Rackspace cuts FY26 revenue guidance by $150M, launches $250M ATM, pivots to Enterprise AI

Rackspace Technology, Inc.

Preliminary Q2 2026 revenue $641-649M; GAAP net loss $(91)-$(62)M; Adj. EBITDA $58-62M.
FY26 revenue outlook lowered to $2.45-2.55B (from $2.6-2.7B); Adj. EBITDA lowered to $285-295M (from $305-315M).
Entered $250M at-the-market equity offering with Goldman Sachs; AR facility extended to July 2029, capacity up to $350M.
Palantir named Rackspace a preferred partner for regulated/sovereign AI deployments; ~400 Palantir certifications achieved.
Targets 30MW of Enterprise AI capacity by end 2028, with $450-600M annual revenue and 50%+ Adj. EBITDA margins.

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