Rackspace Technology, Inc.

RXT

$3.21

-2.58%

2026-09-04 13:08:40 EDT-$0.08

Technology

Software - Infrastructure

NASDAQ

Active Trading

Rackspace Technology, Inc. is a global provider specializing in multi-cloud technology services. The company organizes its business into two primary divisions: Multicloud ...

Supply Chain of RXT

Upstream

Foundry, packaging, memory, wafers, components, and input vendors.

Upstream

Microsoft Azure

Dell Technologies

NYSE:DELL

Primary server and storage hardware provider for private cloud infrastructure; Dell PowerEdge servers deployed in Rackspace data centers

Advanced Micro Devices (AMD)

NASDAQ:AMD

CPU (EPYC) and GPU (Instinct) supplier for enterprise AI and cloud servers; signed MOU in May 2026 for governed AI infrastructure

Broadcom Inc. (VMware)

NASDAQ:AVGO

Virtualization software provider (VMware Cloud Foundation / vSphere / vSAN / NSX) for Rackspace Private Cloud; authorized VCSP partner

Cisco Systems

NASDAQ:CSCO

Network infrastructure provider (firewalls, switches, routers); one of Cisco's largest firewall customers and testing partner

Equinix

NASDAQ:EQIX

Data center colocation and interconnection partner; Rackspace resells Equinix colocation services

Downstream

Customers, distributors, OEMs, and channels that absorb output.

Downstream

United Kingdom Government

BT Group plc

Carahsoft Technology Corp.

Equinix Inc.

United Kingdom Government

Large sovereign/public sector customer; UK Sovereign Cloud services including cyber recovery with Rubrik

Walmart Inc.

NYSE:WMT

Large enterprise retail customer; uses Rackspace Cloud for application hosting and computing services

BT Group plc

LSE:BT.A

Strategic alliance partner and channel/reseller partner for cloud services in the UK and Europe

Carahsoft Technology Corp.

Public sector distribution partner; helps Rackspace reach US government agency customers

Equinix Inc.

NASDAQ:EQIX

Rackspace resells Equinix colocation services as part of its hybrid cloud offerings

Proxies

Public comparables and monitoring names used as representatives for the analysis.

Proxies

Infosys Limited

Kyndryl Holdings Inc.

NYSE:KD

Direct comparable as the largest standalone managed infrastructure services provider; spun off from IBM, competes with Rackspace in hybrid cloud managed services for enterprise and regulated industries

IBM

NYSE:IBM

Competes in hybrid cloud and managed infrastructure services; similar exposure to enterprise cloud transformation, regulated workloads, and public sector

CDW Corporation

NASDAQ:CDW

IT solutions and services provider with cloud, data center, and security offerings; similar go-to-market model combining hardware resale with managed services

Infosys Limited

NYSE:INFY

IT services and cloud transformation competitor; comparable exposure to cloud migration and managed services for global enterprises

Geographic

Region-level exposures that can distort the supply network.

Geographic

United States

United Kingdom / Europe

Asia-Pacific

Walmart Inc.

BT Group plc

UK Government

Alibaba Cloud (Alibaba Group)

United States

Primary revenue source and headquarters; data centers in Ashburn (VA), Dallas (TX), Chicago (IL), New York (NJ), San Jose (CA), Kansas City (MO)

Walmart Inc.NYSE:WMTEnterprise customer via Rackspace Cloud hosting

United Kingdom / Europe

Second-largest market; data centers in London (UK), Amsterdam (NL), Frankfurt (DE); UK Sovereign Cloud offering; BT Group partnership

BT Group plcLSE:BT.AChannel partnership for UK cloud services

UK GovernmentSovereign public sector customer

Asia-Pacific

Data centers in Hong Kong, Shanghai (China), Sydney (Australia), Singapore; Alibaba Cloud channel partnership for APAC

Alibaba Cloud (Alibaba Group)NYSE:BABAChannel partner for APAC market

Concentration

Customer, supplier, or partner concentration exposures that can distort the supply network.

Customer

Medium

No single customer represents >10% of revenue per 10-K filings, but significant exposure to large enterprise and public-sector contracts creates renewal concentration risk

Foundry

Low

No direct foundry exposure as Rackspace is a services company; hardware dependency sits with Dell/AMD supply chains

Equipment

High

Heavy reliance on Dell Technologies as primary server hardware partner; any disruption in Dell's supply chain directly impacts Rackspace's Private Cloud infrastructure deployments

Other

Critical

Majority ownership by Apollo Global Management (~57-62% stake) creates governance concentration risk; strategic decisions may prioritize PE return objectives; company carries ~$2.4B in debt from the 2016 LBO

Other

High

Dependency on hyperscaler partner programs (AWS, Azure, GCP) — Rackspace's Public Cloud segment relies on maintaining preferred partner designations to drive customer acquisition and margins

Revenue mix

How the target's revenue mix translates into supply-chain leverage and dependency.

Private Cloud

37.0%

$1.0B

Hardware-intensive segment requiring Dell/AMD servers, VMware virtualization software, Cisco networking, and datacenter colocation. Directly drives upstream demand for server OEMs, CPU/GPU vendors, and network infrastructure equipments.

Public Cloud

63.0%

$1.7B

Services-led segment wrapping managed services around hyperscaler platforms (AWS, Azure, GCP). Drives Rackspace's role as a channel/reseller of cloud credits and managed services, with dependency on hyperscaler partner programs and certifications.

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Rackspace Technology, Inc.

Supply Chain of RXT

Upstream

Dell Technologies

Advanced Micro Devices (AMD)

Broadcom Inc. (VMware)

Cisco Systems

Equinix

Intel Corporation

Amazon Web Services (AWS)

Microsoft Azure

View More

Downstream

United Kingdom Government

Walmart Inc.

BT Group plc

Carahsoft Technology Corp.

Equinix Inc.

Proxies

Kyndryl Holdings Inc.

IBM

CDW Corporation

Infosys Limited

Geographic

United States

United Kingdom / Europe

Asia-Pacific

Supply Chain of RXT

Upstream

Dell Technologies

Advanced Micro Devices (AMD)

Broadcom Inc. (VMware)

Cisco Systems

Equinix

Intel Corporation

Amazon Web Services (AWS)

Microsoft Azure

View More

Downstream

United Kingdom Government

Walmart Inc.

BT Group plc

Carahsoft Technology Corp.

Equinix Inc.

Proxies

Kyndryl Holdings Inc.

IBM

CDW Corporation

Infosys Limited

Geographic

United States

United Kingdom / Europe

Asia-Pacific