Qualcomm Unveils Dragonfly C1000 AI Data Center CPU, Signs Meta as First Customer

What happened

On June 24, 2026, at its Investor Day, Qualcomm unveiled the Dragonfly C1000 — a data center CPU built for agentic AI workloads — and announced Meta Platforms as its first major customer via a multi-generation supply agreement. Shares jumped 15% in extended trading.

Context and impact

Qualcomm is trying to break out of its smartphone dependence and enter AI infrastructure dominated by Nvidia and Intel. It also announced the acquisition of AI startup Modular for ~$4B in all-stock. Targets: $15B in data center revenue by 2029 and $40B in non-handset revenue by FY2029 (up from a prior $22B target).

Details

• Meta to adopt C1000 from start of mass production in 2028
• Modular acquisition for ~$4B all-stock
• Microsoft also revealed as an early customer
• $15B data center revenue target by 2029
• Shares +15% in extended trading