Barclays analysts see more than $30 billion in annual upside to their Nvidia revenue forecasts. The potential upside applies to 2026 and 2027 and reflects spending from Nvidia’s largest cloud customers.
Barclays now estimates Nvidia’s hyperscaler revenue at $237 billion in 2026, significantly above its previous forecast. The bank projects $401 billion in 2027, also well above its prior estimate.
An Nvidia chart shows its share of IT capital expenditures among the top five cloud providers reaching 44% in 2027. Barclays analyst Tom O’Malley said the estimates may be conservative because they exclude spending from other major customers, including SpaceX. Barclays maintains an Overweight rating on Nvidia.