Pegatron

和碩 / 和碩聯合科技股份有限公司

A major Taiwanese electronics manufacturer expanding into AI infrastructure by building and integrating high-density, liquid-cooled NVIDIA and AMD server racks for cloud operators.

TWSE: 4938
Profile as of September 13, 2026
#74 in the AsiaAI Tech Index
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Pegatron is transitioning from a broad consumer and communications ODM/EMS supplier toward a more visible AI-infrastructure manufacturer. Its ability to ship GB300 and HGX B300 systems gives it direct AI exposure, but it remains a low-margin system integrator dependent on NVIDIA platform supply and customer demand.

Key figures

Revenue FY2025: NT$1.1172 trillion
Revenue growth FY2025: -0.72%
Operating margin FY2025: Not disclosed
Net income FY2025: NT$14.4 billion
R&D spend FY2025: Not disclosed
Capital expenditure FY2025: Not disclosed
Market capitalization 2026-09-11: NT$243.45 billion Estimate
Gross margin FY2025: 3.80%
FY2024 R&D expense FY2024: NT$16.125 billion
Coolant-distribution unit capacity 2025: 310 kilowatts
Granted US patents 2026: 414

Overview

Pegatron originated from the separation of ASUSTeK Computer's contract-manufacturing activities. It supplies complete AI-server systems rather than semiconductors. Its disclosed products include the RA4802-72N2 rack based on NVIDIA GB300 NVL72, NVIDIA HGX B300 servers in air-cooled and liquid-cooled forms, NVIDIA HGX B200 liquid-cooled racks, AMD EPYC 9005-based GPU systems, 1.6T AI infrastructure switches, and internally developed coolant-distribution units.

The company reported large-scale shipment of NVIDIA GB300 NVL72 and HGX B300 systems during 2025. Its annual report says it is extending the roadmap to NVIDIA Vera Rubin, HGX Rubin, AMD GPU servers, and AI ASIC server product lines. That makes the AI relationship more direct than an ordinary consumer-electronics assembler, although Pegatron does not disclose AI-server revenue or its share of consolidated revenue.

The AI angle

AI demand reaches Pegatron's income statement through its Computing segment and through server-related product shipments. The company says the Computing segment benefited in 2025 from strong server-shipment momentum, and it expects server-related revenue to rise significantly in 2026. This link is direct for AI servers but indirect for its much larger non-server hardware businesses.

Named recipients include Lambda, Together AI, and 5C. Lambda received a Pegatron-built NVIDIA GB200 NVL72 rack in 2025. Pegatron, Together AI, and 5C later announced deployment of GB300 NVL72 and HGX B200 liquid-cooled systems in US data centers. Revenue contribution from these customers is not disclosed.

Technology and moat

Pegatron's differentiator is system integration at the server-rack level. It can combine NVIDIA reference architectures, its own rack and board engineering, liquid cooling, switch integration, and global manufacturing into deployable AI infrastructure. The relevant advantage is execution and qualification rather than proprietary silicon. Its disclosed GB300 NVL72 platform, HGX B300 systems, and 310-kilowatt coolant-distribution unit demonstrate that it can support high-density liquid-cooled deployments.

This capability is difficult to replicate quickly because AI racks require access to constrained accelerator platforms, board and mechanical design competence, thermal validation, power and coolant engineering, manufacturing yield management, and customer-site integration. It is less defensible than a leading semiconductor process or proprietary accelerator architecture because major Taiwanese ODMs have similar manufacturing foundations.

Five-pillar assessment

Scale and market position: A major global ODM/EMS provider transitioning into AI infrastructure, though its specific AI-server market share remains undisclosed against larger rivals like Quanta and Foxconn.
Technology and R&D: Strong system-integration capabilities spanning board design, mechanical engineering, and liquid-cooling deployment, highlighted by its 310-kilowatt coolant-distribution unit and GB300 NVL72 rack execution.
Supply-chain centrality: Critical partnerships with NVIDIA and AMD for compute platforms, and emerging direct relationships with AI-cloud operators like Lambda, Together AI, and 5C.
Financial momentum: Flat overall revenue and declining net income in FY2025, offset by strong qualitative momentum in AI-server shipments and expanding US data-center deployments.
Governance and quality: Independent public company with significant founder influence, transparent financial reporting, and ongoing supply-chain diversification to mitigate geopolitical risks.

Supply chain and relationships

Pegatron depends on NVIDIA accelerator and platform availability, including Blackwell, Blackwell Ultra, Grace CPUs, NVLink infrastructure, and HGX designs. Its disclosed HGX B300 configuration also uses AMD EPYC 9005 processors. These dependencies mean that GPU allocation, rack qualification, networking availability, HBM supply, and cooling-component availability constrain its server ramp.

On the customer side, it supplies AI infrastructure to cloud-oriented operators including Lambda, Together AI, and 5C. It also has a historical and ongoing relationship with Apple for consumer electronics, though Tata Electronics recently acquired a 60% stake in Pegatron's Indian iPhone-assembly unit. Quanta, Foxconn, Wiwynn, Inventec, and Wistron are the central competitive set.

Customers

LambdaPegatron-built NVIDIA GB200 NVL72 rack deployment
Together AISupplies GB300 NVL72 systems for deployment
AppleHistorical iPhone assembly customer in India

Suppliers

NVIDIAGB300 NVL72, HGX B300, HGX B200, Vera Rubin platforms
AMDEPYC 9005 CPUs and planned GPU server offerings

Partners

5CCollaborates on HGX B200 liquid-cooled rack deployments
Tata ElectronicsOwns 60% of Pegatron Technology India Private Limited

Competitors

Quanta ComputerInferredCompetes in AI-server ODM and hyperscale infrastructure
Hon Hai Precision IndustryInferredCompetes in global EMS and AI infrastructure assembly
WiwynnInferredCompetes in cloud-server and AI-rack manufacturing
InventecInferredCompetes in notebook and AI-server ODM
WistronInferredCompetes in computing and AI-server ODM

Geopolitics and risk

Pegatron's headquarters, engineering base, and part of its manufacturing footprint are in Taiwan, leaving the group exposed to logistics, component, and production disruption from a Taiwan Strait crisis.

The company identifies US-China technology-control policies as a source of uncertainty in raw-material and key-component supply, while AI server products are closely tied to export-controlled US accelerator technology. Pegatron says tariff considerations pulled forward Computing shipments in 2025 and it continues to expand capacity across North America, Southeast Asia, and India to manage changing trade conditions.

Risk matrix
Risk	Severity	Why it matters
NVIDIA accelerator allocation	High	Restricted GPU, networking, or HBM availability could cap shipments.
US-China technology controls	High	AI server products are closely tied to export-controlled US accelerator technology.
Taiwan cross-strait disruption	High	Headquarters and part of its manufacturing footprint are in Taiwan.
Low-margin contract manufacturing	High	FY2025 gross margin was 3.80%, leaving earnings vulnerable to cost pressures.
Customer concentration	High	Historically concentrated global-brand relationships, though specific shares are undisclosed.
India ownership transition	Medium	Tata Electronics' acquisition shifts control of an iPhone assembly operation.
AI server qualification and thermal execution	Medium	Delays in liquid-cooled system qualification can defer recognized revenue.
Tariff and regionalized supply chains	Medium	Requires expanding capacity across multiple regions to manage trade conditions.

Governance and ownership

Pegatron is an independent public company listed on the Taiwan Stock Exchange. It is not state-owned, and its board and controlling shareholder structure point to founder and management influence centered on T.H. Tung and affiliated investment entities.

As of February 2026, T.H. Tung held 3.55% of outstanding shares directly, with substantial founder-linked influence through affiliated ownership like Hong-Ye Investment. The board includes executive and founder-linked directors alongside independent directors. The company's financial statements were audited by KPMG.

What to watch

Whether Pegatron discloses a quantified share of revenue from servers or AI servers in FY2026 results.
Whether GB300 NVL72 and HGX B300 deliveries convert from announced deployments into recurring volume at Lambda, Together AI, and 5C.
Whether Pegatron secures production and qualification wins for NVIDIA Vera Rubin, HGX Rubin, AMD GPU-server, or customer ASIC-server platforms during 2026.
Whether liquid-cooled rack manufacturing expands in the United States beyond the Together AI deployment.
Whether tariff policies, component shortages, and foreign-exchange movements continue to pressure the group's low gross margin.
Whether the Tata-controlled Indian operation changes Pegatron's handset revenue or global manufacturing capacity disclosures.

Recent developments

May 28, 2026Pegatron holds its annual general shareholders' meeting and confirms large-scale GB300 NVL72 and HGX B300 shipments in 2025.
March 11, 2026Pegatron's KPMG-audited FY2025 financial statements report NT$1.1172 trillion of consolidated revenue.
November 18, 2025Pegatron, Together AI, and 5C announce US data-center deployments using NVIDIA GB300 NVL72 and HGX B200 liquid-cooled racks.
October 8, 2025Lambda confirms receipt of a Pegatron-built NVIDIA GB200 NVL72 rack for its AI-compute platform.
June 11, 2025Pegatron presents the RA4802-72N2 NVIDIA GB300 NVL72 rack, HGX B300 systems, and a 310-kilowatt coolant-distribution unit at GTC Paris 2025.
January 24, 2025Tata Electronics announces acquisition of a controlling 60% stake in Pegatron Technology India Private Limited.

Coverage on AsiaAI.FYI

Apple’s Foldable iPhone Launch: A 10M-Unit Windfall for East Asian Display and Material Suppliers September 9, 2026
How Will the US Government’s Leverage Over Anthropic’s Claude Impact Global AI? July 2, 2026

About this profile

Compiled with AI-assisted research from company filings, market data, and published reporting as of September 13, 2026, then reviewed by AsiaAI.FYI. Figures marked Estimate are not company-reported. Check primary filings before relying on any number.

Confidence: B. Core FY2025 revenue, net income, governance, and product-roadmap statements are supported by company filings, but AI-server revenue, shipment volumes, and specific customer concentrations are not disclosed.

Main sources: Pegatron FY2025 annual report; Pegatron 2026 annual general meeting materials; Audited FY2025 financial statements; Product and partnership announcements; Taiwan Stock Exchange market data; Reuters reporting.

All 68 sources

Position in the AI stack

Integrates externally supplied NVIDIA and AMD compute platforms into deployable, liquid-cooled AI server racks and data-center infrastructure.

Legal name: Pegatron Corporation
Headquarters: Taipei, Taiwan
Founded: 2007
Founders: T.H. Tung
Leadership: T.H. Tung, Chairman and Chief Strategy Officer
Jason Cheng, President and Chief Executive Officer
Kuang-Chih Cheng, President and Co-CEO
Kuo-Yen Teng, President and Co-CEO
Ownership: Publicly listed
Listings: TWSE: 4938
Business: Electronics design, manufacturing, and AI server integration
Sector: Consumer Devices & IoT
Electronic Components
Servers, PCs & ODMs
Website: pegatroncorp.com