The number everyone repeats is the compute one. The number that actually carries information is the other one. In its FY2026 Form 10-K, filed with the SEC on February 25, 2026, NVIDIA states that revenue from Data Center computing “grew 59% driven by demand for our Blackwell computing platform” and that revenue from Data Center networking “grew 142%.”
Hold those two rates next to each other. Networking grew at more than twice the pace of compute. That is not what you would see if customers were buying GPUs the way they buy commodity parts — a faster-growing interconnect line means buyers are purchasing the rack, the fabric, and the switching alongside the silicon. The system is the product.
For an investor that matters more than the absolute compute figure, because the interconnect is where lock-in lives. Once a hyperscaler standardizes on a networking fabric, the cost of swapping out the accelerators that sit inside it rises sharply. A 142% networking print is a moat-widening disclosure dressed up as a revenue line.
We don't publish price targets here, and this isn't one. It's a reading of what the filing says against what the company's own framing emphasizes. The 10-K leads with compute; the faster story is one line down.
Primary source is the filing itself — the FY2026 10-K on sec.gov — surfaced via EdgarBeast, the SEC filing data API & evidence index. Reconcile any figure you quote to the filed segment discussion, not the press release.