Everpure (fmr Pure Storage) (P)

All-flash enterprise storage (Pure Storage) — high-performance flash for AI workloads

AI exposure 17% — derived from reported segment revenue, not asserted.

Where it sits

Physical Infrastructure → Storage & Server Systems · figures rebased to Q2 FY2027, reported 2026-08-26

All-flash storage arrays (FlashArray/FlashBlade) — incl. hyperscaler DirectFlash (Meta design win) is 55% of revenue and the largest business on the map, which is what Storage & Server Systems holds. The rest is tagged separately: Data & Infrastructure Software at 45%.

Also tagged: secondary in Software Stack → Data & Infrastructure Software.

Reported segments

• Product — 52.5% of revenue
• Subscription Services — 47.5% of revenue

Everpure, formerly Pure Storage ($1.2B Q2 FY2027, +38% YoY; operating profit $230M on a 19.4% margin — an eighth consecutive quarter above 30% growth). International revenue $498M is 42% of the total, +75%, and deals above $20M rose 385%. Evergreen//One storage-as-a-service passed $1B in annualised contract value, and FY2027 guidance was raised by more than $500M at the midpoint to $5.0-5.7B. THE PRODUCT-VERSUS-SUBSCRIPTION WEIGHTS ARE HELD at the prior quarter: the 10-Q carrying that split is not yet filed, and estimating it from a press release would be inventing precision the source does…

How the 17% is built

• Product — 52.5% of revenue × 20% AI-driven (disclosed). All-flash arrays serve AI data pipelines alongside conventional enterprise storage; the hyperscaler DirectFlash programme is AI-specific
• Subscription Services — 47.5% of revenue × 14% AI-driven (disclosed). Storage-as-a-service on the same installed base, weighted to conventional enterprise workloads

Investment read

Moat. All-flash architecture + Evergreen subscription model + a hyperscaler flash design win; high-performance storage for AI data pipelines.

Bottleneck / pricing power. Real differentiation, now squeezed from the cost side. Pure buys raw NAND and builds its own DirectFlash modules rather than assembling commodity SSDs, which is both the source of its density and endurance advantage and its exposure: the 2026 memory supercycle means the same contracted floor pricing that lifted NAND suppliers' margins lands on Pure as input inflation, and product gross margins were already declining YoY on rising NAND costs before this cycle steepened. Evergreen subscription terms and the hyperscaler design win give it something to price against; the BOM gives the supplier…

Role in the AI stack. The high-performance all-flash storage layer for AI.

Connected companies

• Microsoft (MSFT) — P supplies: Azure Native Pure Storage Cloud - jointly managed block storage service on Azure (GA 2025)
• NVIDIA (NVDA) — P supplies: DGX-certified all-flash storage for AI training data pipelines
• Amazon (AMZN) — P supplies: AWS partnership (Cloud Block Store on AWS marketplace); no evidence AWS deploys Pure arrays internally
• NetApp (NTAP) — P competes with: Enterprise all-flash + data management (NetApp vs Pure/Everpure)
• Dell Technologies (DELL) — P competes with: All-flash enterprise storage vs Dell storage
• Meta Platforms (META) — P supplies: all-flash storage (DirectFlash) design win for Meta AI
• Alphabet (GOOGL) — P supplies: hyperscale flash proven via Meta design win; no evidence of a Google deal
• CoreWeave (CRWV) — P supplies: all-flash storage for CRWV AI data centers

Others in Storage & Server Systems

• Seagate Technology (STX)
• Western Digital (WDC)
• NetApp (NTAP)
• Dell Technologies (DELL)
• Hewlett Packard Enterprise (HPE)
• Super Micro Computer (SMCI)

All 174 companies · What moved this quarter · How the map is built