NTT Data Center Backlog Hits $20B, Equivalent to 7.7 Years of Revenue

According to Morgan Stanley's July 14 investor presentation, NTT Global Data Centers' order backlog reached $20 billion, equivalent to 7.7 years of revenue. The third-largest global data center operator achieved this backlog despite ranking behind Amazon and Microsoft, reflecting surging demand for AI-native infrastructure that far exceeds current supply.

Gross margin is projected to rise from 39% in fiscal 2026 to 55% by fiscal 2031, indicating AI customers' willingness to pay premium rates for high-quality capacity. Morgan Stanley attributes NTT's competitive advantage to its vertically integrated model, including 250 megawatts of liquid-cooling technology and comprehensive fiber optic networks—capabilities pure data center operators cannot replicate.