Penguin Solutions Surges 13% After Record Q4 Beat, 40% FY27 Guidance Raise, and Link to Anthropic Norway GPU Deal

Penguin Solutions posted record fourth-quarter results on October 6, with net sales of $567 million rising 68% year over year and operating income of $69 million surging 458% from the prior-year period, both topping Wall Street expectations. The company simultaneously raised its full fiscal 2027 outlook by roughly 40% compared to the preliminary view it had offered last quarter, citing accelerating AI infrastructure demand across neocloud customers and a growing memory backlog.

Two business segments drove the outperformance: Integrated Memory sales jumped 158% year over year while non-hyperscale AI infrastructure revenue grew 99%, reflecting broadening AI demand beyond the largest hyperscalers and into inference workloads. The company also appointed Stephen Cumming as Senior Vice President and Chief Financial Officer, effective immediately.

Shares rallied roughly 7% in premarket trading and closed up approximately 13% on the session, making PENG one of the biggest single-day movers in the market. Analysts at Rosenblatt raised their price target to $100 from $80, while Stifel and Needham each lifted their targets to $85, and Goldman Sachs moved its target to $85 from $75, with all four maintaining buy-equivalent ratings.

Adding to the momentum, Benzinga reported late in the session that a 36,000-GPU AI project Penguin disclosed in Norway closely matches a reported $10 billion Anthropic data-center buildout. The Norway project would use Nvidia GPUs, with a company identified as Volta reportedly seeking roughly $5 billion in financing to cover both the chips and a data-center lease, potentially making Penguin a central infrastructure supplier for one of the largest AI buildouts announced to date.