Morgan Stanley Estimates Nvidia Vera Rubin Rack BoM at $7.8M
Memory supply limits and steep price rises for HBM4 and LPDDR5X are the main reasons the rack’s parts cost is so high.
Overview
- Citing a May 21 Morgan Stanley research note, analysts estimated the bill of materials for Nvidia’s Vera Rubin VR200 NVL72 rack at about $7.8 million per unit.
- Morgan Stanley’s breakdown attributes roughly $2.0 million of the total to advanced memory content after a reported ~435% increase versus the prior Blackwell generation.
- The estimated rack configuration includes 72 Rubin GPUs and 36 Vera CPUs with about 20.7 TB of HBM4 and 54 TB of LPDDR5X per rack, and Rubin GPUs are valued in the analysis at roughly $55,000 each.
- Vera Rubin is described as being in production with first shipments expected in Q3 2026 and a volume ramp targeted for Q4 2026, while reports of limited early deliveries to customers remain unconfirmed.
- If these costs hold, cloud providers will face higher capital spending for frontier AI clusters and memory suppliers could gain pricing power, but the figures are analyst estimates not official Nvidia prices and they vary with contract versus spot memory deals.