In the quarter ended July 26, 2026, Nvidia reported $48.7 billion of revenue from what it calls Hyperscale customers, about 55% of its $89.0 billion of data center revenue, according to the 10-Q it filed on August 26, 2026. That was more than double the $24.2 billion of a year earlier. The rest of data center revenue, $40.3 billion, came from a group Nvidia calls AI Clouds, Industrial & Enterprise, up from $16.9 billion. Across its last full fiscal year, data center was 89.7% of Nvidia's revenue.
This post reads the filing: where the numbers are, what the new categories mean, what the filing says about how concentrated the customers are, and what it doesn't say. It is not a recommendation to buy or sell. Investi is a research and information tool, not a licensed investment adviser.
#How big is Nvidia's data center business?
Nvidia's fiscal year ends in late January, so its fiscal 2026 ran to January 25, 2026. In the 10-K filed February 25, 2026, data center revenue was $194 billion out of $216 billion in total, up 68.2% from $115 billion in fiscal 2025. Four years earlier, in fiscal 2022, data center was $10.6 billion, or 39.4% of revenue.
Data center is what Nvidia calls a market platform, a way of grouping revenue by the market it's sold into. It is not one of Nvidia's two reporting segments, which are Compute & Networking and Graphics. The two tables group the same total revenue in different ways, so a figure from one doesn't belong in the other.
#What do Hyperscale and ACIE mean?
Starting in the first quarter of fiscal 2027, Nvidia splits data center revenue into two groups: Hyperscale, and AI Clouds, Industrial & Enterprise, which the filing shortens to ACIE. The 10-Q for the quarter ended July 26, 2026 says earlier periods were recast to the new presentation, so the year-ago figures below are comparable.
Two details in the filing matter for reading these lines:
- The groups overlap in practice. Nvidia's management discussion says ACIE growth was driven by "AI natives, enterprises, and sovereign customers, as well as hyperscalers utilizing AI clouds". So some revenue that ultimately serves a hyperscaler sits in ACIE, when the hyperscaler rents capacity from a cloud that buys from Nvidia.
- The groups can change. In the quarter, Nvidia "reclassified a company from ACIE to Hyperscale due to a change in their business model and recast the prior period revenue associated with this company." As a result, the first-quarter figures in the first-quarter 10-Q don't match the recast first-quarter figures in the second-quarter 10-Q. Comparing two periods from the same filing avoids that.
The filing doesn't define Hyperscale with a list of names, and it doesn't say which company was moved.
#How concentrated are Nvidia's customers?
The 10-Q discloses customers above 10% of revenue without naming them. In the quarter ended July 26, 2026, one direct customer represented 16% of total revenue. For the first half of fiscal 2027, three direct customers represented 16%, 15% and 13%. A year earlier, in the quarter ended July 27, 2025, two direct customers represented 23% and 16%.
"Direct" matters. The filing lists direct customers as distributors, add-in board makers, original design and equipment manufacturers, cloud service providers, AI model makers and system integrators. Indirect customers "primarily purchase our products through system integrators and distributors", and Nvidia says its indirect customer revenue "is an estimation". A direct customer can be a company that builds servers for someone else, so the direct figures don't tell you who ends up running the chips.
#Where are Nvidia's customers?
The geographic table is also about direct customers. The 10-Q says revenue by region "is designated based on the location of the headquarters of direct customers", and that "the end customer and shipping location may be different". Customers headquartered outside the United States accounted for 38% of total revenue in the quarter, against 30% a year earlier. The same filing says shipments of data center Hopper products to China were less than 1% of data center revenue in the quarter.
#How does this connect to Big Tech capex?
Nvidia's Hyperscale line is the sales side of a story the buyers tell in their cash flow statements. Microsoft, Alphabet, Amazon and Meta spent a combined $511 billion on property and equipment in the twelve months to June 30, 2026; we read those filings in How much are Microsoft, Alphabet, Amazon and Meta spending on capex?
The two don't map onto each other. Nvidia doesn't say those four are its Hyperscale customers, its quarters end in late July rather than June, and capex includes buildings, land and network equipment as well as chips. Reading both sides each quarter still shows whether the buyers' spending and the supplier's sales keep moving together.
#What would an investor ask next?
- Who is in each group? The filing doesn't say, and the reclassification shows membership can change. Comparing periods from one filing keeps the definition constant.
- How much depends on a few customers? The direct-customer disclosure answers part of it. The indirect picture is Nvidia's own estimate.
- How do the buyers' plans compare? The capex and lease disclosures in the hyperscalers' filings show what they spent and what they've committed to; they don't say how much of it goes to Nvidia.
- What do the next filings show? Nvidia's next 10-Q will update both groups, with the year-ago quarter recast if membership changes again.
#How can you check these numbers yourself?
Open the 10-Q on EDGAR
Search NVIDIA on sec.gov and open the 10-Q filed August 26, 2026, for the quarter ended July 26, 2026.
Find revenue by market platform
The segment note and Item 2 both have a table with Data Center, Hyperscale and AI Clouds, Industrial & Enterprise, with the year-ago quarter alongside.
Read the footnotes
The footnotes under the table explain the change in presentation and the company that moved between groups.
Search for concentration
Search the document for "direct customer" to find the customers above 10% of revenue, and for "headquarters" to see how regions are assigned.
Who are Nvidia's hyperscale customers?
Nvidia's 10-Q doesn't name them. It reports Hyperscale as a revenue group, discloses unnamed customers above 10% of revenue, and notes that it moved one company from AI Clouds, Industrial & Enterprise to Hyperscale in the quarter ended July 26, 2026. Any list of names comes from outside the filing.
Is data center one of Nvidia's segments?
No. Nvidia's two reporting segments are Compute & Networking and Graphics. Data center is a market platform, a separate view of the same revenue grouped by the market it's sold into. Its subgroups, Hyperscale and AI Clouds, Industrial & Enterprise, are part of that market-platform view.
Why don't Nvidia's quarters line up with the calendar?
Nvidia's fiscal year ends in late January. Its fiscal 2026 ended January 25, 2026, and the second quarter of fiscal 2027 ended July 26, 2026. When you compare Nvidia with companies on a calendar year, the quarters are offset by about a month.
Does revenue by country show where Nvidia's chips end up?
Not necessarily. The 10-Q assigns revenue to the country where the direct customer has its headquarters and says the end customer and shipping location may differ. A server maker headquartered in one country can sell to a cloud company in another, and the filing would show the first.
The figures here are as of Nvidia's 10-K filed February 25, 2026 and its 10-Q filed August 26, 2026, and each one links to the filing. To follow them, reopen the revenue-by-market-platform table each quarter and compare it with the buyers' cash flow statements. In Investi, you can ask the analyst for Nvidia's data center revenue by group, and each figure links to the cell of the filing it came from, as described in How the analyst cites a filing.