OVHcloud plans to grow its cloud and AI services using data center power it already holds, after annual revenue reached €1.145 billion. The company reports 250 megawatts of connected capacity, with 140 megawatts in use. That leaves 110 megawatts of headroom, which could let it expand without building new sites. Still, a power connection does not equal a working GPU cluster, and the company has not said how much of that capacity is equipped, where it sits or how fast customers could use it.
For buyers, the open questions involve cooling, rack density, equipment supply and delivery dates. OVHcloud says it is adapting its watercooling technology to newer GPUs. CEO Octave Klaba says the company can respond to demand within days, but that is not a delivery promise for every dense GPU setup.
Customers are already helping absorb the hardware squeeze. OVHcloud raised prices on recent servers and new orders to cover rising memory and disk costs, and it bought about €49.5 million of components for fiscal 2027. Buying ahead secures supply, though it ties up cash before that equipment earns anything. The company calls the increases measured, but it has not shown their effect on individual configurations.
Even so, growth picked up in the year ended August 31. Revenue rose 5.6 percent as reported and 7.2 percent on a comparable basis, with the fourth quarter reaching 10.5 percent. Public cloud revenue climbed 18.9 percent to €255.1 million. Private cloud remains far larger at €690.4 million, or 60.3 percent of revenue, so conventional workloads still pay most of the bills.
The balance sheet tells a more careful story. Adjusted EBITDA hit €480.5 million, a 42 percent margin, yet operating profit was €77.8 million and net income only €9.4 million. Levered free cash flow turned positive for the first time since the listing. Meanwhile, net debt excluding leases rose to €1.157 billion from €1.103 billion. Management wants to fund growth without raising equity and keep leverage under three times adjusted EBITDA, though that is an intention, not a guarantee.
Next year brings an enterprise software push. OVHcloud has built more than 80 public cloud products and now wants to integrate them and widen regional coverage. Planned AI services include OVHai Workspace, Token as a Service and GPU hosting, and the company will explain its AI strategy on November 19. Prices, limits and detailed features remain unannounced, and so do support response-time commitments.
