TL;DRSupermicro plans a $7B equity raise to fund components for $39B in AI server orders from 20+ customers.
Super Micro Computer plans to raise $7 billion through a package of equity offerings to purchase components for its AI servers. The company said Tuesday it has received approximately $39 billion in orders from more than 20 customers in recent weeks for its advanced AI servers, including its Data Center Building Block Solutions, and needs the capital to buy parts to fulfill them.
The offering consists of $5 billion in underwritten stock and depositary shares, split between roughly $1.25 billion in common stock and $3.75 billion in depositary shares. A separate $2 billion at-the-market program will see Supermicro sell shares directly into the open market beginning no earlier than the third quarter of 2026.
The stock fell approximately 9% in after-hours trading on dilution concerns. Supermicro had a market capitalisation of roughly $26.5 billion and about 601 million shares outstanding before the announcement, meaning the $7 billion raise represents more than a quarter of the company’s entire market value.
The 💜 of EU techThe latest rumblings from the EU tech scene, a story from our wise ol' founder Boris, and some questionable AI art. It's free, every week, in your inbox. Sign up now!The scale of the order backlog, $39 billion from 20-plus customers, is striking relative to Supermicro’s size. The company reported $10.2 billion in revenue for its fiscal third quarter ending March 2026 and has guided fourth-quarter revenue between $11 billion and $12.5 billion. Trailing twelve-month revenue stands at roughly $28 billion, making the backlog larger than a full year of sales.
