024 and 30 June 2026.⁹

The reported share positions demonstrate continued disclosed financial exposure after the July 2024 ICJ advisory-opinion date and November 2024 ICC arrest-warrant period, while leaving the relevant investment mandates, beneficial owners, and trade-level decisions unresolved.⁹

Legal enforcement and proceedings

No public evidence identified of an export-control prosecution, customs enforcement action, arms-embargo penalty, or military export-licence revocation against BlackRock concerning weapons supplied to Israel.

No public evidence identified of a court judgment establishing that BlackRock directly delivered military equipment to Israeli forces.

Institutional regulatory context

In August 2025, Norges Bank Investment Management announced the restructuring of its own Israeli investment arrangements, including the termination of external management contracts and restrictions on investments outside its equity benchmark.¹⁸

That announcement did not identify BlackRock as a terminated manager or establish a BlackRock-specific divestment decision.¹⁸

Civil Society Scrutiny & Documented Investigations

UN experts’ intervention - June 2024

A Business & Human Rights Resource Centre publication documents the June 2024 UN experts’ intervention naming BlackRock among investors called upon to address financial relationships with manufacturers transferring arms to Israel.⁶

The experts’ statement identified arms manufacturers and financial institutions in separate categories, with BlackRock appearing in the investor category.⁷

Company-specific engagement - July 2024

The Business & Human Rights Resource Centre states that it invited BlackRock to respond on 2 July 2024 concerning the UN experts’ call.¹⁹

Its company-specific record, dated 12 July 2024, states that BlackRock did not respond to that request.¹⁹

This records the outcome of the identified engagement as of July 2024; it does not establish the company’s position on every subsequent enquiry.¹⁹

The Resource Centre’s broader July 2024 review reported that only a minority of the contacted manufacturers and investors responded to its enquiries concerning arms transfers and enhanced human-rights due diligence.²⁰

PAX/Profundo investigation - June 2024

The June 2024 PAX/Profundo report examined financing relationships between European financial institutions and six arms manufacturers supplying Israel.¹⁵

FIDH’s contemporary presentation of the research reported €36.1 billion in loans and underwriting and €26 billion in share and bond holdings across the investigated European financial institutions and weapons manufacturers.¹⁶

These figures describe the study’s investigated financial institutions collectively and are not BlackRock-specific financing amounts.¹⁵

Student divestment campaigns - April 2024

Contemporary reporting on United States university protests identified BlackRock among companies named in calls for institutional divestment concerning Israel-related investments.²¹

The demands concerned universities’ investment exposure and commercial relationships, rather than a documented BlackRock military procurement contract.²¹

Cambridge protest - October 2025

On 10 October 2025, Cambridge for Palestine activists protested a university careers event and identified BlackRock among companies they opposed because of alleged investments involving arms manufacturers.²²

The contemporary report explicitly clarified that BlackRock had not attended the event.²²

The activists’ published claims referred to BlackRock investments in companies including Lockheed Martin, RTX, Northrop Grumman, Boeing, and General Dynamics; those claims are attributed to the campaign rather than independently verified at individual security-position level by that report.²²

Corporate governance and controlling principals

BlackRock’s published committee-composition directory identifies Laurence D. Fink as Board Chair, Robert S. Kapito as a director, and other members of the company’s governing board.²³

The governance disclosure identifies the relevant corporate leadership but does not itself document an Israeli military procurement contract, personal military donation, or defence manufacturing role attributable to a named principal.²³

No public evidence identified of a verified military equipment supply transaction conducted personally by Laurence D. Fink or Robert S. Kapito on BlackRock’s behalf.

No public evidence identified establishing that a BlackRock controlling principal’s personal philanthropic vehicle supplied weapons or military equipment to Israeli forces.

Corporate response and investment policy

BlackRock’s Israeli professional-facing disclosure describes the company’s role as an asset manager and fiduciary investing on behalf of private and institutional clients.⁵

The available disclosures do not resolve which reported defence-sector holdings were selected under discretionary mandates, held through index-tracking mandates, or economically owned by BlackRock’s corporate treasury.¹²

No public evidence identified of a published BlackRock commitment specifically terminating all investments in Israeli defence manufacturers following the June 2024 UN experts’ intervention.