High End AI Server PCB Market Size, Share & Forecast to 2035

The High End AI Server PCB Market is valued at USD 7.65 billion in 2026 and is projected to reach USD 23.72 billion by 2035, up from USD 4.77 billion in 2025, a CAGR of 17.39% from 2025 to 2035 (DC Market Insights estimate). Board value here follows layer count and laminate loss grade, not server count: a 72-GPU rack shipped in 2025 carried about USD 40,320 of bare printed circuit boards (PCBs) across its accelerator modules, compute trays, switch trays and host boards, against about USD 18,720 for the same 72 GPUs in 2020-era eight-GPU servers. Victory Giant Technology, the largest supplier, booked RMB 8.34 billion of artificial intelligence (AI) and high-performance computing (HPC) revenue in 2025, 43.2% of its sales, and lifted its gross margin to 35.22% on high-order high-density interconnect (HDI) boards (Victory Giant 2025 financial report, March 2026). The next step is a board that did not exist before: NVIDIA’s Kyber rack for Rubin Ultra, shown at its GTC conference in March 2025 for the second half of 2027, swaps cable cartridges for a PCB midplane, so scale-up switch tray boards and midplanes grow fastest at 24.28% a year, while the Middle East and Africa is the fastest deployment region at 21.30%.

Key Market Statistics: How Big Is the High End AI Server PCB Market in 2026?

DC Market Insights values the High End AI Server PCB Market at USD 7.65 billion in 2026, 60.34% above the USD 4.77 billion of 2025, because AI accelerator shipments rise from 11.48 million to 16.00 million and PCB content per graphics processing unit (GPU) climbs from USD 560 to USD 640.

• Market size 2025: USD 4.77 billion; 2026: USD 7.65 billion; 2030: USD 16.99 billion; 2035: USD 23.72 billion.
• CAGR 2025-2035: 17.39% in the base case; the 2035 range runs from USD 18.02 billion (low, 14.21%) to USD 28.93 billion (high, 19.75%).
• PCB content: USD 560 per GPU and USD 240 per custom application-specific integrated circuit (ASIC) in 2025, rising to USD 920 and USD 410 by 2035 (DC Market Insights estimates).
• Largest board type: high-layer multilayer boards of 18 to 30 layers, USD 1.81 billion or 38.0% of 2025 value; fastest: ultra-high-layer boards above 30 layers, 20.20% a year.
• Largest board application: baseboards and compute tray boards, USD 2.00 billion in 2025; fastest: scale-up switch tray boards and midplanes, 24.28% a year.
• Fastest laminate grade: extreme low loss (M8 and M9 class), from USD 954.24 million to USD 14.23 billion, 31.02% a year.
• Custom ASIC servers grow 19.43% a year, against 16.59% for GPU-based AI servers.
• Leading region: North America, USD 2.83 billion (59.4%) in 2025; fastest region: Middle East and Africa, 21.30% a year.
• Largest country: United States, USD 2.61 billion in 2025; fastest large country: India, 25.10% a year.
• Market leader: Victory Giant Technology, with about 18% of 2025 value; the top five suppliers hold about 55% (DC Market Insights estimate).

Executive Summary: How Fast Is Spending on AI Server Circuit Boards Growing?

The Global High End AI Server PCB Market size was valued at USD 159.00 million in 2020, reached USD 4.77 billion in 2025, and is anticipated to reach USD 23.72 billion by 2035, at a CAGR of 17.39% during the forecast period.

Attribute	Value
Historical period	2020-2024
Base year	2025
Forecast period	2026-2035
Market size 2025	USD 4.77 billion
Market size 2026	USD 7.65 billion
CAGR 2025-2035	17.39%
Market size 2035	USD 23.72 billion

Spending grew 97.44% a year from 2020 to 2025 because accelerator shipments rose from about 0.80 million to 11.48 million and the boards under each accelerator moved from 16 to 20 layers on standard low-loss laminate to 26 to 40 layers and 5+N HDI on ultra low loss material. NVIDIA’s data center revenue of USD 193.7 billion in the year to January 2026, up 68%, sets the scale of the systems these boards carry (NVIDIA FY2026 results, February 2026). TTM Technologies, the largest PCB maker based in the United States, drew 24% of its USD 2.91 billion of 2025 sales from data center computing and ended the year with a book-to-bill ratio of 1.35 (TTM Technologies 2025 results, February 2026). Growth slows to 17.39% a year after 2025 because unit shipments flatten after 2028, while value per accelerator keeps rising as M8 and M9 laminates and midplanes spread.

What Counts as a High End AI Server PCB?

The High End AI Server PCB Market covers USD 4.77 billion in 2025 of bare printed circuit boards sold for AI servers and their scale-up switch trays, valued at the board maker’s selling price before components are mounted.

Included: accelerator module boards such as Open Accelerator Module (OAM) and GPU module boards, multi-accelerator baseboards and compute tray boards, scale-up switch tray boards and rack midplanes, and the host, management and power distribution boards inside AI servers, built as high-layer multilayer boards (18 layers and more) or high-order HDI boards on low-loss laminate.

Excluded: integrated circuit (IC) package substrates such as Ajinomoto build-up film (ABF) substrates, boards for scale-out Ethernet and InfiniBand switches, optical transceiver boards, boards in general-purpose central processing unit (CPU) servers without accelerators, printed circuit board assembly (PCBA) value, and copper-clad laminate (CCL) sold as a material.

How the segments fit together: board type, board application, accelerator platform, laminate loss grade and production base each split the same USD 4.77 billion of 2025; regions and countries are counted where the AI servers are deployed, while the production base shows where the boards are made.

Why Do High End AI Server PCB Market Estimates Differ?

Estimates differ mainly by what they add to the USD 7.65 billion of 2026 that DC Market Insights counts for AI server and scale-up switch boards only.

Broader definitions add server PCB demand from general-purpose CPU servers, network switch and router boards for scale-out fabrics, optical module boards, IC substrates for GPUs and high bandwidth memory (HBM), and sometimes the full assembled board value, so a “server PCB” or “AI PCB” total can come out two to three times larger. DC Market Insights keeps IC substrates, PCBA and copper-clad laminate out because different buyers purchase them at different points of the supply chain.

Element	In this estimate	Why
Accelerator module, baseboard and compute tray boards	Yes, USD 3.44 billion in 2025	Core of every AI server
Scale-up switch tray boards and midplanes	Yes, USD 620.26 million in 2025	Shipped inside the AI rack
Host, management and power boards in AI servers	Yes, USD 715.68 million in 2025	Part of the AI server bill of materials
Scale-out switch and router boards	No	Bought as networking gear
IC substrates (ABF and BT)	No	Bought by chip packagers
General-purpose server boards	No	No accelerator in the system

Buyers inside the scope include original design manufacturers (ODMs) that assemble racks for hyperscalers, server brands such as Dell Technologies, Hewlett Packard Enterprise and Supermicro, accelerator makers that buy module boards directly, and small and mid-sized GPU cloud providers and enterprises that order through these channels.

Market Drivers: What Is Pushing AI Server PCB Spending Up?

Three drivers lift PCB content per GPU from USD 560 in 2025 to USD 850 by 2030, a 52% rise on top of unit growth.

Rack-Scale Systems Turn One Server Board into Four

Rack-scale systems put module boards, compute tray boards, switch tray boards and a host board behind every group of GPUs; DC Market Insights estimates USD 40,320 of bare boards per 72-GPU rack in 2025 against USD 18,720 for the same number of GPUs in 2020 baseboard servers. NVIDIA contributed its Vera Rubin compute tray design, in which a PCB midplane replaces cable connections, to the Open Compute Project (OCP) in October 2025. Scale-up switch tray boards and midplanes rise from USD 620.26 million in 2025 to USD 5.45 billion by 2035.

Kyber Midplane Plan for the Second Half of 2027

NVIDIA’s Kyber rack for Rubin Ultra NVL576, presented at GTC in March 2025 for the second half of 2027 at about 600 kilowatts (kW) per rack, replaces cable cartridges with a midplane board, so ultra-high-layer boards above 30 layers grow from USD 1.43 billion in 2025 to USD 9.01 billion by 2035, 20.20% a year.

Victory Giant’s AI Revenue Rises Nearly Elevenfold

Victory Giant Technology reported RMB 19.29 billion of 2025 revenue, up 79.77%, of which RMB 8.34 billion came from AI and HPC boards and RMB 7.42 billion from HDI boards; its gross margin rose from 22.7% to 35.22% (Victory Giant 2025 annual report, March 2026). Buyers pay for HDI on GPU modules because it shortens signal paths under the accelerator, which is why high-order HDI grows 19.43% a year to USD 9.01 billion by 2035.

Market Trends: Where Are AI Server Boards Made Next?

Production moves out of China fastest to Thailand, which rises from USD 572.54 million of 2025 output to USD 5.22 billion by 2035, 24.73% a year.

Thailand Draws More Than THB 200 Billion of PCB Projects

More than 180 PCB projects worth over THB 200 billion applied for Thailand Board of Investment (BOI) promotion between 2022 and June 2025, according to BOI data, and the BOI approved a 6.15 billion baht prepreg and copper-clad laminate plant for Cheng Yi Technology in Chachoengsao on 1 November 2024, at the same meeting that approved two hyperscale data centers (Thailand BOI press release 151/2567, November 2024). Shennan Circuits started production at its Thailand plant in the second half of 2025.

Vietnam Becomes Victory Giant’s Second Base

Victory Giant Technology’s Vietnam unit reached about USD 470 million of revenue in 2025, up from RMB 1.08 billion in 2024 (company, April 2026), so Vietnam grows 25.82% a year in the production-base split, from USD 190.85 million to USD 1.90 billion.

Extreme Low Loss Laminate Becomes the Default

M8 and M9 class laminates rise from 20% of 2025 board value to 60% by 2035 because 224 gigabits per second (Gbps) serializer-deserializer (SerDes) lanes on the next accelerator generation need lower signal loss; very low loss M6 boards stay near USD 1.34 billion a year, growing 0.63%.

Market Challenges and Restraints: What Could Slow AI Server PCB Supply?

Two material limits sit behind the low case, which ends 2035 at USD 18.02 billion, 24% below the base.

Low-CTE Glass Cloth Stays Short Until FY2027

Nitto Boseki (Nittobo), the main supplier of low coefficient of thermal expansion (CTE) glass cloth, said in November 2025 that its capacity would rise only 10% to 20% in fiscal 2026 and double in fiscal 2027, and hyperscale buyers have booked most of the premium cloth. A board maker that cannot get cloth cannot press 30-layer laminate, so DC Market Insights holds 2026 growth to 60.34% even though accelerator units grow 39%.

Laminate Prices Up at Least 10% in the Second Quarter of 2026

Elite Material, the largest supplier of low-loss laminate, reported NT$94.3 billion of 2025 revenue, up 46.4%, and announced a laminate price rise of at least 10% for the second quarter of 2026, while the World Bank expects copper to average USD 12,000 per tonne in 2026, 20.6% above 2025. Board makers pass most of this on, but it squeezes margins on fixed-price host and power boards, which grow 16.59% a year.

Market Opportunities: Where Is the Money in AI Server PCBs?

The two largest pools of new money are M8 and M9 class boards, worth USD 14.23 billion by 2035, and custom ASIC racks, worth USD 7.34 billion.

USD 14.23 billion of Extreme Low Loss Boards by 2035

Extreme low loss boards grow from USD 954.24 million in 2025 to USD 14.23 billion by 2035; makers qualified on M9 class material and 40-plus layers at volume take most of this value because few lines can hold yield on boards that large.

Custom ASIC Racks Grow 19.43% a Year

Custom ASIC servers rise from USD 1.24 billion to USD 7.34 billion as cloud providers deploy their own accelerators; Meta alone guides USD 130 billion to USD 145 billion of 2026 capital expenditure. Gold Circuit Electronics’ record NT$59.73 billion of 2025 revenue, up 54.02%, came largely from ASIC server boards (Gold Circuit Electronics, January 2026).

How Much PCB Value Does an AI Server Carry?

An average GPU carried USD 560 of bare boards in 2025 and a custom ASIC USD 240, and a 72-GPU rack about USD 40,320 (DC Market Insights estimates).

Year	PCB content per GPU (USD)	PCB content per custom ASIC (USD)	PCB content per 72-GPU rack (USD)
2020	260	120	18,720
2025	560	240	40,320
2030	850	362	61,200
2035	920	410	66,240

Public price anchors back the climb: Victory Giant’s gross margin rose 12.5 percentage points in 2025 on its HDI mix, Elite Material set a laminate price rise of at least 10% for the second quarter of 2026, and the World Bank’s copper average moves from USD 9,947 per tonne in 2025 to USD 12,000 in 2026. Content per GPU rises 52% from 2025 to 2030, then only 8% to 2035 as layer counts level off.

Which Standards and Rules Apply to AI Server PCBs?

Five named rules shape the USD 4.77 billion of 2025 boards, from qualification classes to hazardous-substance limits.

• IPC-6012 (Qualification and Performance Specification for Rigid Printed Boards): AI baseboards and midplanes are commonly built to Class 3 high-reliability acceptance.
• IPC-4101 (Specification for Base Materials for Rigid and Multilayer Printed Boards): defines the laminate slash sheets that buyers name for M6 to M9 class materials.
• UL 796 (Printed Wiring Boards): the flammability and safety listing that server makers require for every board in the rack.
• EU RoHS Directive 2011/65/EU: limits lead and other hazardous substances in servers sold in the European Union, which sets the lead-free assembly profiles boards must survive.
• OCP Modular Hardware System (MGX): NVIDIA’s October 2025 contribution of Vera Rubin rack designs, including the PCB midplane, to the Open Compute Project.

How Is the High End AI Server PCB Market Segmented?

The market splits by board type, board application, accelerator platform, laminate loss grade and production base; high-layer boards of 18 to 30 layers lead 2025 with 38.0%, while ultra-high-layer and HDI boards lead by 2035 with 38.0% each.

By Board Type

Ultra-high-layer boards above 30 layers grow 20.20% a year, against 12.12% for 18 to 30 layer boards.

Board type	2025 (USD million)	Share 2025	2035 (USD million)	CAGR 2025-2035
High-Layer Multilayer Boards (18 to 30 Layers)	USD 1.81 billion	38.0%	USD 5.69 billion	12.12%
Ultra-High-Layer Multilayer Boards (Above 30 Layers)	USD 1.43 billion	30.0%	USD 9.01 billion	20.20%
High-Order HDI Boards	USD 1.53 billion	32.0%	USD 9.01 billion	19.43%

By Board Application

Baseboards and compute tray boards hold 42.0% of 2025 value; switch tray boards and midplanes gain 10 points of share by 2035.

Board application	2025 (USD million)	Share 2025	2035 (USD million)	CAGR 2025-2035
Accelerator Module and OAM Boards	USD 1.43 billion	30.0%	USD 6.40 billion	16.16%
Baseboards and Compute Tray Boards	USD 2.00 billion	42.0%	USD 8.54 billion	15.60%
Scale-Up Switch Tray Boards and Midplanes	USD 620.26 million	13.0%	USD 5.45 billion	24.28%
Host Management and Power Boards	USD 715.68 million	15.0%	USD 3.32 billion	16.59%

By Accelerator Platform

GPU-based AI servers hold 73.9% of 2025 value; custom ASIC servers grow faster at 19.43% a year.

Accelerator platform	2025 (USD million)	Share 2025	2035 (USD million)	CAGR 2025-2035
GPU-Based AI Servers	USD 3.53 billion	73.9%	USD 16.38 billion	16.59%
Custom ASIC AI Servers	USD 1.24 billion	26.1%	USD 7.34 billion	19.43%

By Laminate Loss Grade

Ultra low loss M7 class boards lead 2025 with 52.0%; extreme low loss M8 and M9 class boards reach 60.0% by 2035.

Laminate loss grade	2025 (USD million)	Share 2025	2035 (USD million)	CAGR 2025-2035
Very Low Loss (M6 Class)	USD 1.34 billion	28.0%	USD 1.42 billion	0.63%
Ultra Low Loss (M7 Class)	USD 2.48 billion	52.0%	USD 8.06 billion	12.51%
Extreme Low Loss (M8 and M9 Class)	USD 954.24 million	20.0%	USD 14.23 billion	31.02%

By Production Base

China makes 52.0% of 2025 board value; Thailand and Vietnam together rise from 16.0% to 30.0% by 2035.

Production base	2025 (USD million)	Share 2025	2035 (USD million)	CAGR 2025-2035
China	USD 2.48 billion	52.0%	USD 10.43 billion	15.45%
Taiwan	USD 1.05 billion	22.0%	USD 3.79 billion	13.71%
Thailand	USD 572.54 million	12.0%	USD 5.22 billion	24.73%
Vietnam	USD 190.85 million	4.0%	USD 1.90 billion	25.82%
Japan South Korea and Other	USD 477.13 million	10.0%	USD 2.37 billion	17.39%

DC Exclusive: AI PCB Capacity Map, Eight Named Expansions Behind USD 5.22 billion of Thailand Output by 2035

This DC Market Insights supplier and site map ties eight named capacity disclosures to the production-base model, which moves the 16.0% of 2025 board value made in Thailand and Vietnam to 30.0% by 2035.

Site	Company	What was disclosed	Date	Model link
Thailand, all provinces	More than 180 PCB projects	Over THB 200 billion of BOI promotion applications	2022 to June 2025	Thailand USD 572.54 million in 2025
Chachoengsao, Thailand	Cheng Yi Technology	6.15 billion baht prepreg and laminate plant approved	1 November 2024	Local laminate for Thai lines
Thailand	Shennan Circuits	Thailand plant in production	Second half of 2025	Thailand share rises
Thailand	Compeq, Multi-Fineline, Gold Circuit Electronics	THB 22.2 billion of expansions approved	18 May 2026	Thailand USD 5.22 billion by 2035
Vietnam	Victory Giant Technology	About USD 470 million of 2025 revenue	April 2026	Vietnam USD 190.85 million in 2025
Nantong, China	Shennan Circuits	Phase 4 plant in production	Second half of 2025	China USD 2.48 billion in 2025
Huizhou, China	Victory Giant Technology	Hong Kong listing raising about HK$20.1 billion (95.85 million shares at HK$209.88)	21 April 2026	China USD 10.43 billion by 2035
Kunshan, China	WUS Printed Circuit	H1 2026 revenue RMB 13.69 billion, up 61.17%	August 2026	Switch tray boards

Read across, the map puts Thailand’s share of board value at 12.0% in 2025 and 22.0% by 2035, while Taiwan-based makers keep their lead in ASIC boards through Thai plants rather than new Taiwan lines.

Which Region Buys the Most AI Server PCBs?

North America leads with USD 2.83 billion or 59.4% of 2025 value, counted where AI servers are deployed, and the Middle East and Africa grows fastest at 21.30% a year.

North America

North America spends USD 2.83 billion in 2025 (59.4%) and USD 13.04 billion by 2035, 16.49% a year; the United States alone takes USD 2.61 billion as hyperscalers such as Meta guide USD 130 billion to USD 145 billion of 2026 capital expenditure.

Asia Pacific

Asia Pacific spends USD 1.17 billion in 2025 (24.6%) and USD 6.07 billion by 2035, 17.86% a year; China (USD 529.60 million) and Japan (USD 166.99 million) lead, and India grows fastest at 25.10% as national AI clusters are built.

Europe

Europe spends USD 438.95 million in 2025 (9.2%) and USD 2.37 billion by 2035, 18.38% a year; the United Kingdom (USD 109.74 million) and Germany (USD 85.88 million) lead, with RoHS-compliant boards required for every rack.

Middle East and Africa

Middle East and Africa spends USD 233.79 million in 2025 (4.9%) and USD 1.61 billion by 2035, 21.30% a year; Saudi Arabia (USD 85.88 million) and the United Arab Emirates (USD 76.34 million) build national AI clusters.

Latin America

Latin America spends USD 90.65 million in 2025 (1.9%) and USD 616.59 million by 2035, 21.13% a year; Brazil and Mexico take most of it as cloud regions add GPU capacity.

Which Countries Deploy the Most AI Server PCB Value?

The United States leads with USD 2.61 billion in 2025, 54.8% of the market; India is the fastest large country at 25.10% a year.

Rank	Country	Region	2025 (USD million)	2035 (USD million)	CAGR 2025-2035
1	United States	North America	USD 2.61 billion	USD 11.95 billion	16.41%
2	China	Asia Pacific	USD 529.60 million	USD 2.13 billion	14.96%
3	Canada	North America	USD 219.47 million	USD 1.09 billion	17.39%
4	Japan	Asia Pacific	USD 166.99 million	USD 806.31 million	17.05%
5	South Korea	Asia Pacific	USD 109.74 million	USD 592.88 million	18.38%
6	United Kingdom	Europe	USD 109.74 million	USD 545.45 million	17.39%
7	Saudi Arabia	Middle East and Africa	USD 85.88 million	USD 616.59 million	21.79%
8	Germany	Europe	USD 85.88 million	USD 450.59 million	18.03%
9	India	Asia Pacific	USD 85.88 million	USD 806.31 million	25.10%
10	United Arab Emirates	Middle East and Africa	USD 76.34 million	USD 545.45 million	21.73%
11	Australia	Asia Pacific	USD 71.57 million	USD 379.44 million	18.15%
12	France	Europe	USD 62.03 million	USD 355.73 million	19.08%

What Are the Forecast Scenarios for 2035?

The 2035 market runs from USD 18.02 billion to USD 28.93 billion around a base of USD 23.72 billion, depending on accelerator shipments and how fast midplanes and M9 laminate spread.

Scenario	2035 (USD million)	CAGR 2025-2035	Assumption
Low	USD 18.02 billion	14.21%	Accelerator units 15% below base; Kyber-type midplanes slip to 2029; content per GPU tops out near USD 800
Base	USD 23.72 billion	17.39%	35.70 million accelerators in 2035; USD 920 per GPU and USD 410 per ASIC
High	USD 28.93 billion	19.75%	Accelerator units 10% above base; midplanes in most racks from 2028; content per GPU above USD 1,000

Who Are the Leading High End AI Server PCB Makers?

Victory Giant Technology leads with about 18% of 2025 value, and the top five, Victory Giant Technology, Gold Circuit Electronics, WUS Printed Circuit, TTM Technologies and Shennan Circuits, hold about 55% (DC Market Insights estimate from each firm’s disclosed AI, server or data center revenue).

• Victory Giant Technology
• WUS Printed Circuit
• Gold Circuit Electronics
• TTM Technologies
• Shennan Circuits
• Tripod Technology
• Zhen Ding Technology
• ISU Petasys
• Unimicron Technology
• Kinwong Electronic
• Compeq Manufacturing
• Dynamic Holding
• Meiko Electronics
• Ibiden
• Multi-Fineline Electronix (MFS)

Victory Giant’s RMB 8.34 billion of AI and HPC revenue in 2025 converts to about USD 1.16 billion at the 2025 average rate, part of which is switch and optical module boards outside this scope. Gold Circuit Electronics posted NT$59.73 billion of 2025 revenue, up 54.02%, mostly from server boards; TTM Technologies drew about USD 697 million from data center computing; WUS Printed Circuit grew 2025 revenue about 42% to RMB 18.9 billion, much of it in switch boards; and Shennan Circuits’ PCB revenue rose 36.84% to RMB 14.36 billion, led by AI servers (Shennan Circuits 2025 annual report, March 2026).

What Are the Recent Developments in AI Server PCBs?

Six dated events from January to August 2026 show capacity and capital moving to AI boards.

• In January 2026, Gold Circuit Electronics reported record 2025 revenue of NT$59.73 billion, up 54.02% (Source: Gold Circuit Electronics).
• In February 2026, TTM Technologies reported USD 2.91 billion of 2025 sales and a fourth-quarter book-to-bill of 1.35, and guided 15% to 20% sales growth for 2026 (Source: TTM Technologies).
• In March 2026, Victory Giant Technology reported RMB 19.29 billion of 2025 revenue, up 79.77%, and Shennan Circuits RMB 23.65 billion, up 32.05% (Source: company annual reports).
• In April 2026, Victory Giant Technology listed H shares in Hong Kong at HK$209.88 each, raising about HK$20.1 billion (Source: Hong Kong Exchanges and Clearing filings).
• In May 2026, the Thailand BOI approved THB 22.2 billion of PCB expansions by Compeq, Multi-Fineline and Gold Circuit Electronics (Source: Thailand Board of Investment).
• In August 2026, WUS Printed Circuit reported first-half revenue of RMB 13.69 billion, up 61.17%, on switch, AI server and HPC boards (Source: WUS Printed Circuit).

Key Takeaways

Four numbers sum up the High End AI Server PCB Market for board buyers and suppliers.

• USD 7.65 billion in 2026, up 60.34%, because accelerator units rise 39% and content per GPU 14%.
• USD 40,320 of bare boards per 72-GPU rack in 2025, rising to USD 61,200 by 2030.
• USD 14.23 billion of M8 and M9 class boards by 2035, 60.0% of the market.
• 30.0% of 2035 board value made in Thailand and Vietnam, up from 16.0% in 2025.

Research Methodology: How Did DC Market Insights Size the AI Server PCB Market?

DC Market Insights sized the High End AI Server PCB Market bottom-up: 6.30 million GPUs times USD 560 of PCB content plus 5.18 million custom ASICs times USD 240 gives USD 4.77 billion in 2025, using accelerator units from its accelerator model and content per unit built from board counts per rack.

Three bound checks hold. Ceiling one: USD 4.77 billion is 2.8% of the USD 169.77 billion data center accelerator market of 2025 and 2.5% of NVIDIA’s USD 193.7 billion of data center revenue, in line with bare boards’ small share of system cost. Ceiling two: the five leading makers’ total 2025 revenue (Victory Giant, WUS, Shennan Circuits’ PCB unit, Gold Circuit Electronics and TTM Technologies) is about USD 12.1 billion, well above the market. Floor: Victory Giant’s AI and HPC revenue alone, about USD 1.16 billion, plus TTM Technologies’ USD 697 million of data center computing sales, is below the total. Read more in our research methodology, and see the AI Server Market, the AI Server Copper Foil Market and the Data Center Accelerator Market for the systems and materials around these boards.