At current enterprise NVMe prices, the drives alone for this must easily push past the $500k to $1M mark. It's fascinating to see this level of density, but it’s strictly going to be hyperscaler or high-end defense/research budget territory for a long time.
I believe the rationale is that they are so much denser than they will compensate the price difference over the entire lifetime of the system. A 10 TB install is a full rack otherwise and this is 5% of the space. Colocation for HFT tends to be expensive and using 5% of the space for the same amount of data might make sense.
Back testing an HFT algo could very plausibly need 10PB, but I don't see that being co-located with the exchange.