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NVIDIA reports Blackwell architecture to reach two-thirds of data center revenue by fiscal Q4
Wednesday, February 25, 2026 at 10:08 PM
NVIDIA reported that data center revenue now accounts for 91% of its total revenue, driven by the Blackwell architecture ramp which is projected to reach two-thirds of data center revenue by Q4 FY26. The company has deployed 9 GW of Blackwell infrastructure, with 50% of data center revenue coming from the top five cloud service providers. Two direct customers alone represent 36% of total revenue, totaling approximately $78 billion.
Context
NVIDIA anticipates a significant financial re-acceleration as its Blackwell architecture scales to represent two-thirds of data center revenue by the fourth quarter of fiscal 2026. The company’s data center segment now commands 91% of total revenue, a sharp rise from 60% just eight quarters ago. This expansion is so aggressive that NVIDIA's incremental revenue growth in a single quarter is currently larger than the total revenue of major peers like Qualcomm.
This growth is anchored by the deployment of 9 GW of Blackwell infrastructure, with the top five cloud providers contributing over 50% of data center sales. Despite heavy concentration—where just two direct customers account for 36% of total revenue, totaling $78 billion—NVIDIA highlights a fast-growing segment of non-hyperscaler buyers. Investors should expect sequential revenue jumps of 25% and 22% in the final two quarters of the fiscal year as the transition to this new architecture solidifies.
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