GMO Internet cuts its Nvidia B300 order from 116 servers to 20, 25 days later
GMO Internet’s Tokyo filings of 13 November: why a ¥26.1bn GPU server purchase became ¥6.5bn, what it waits for instead, and how its GPU cloud and quarter are doing.
GMO Internet, the Tokyo-listed company that runs the GMO group’s domain, hosting, internet-access and advertising businesses and a GPU cloud, cut a planned purchase of up to 116 servers built on Nvidia’s B300 chips, with a data centre to house them in Ishikari, Hokkaido, from about ¥26.1bn to up to 20 servers for about ¥6.5bn on 13 November.1 It had announced the larger purchase on 19 October, 25 days earlier.2 The filing gives the reason as a “comprehensive review” of its policy on investment in next-generation GPU chips and on how it allocates capital. Its results presentation the same afternoon is plainer: “B300 → Rubin”, a switch to Nvidia’s next chip, with water cooling built to house it.13
116 → 20
B300 servers in the plan, before and after
GMO Internet
¥6.5bn
the revised cost, from about ¥26.1bn, data-centre work included
GMO Internet
25 days
from the 19 October announcement to the cut
TDnet
¥35.7bn
GMO’s GPU-cloud investments since 2024, the new plan included
GMO Internet
01What the ¥6.5bn now buys
The presentation splits the revised amount in two: ¥3.9bn to build a water-cooled section and strengthen existing facilities, and ¥2.6bn for up to 20 B300 servers. Both filings include peripheral equipment in their figures, and the equipment still arrives from August 2027. A Rubin purchase is “planned”, but its amount is not decided and is not in this disclosure; GMO says it will announce it once set. It expects the change to have only a minor effect on results for the year to December 2026.13
The October plan was GMO’s largest GPU purchase; the revised one is smaller than three before it
GMO Internet GPU-cloud investment decisions, ¥ billion, including data-centre and peripheral equipment, February 2024 to November 2026
Source: GMO Internet, results presentation and TDnet filings · as of 13 November 2026 · The H200 figure includes about ¥1.9bn of Japanese government subsidy
02A GPU cloud in profit, and a quarter with another cost
GMO GPU Cloud opened in November 2024 on 96 servers with Nvidia’s H200 chips; B300 servers followed in December 2025.3 GMO says the business made a stand-alone profit from October–December 2025 and has since reached “a high utilisation rate”; demand, it says, “remains strong”. It sells through partners including ITOCHU Techno-Solutions.34 For January to September, group revenue rose 7.3% to ¥62.6bn and operating profit 32.6% to ¥7.47bn; GMO names the GPU cloud among the drivers. An April share sale raised ¥20.2bn, partly to pay for GPU servers.34
The same presentation opens with an apology. On 20 October GMO found malicious programs on customer servers of its Onamae.com Desktop Cloud service, with up to 26,739 customer servers possibly reached; login details for trading accounts stored on them were taken, and the intruder traded customers’ foreign-exchange accounts at a loss. By 12 November, 2,943 account holders had claimed ¥2.99bn. GMO expects about ¥3.05bn of compensation in October–December, holds insurance of up to ¥1.1bn whose use is not yet confirmed, and has not changed its forecast.34 The filings do not link the intrusion to the GPU decision.
Its dividend stays at all of its profit. The third-quarter dividend is ¥6.10 a share, ¥1,855m in all, 100% of profit: its 65% policy plus a 35% bonus for 2025 and 2026 marking its move to the Prime market. From 2027 it will pay the higher of 65% of profit or 5% of the previous year-end’s shareholders’ equity.56 Every filing went out at 3:31pm, a minute after the Tokyo market closed, so the shares first trade on them on Monday 16 November.78 What GPU capacity like GMO’s rents for is in our Trend on GPU rental prices; another cloud’s spending plan is in our Analysis of Nebius.
Sources
- GMO Internet: notice of a change to the acquisition of fixed assets (TDnet, in Japanese) — 13 November 2026
- GMO Internet: notice of the acquisition of fixed assets (TDnet, in Japanese) — 19 October 2026
- GMO Internet: results presentation for the third quarter of the year to December 2026 (TDnet, in Japanese) — 13 November 2026
- GMO Internet: consolidated results summary for the nine months to 30 September 2026 (TDnet, in Japanese) — 13 November 2026
- GMO Internet: notice of the third-quarter dividend, payout ratio 100% (TDnet, in Japanese) — 13 November 2026
- GMO Internet: notice of a change to the dividend policy, introducing DOE (TDnet, in Japanese) — 13 November 2026
- TDnet: timely disclosure list for 13 November 2026, page 8 (GMO Internet filings at 15:31) — 13 November 2026
- Japan Exchange Group: trading hours for domestic stocks — current rules, afternoon session to 3:30pm
Disclosure. TechBag is a software reseller: it earns when companies buy through it, including from vendors named here. The analysis is TechBag’s own; no vendor paid for or saw this piece before publication. Facts are labelled reported, TechBag count or our view.
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