Everpure Inc: Quantifying the large TAM; Significant profitable growth opportunities ahead

BofA Securities reiterates its Buy rating on Everpure Inc (P.US) with a price objective of US$150 (current price US$93.78). Everpure will host its 2026 Financial Analyst Meeting in Santa Clara, CA on September 23; unlike prior years that focused on technology and product updates, this time management is expected to provide a financial update covering both near-term trends and a long-term (possibly three-year) revenue and operating margin outlook. The recently announced win with a second hyperscale customer validates the company's DirectFlash architecture. Our analysis suggests Everpure's TAM is very significant at 259EB, split across 195EB for hyperscalers, 8EB for neoclouds and 56EB for enterprise, equal to roughly US$39bn in dollar TAM by 2030. We see potential for significant margin expansion given the positive mix from hyperscale revenues, where costs do not scale with the revenue opportunity and incremental margins are high. Everpure's solution is attractive relative to SSDs in an