Qualcomm Forecasts More Than $15B in Data Center Revenue by 2029

SAN DIEGO — Qualcomm Incorporated (NASDAQ: QCOM), a connected computing leader at the center of the AI era, has outlined the acceleration of its diversification strategy and unveiled its comprehensive strategy for the data center, marking its next phase of growth across every tier of the compute continuum, at its 2026 Investor Day.

Highlights:

• Raises its fiscal 2029 non-handset revenue target to $40 billion, approximately 2x the prior fiscal 2029 target.
• Unveils comprehensive data center AI infrastructure strategy with a revenue target of more than $15 billion by fiscal 2029.
• Expands automotive design-win pipeline to $65 billion and increases its growth target to $10 billion in revenues by fiscal 2029.
• Expands into robotics and industrial AI platforms as part of the next wave of Physical AI.
• Anticipates an agent-driven upgrade cycle across the edge in future years.
• Targets more than $18 non-GAAP EPS in fiscal 2029.

“We are defining Qualcomm’s next chapter as we accelerate our edge diversification strategy, introduce a comprehensive roadmap for next-generation AI data centers, and evolve into a platform company,” said Cristiano Amon, President and CEO, Qualcomm Incorporated. “Our presence across the entire compute continuum and unparalleled technology capabilities, in low-power computing, AI and connectivity put us in a strong position to capture these opportunities.”

Updated fiscal 2029 targets for the QCT business include:

• Non-handset revenues: $40 billion by fiscal 2029
  • Automotive revenues: $10 billion by fiscal 2029
  • IoT revenues: More than $14 billion by fiscal 2029
    • Industrial, networking and robotics: $8 billion
    • Personal AI and Compute: $6 billion
  • Data Center revenues: More than $15 billion by fiscal 2029
• Handsets: To represent approximately one-third of QCT revenues by fiscal 2029

Multiple large markets are reaching inflection points, as AI compute becomes increasingly distributed across devices, edge and cloud over the next 3-5 years, including agent-ready edge devices, data center infrastructure, automotive, industrial systems, networking and robotics. Together, these represent a combined total addressable market of approximately $1.7 trillion by 2030.

Looking beyond fiscal 2029, Qualcomm sees continued secular growth across data center, robotics, ADAS and autonomous driving, industrial AI, personal AI and 6G, with agentic AI expected to drive a new upgrade cycle across intelligent connected devices. This next phase builds on accelerated diversification and proven operating leverage while funding new growth opportunities.

Qualcomm’s strategy was presented by Cristiano Amon along with Akash Palkhiwala, CFO and COO, Qualcomm Incorporated; Tony Pialis, EVP and GM, Data Center, Qualcomm Technologies, Inc.; and Nakul Duggal, EVP and Group GM, Automotive, Industrial and Embedded IoT, and Robotics, Qualcomm Technologies, Inc. Their full presentations and a replay of the event are available here.