Blackstone (BX) Stock Falls 5% After JPMorgan Restricts Private Credit Lending

TLDR

• Blackstone stock fell around 4.3%–4.78% after JPMorgan Chase announced it would restrict lending to private credit providers.
• JPMorgan marked down the value of several loans, triggering broader concern about stress in the private credit market.
• Several large firms were forced to limit redemptions on key funds, adding further selling pressure.
• Anthropic is in talks with Blackstone and private equity firm Hellman & Friedman to form an AI joint venture that would deploy Claude AI tools across portfolio companies.
• Blackstone is down 35.6% year-to-date and trades 45.8% below its 52-week high of $188.68, though Wall Street analysts maintain a “Strong Buy” consensus with an average price target of $159.27.

Blackstone (BX) stock dropped around 4.3% to 4.78% on Friday after JPMorgan Chase said it would restrict lending to private credit providers. The move rattled investors and sent ripples across the financial sector.

Blackstone Inc., BX

JPMorgan’s decision followed markdowns on several loans in its portfolio. That raised alarm about stress building in the private credit market, which has grown fast over the past few years. The bank’s announcement was enough to spark a rush for liquidity among investors.

In response, several large financial firms were forced to limit redemptions on key funds. That added more selling pressure to an already nervous market, with financial stocks bearing the brunt.

For Blackstone, the timing was not ideal. The stock was already under pressure, having dropped 2.9% just six days earlier after a weak February jobs report showed the U.S. economy lost 92,000 jobs — a stark contrast to expectations of a 60,000 gain. The unemployment rate also ticked up to 4.4% from 4.3%.

That jobs report had already done damage. It was described as a “knock-down blow” to the view that the labor market was stabilizing, and it fueled broader concerns about economic health and borrowing activity.

Blackstone is now down 35.6% since the start of the year. At $102.24 per share, it sits 45.8% below its 52-week high of $188.68, reached in September 2025.

Anthropic Partnership Talks Add a Different Layer

Away from the market turbulence, Blackstone has been in the news for another reason. Anthropic, the company behind the Claude AI models, is in talks with Blackstone and Hellman & Friedman to form an AI joint venture.

The proposed deal would see Claude AI tools deployed across the portfolio companies of the participating private equity firms. The model is similar to how Palantir works — selling technology and integration services directly into corporate operations.

Blackstone already holds a $1 billion stake in Anthropic, following a $200 million investment in early February 2026. That came after the firm participated in Anthropic’s $13 billion fundraising round, which valued the AI company at $183 billion.

Anthropic’s annualized revenue has doubled to $19 billion, and the company has been navigating legal tensions with the Department of Defense — recently renamed the Department of War — which designated Anthropic as a supply chain risk. Anthropic filed two lawsuits against the department on March 9. Talks about the joint venture briefly paused due to that scrutiny before resuming, according to reports from March 11.

What Analysts Are Saying

Despite the year-to-date decline, Wall Street remains broadly positive on Blackstone. According to TipRanks, 11 analysts have a “Strong Buy” consensus on BX over the last three months.

The average 12-month price target is $159.27, which would represent a 48.5% gain from current levels. The most bullish forecast sits at $215.00.

No terms, valuation, or timeline have been disclosed regarding the Anthropic joint venture. Talks are ongoing.

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