Nvidia Targets $1 Trillion in Data Center Revenue — Wells Fargo Sees 20% Upside

Nvidia NVDA forecast about $1 trillion in data center revenue from its Blackwell and Rubin GPU lines, a target that may prove conservative given the pace of AI infrastructure spending, according to a Wells Fargo research note.

Analyst Aaron Rakers said he sees 15% to 20% upside to estimates for 2026 and 2027. He maintained an Overweight rating and a $265 price target on the stock.

The top five cloud service providers are expected to deploy roughly 22 gigawatts of AI capacity in 2026 and 25 gigawatts in 2027, Rakers noted. Based on that outlook, he estimated there could be more than $120 billion in upside to data center revenue compared with consensus estimates.

Nvidia disclosed a pipeline of more than $1 trillion for Blackwell and Rubin, with about $840 billion of that expected to be delivered through 2027. The company deployed roughly nine gigawatts of Blackwell infrastructure by the end of its fiscal fourth quarter in January.