Penguin Solutions Inc. (PENG) Communacopia + Technology 2026 — Key Takeaways

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Equity Research

10 September 2026 | 7:10PM EDT

Penguin Solutions Inc. (PENG)

Communacopia + Technology 2026 — Key Takeaways

PENG

12m Price Target: $75.00

Price: $48.62

Upside: 54.3%

BUY

Katherine Murphy

Goldman Sachs & Co. LLC

Michael Ng, CFA

Goldman Sachs & Co. LLC

Presenters: PENG’s CEO, Kash Shaikh, presented at the

Communacopia + Technology Conference.

Yash Goenka, CFA

Bottom Line: PENG’s differentiated position at the intersection of AI

infrastructure and memory, combined with ClusterWareAI and

recurring 3-5 year services contracts, is helping the company win

larger projects in both the neocloud & enterprise. Neocloud demand

should be durable, while enterprise interest will continue to be

driven by customers seeking greater data control and better

economics from on-prem AI deployments. Longer term,

management sees additional upside from inference-focused

memory solutions, including CXL-based products today and

photonic memory architectures beginning in 2H27.

Key Data _____________________________________

Key Takeaways

Goldman Sachs India SPL

Market cap: $2.6bn

Enterprise value: $2.9bn

3m ADTV: $192.5mn

United States

Americas Hardware, Media, Cable, Telco

M&A Rank: 2

GS Forecast __________________________________

Revenue ($ mn)

Focus on serving both neocloud and enterprise customers

with end-to-end AI infrastructure solutions. Management

highlighted accelerating demand from neocloud providers,

which it views as a durable opportunity given continued demand

(hyperscaler outsourcing, enterprise AI adoption) and the need

for third-party operators to design, build, and manage AI

factories. PENG’s enterprise value proposition is built around

four offerings: (1) AI Factory solution, including the propreitary