Super Micro Computer (SMCI)

AI server integrator. NVIDIA HGX/MGX reference designs, liquid-cooled racks. Primary hardware partner for GPU-cloud buildouts.

Super Micro Computer (SMCI) is a high-exposure name in the data-center supply chain in the it hardware sector. Data Center Index tracks Super Micro Computer's capex history, project wins, and supplier exposure across the AI infrastructure buildout, refreshed daily from SEC filings and project announcements.

Super Micro Computer data center thesis

Super Micro is the AI server integrator with NVIDIA HGX/MGX reference designs and liquid-cooled rack-scale systems shipped at neocloud and hyperscaler velocity. Revenue scaled from $5.2B (FY22) to $22.0B (FY25), over 4x in three years, and Q4 FY25 backlog hit $1.3B (+118% YoY). Gross margin has compressed from 18% to 11% as Dell and HPE caught up on AI servers, which is why the stock is +31% on the week but flat to start the year on the audit overhang.

Bull case

  • Backlog +118% YoY in Q4 FY25 ($1.3B vs $0.6B) is the only number that matters; SMCI ships first to neoclouds and the long tail of GPU-cloud buildouts that Dell and HPE are slower to serve at custom liquid-cooled rack scale.
  • NVIDIA-preferred design partner status keeps SMCI inside Blackwell and B300 reference architectures. Factory-integrated liquid-cooled racks compress neocloud time-to-revenue by months versus components-and-integrate-on-site.
  • Tesla Terafab, xAI Memphis, and the next wave of GW-scale GPU buildouts need a vendor who ships custom liquid-cooled rack designs in volume; that's a structurally narrow shortlist and SMCI is on it.

Bear case

  • Gross margin collapsed from 18% (FY23) to 11% (FY25) as Dell and HPE attacked AI server pricing. A $22B revenue print at 11% gross is a fundamentally different multiple than the same revenue at 18%; the trajectory is the bear case.
  • Audit and disclosure overhang is unresolved enough that institutional capital is sized smaller than the AI thesis would otherwise warrant; any new accounting flag triggers a 2024-style drawdown.
  • Stock is at 37% of 52-week high after a -47% drawdown from highs. The thesis isn't dead but the multiple needs the margin trajectory to stabilize, and the next two prints carry binary risk.

Thesis last reviewed 2026-05-09.

Data center exposure rationale

AI/DC servers and rack-scale liquid-cooled systems drive essentially all revenue; DC is the entire shipping mix.

Super Micro Computer revenue and capex

In fiscal 2026, Super Micro Computer reported revenue of $39.1B, capital spending of $162.0M and operating income of $2.8B.

Fiscal yearRevenueCapexOperating income
2026$39.1B$162.0M$2.8B
2025$22.0B$127.2M$1.3B
2024$15.0B$124.3M$1.2B

From annual reports filed with the SEC; the most recent was filed 2026-08-31.

Tracked Super Micro Computer data center projects

Other it hardware names tracked