Barclays analyst estimates Nvidia hyperscaler revenue at $401B in 2027
Barclays analyst Tom O’Malley used Nvidia’s IT spending data to project the company’s hyperscaler revenue could hit $401 billion in 2027, surpassing Barclays’ current estimate of $370 billion. His ‘napkin math’—based on Nvidia’s share of IT capital spending among the top five cloud providers—suggests $237 billion in 2026, up from Barclays’ baseline of $206 billion. An upside scenario sees $246…
Key points
- Barclays analyst Tom O’Malley projects Nvidia hyperscaler revenue at **$401B in 2027**, up from **$237B in 2026**
- Nvidia’s share of IT capex among top five cloud providers could reach **44% by 2027**, per O’Malley’s ‘napkin math’
- SpaceX’s exclusion from O’Malley’s model may push revenue estimates higher, per Barclays’ note
O’Malley’s figures exclude SpaceX, which Nvidia includes in its reported hyperscaler revenue. Barclays notes this omission could inflate the total if SpaceX’s spending were added. Nvidia’s revenue growth reflects broader AI infrastructure demand beyond traditional hyperscalers, as more companies invest in GPU-powered AI training and inference. Barclays maintains an ‘Overweight’ rating on Nvidia with a $275 price target.
Nvidia’s Hyperscaler Revenue Could Reach $401B In 2027, Says Analyst: SpaceX Could Push Barclays’ ‘Napkin Math’ Higher
finance.yahoo.com · 1 October 2026
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