Super Micro Computer Inc
- Industry
- Enterprise IT & Servers
- Exchange
- US
- Country
- USA
- IPO date
- Mar 29, 2007
- Employees
- 6,238
- Website
- www.supermicro.com
Composite valuation range · conservative $28–$33 / fair $33–$41 / optimistic $41–$71. At $29.81, Within the conservative intrinsic-value range · significant margin of safety.
At publication $38.19 (May 28, 2026)
Data from EODHD, shown in the reporting currency; for reference only, not investment advice.
Super Micro Computer, Inc., together with its subsidiaries, develops and sells server and storage solutions based on modular and open-standard architecture in the United States, Asia, Europe, and internationally. The company provides liquid and air-cooled AI servers for training and inferencing with integrated graphics processing units (GPUs) or PCIe based architectures; SuperBlade, MicroBlade, FlexTwin, GrandTwin, and BigTwin blade and multi-node systems; SuperStorage systems; Hyper, CloudDC, and WIO and rackmount systems; embedded (5G/IoT/Edge) systems; and MicroCloud server systems. It also offers workstations and networking devices; and modular server subsystems and accessories, including server boards, chassis, power supplies, and other accessories. In addition, the company provides remote system management solutions, such as Server Management suite comprising Supermicro Server Manager, Supermicro Power Management software, Supermicro Update Manager, SuperCloud Composer, and SuperDoctor 5. Further, the company identifies service requirements; creates and executes project plans; conducts verification testing; offers training; and provides technical documentation. Additionally, it offers rack level services from design to deployment for full rack and cluster level deployments of AI and HPC datacenters; help desk services and on-site product support; and warranties, maintenance, and technical support services. The company serves enterprise data centers, cloud computing, artificial intelligence, 5G, and edge computing markets through direct and indirect sales force, distributors, value-added resellers, system integrators, and original equipment manufacturers. Super Micro Computer, Inc. was incorporated in 1993 and is headquartered in San Jose, California.
History
Super Micro Computer, Inc. was incorporated in 1993, when Charles Liang founded it in San Jose, California, betting on x86 standardization and modular, open-standard design rather than competing with closed full systems; the company still frames this as its "Building Block Solutions." It IPO'd on Nasdaq in 2007, pricing 8 million shares at $8 each to raise roughly $64 million, on the strength of a server and motherboard upgrade story. From 2017 to 2020 it entered an accounting crisis: in 2020 the SEC charged that it had prematurely recognized revenue and understated expenses in at least fiscal 2015-2017; Supermicro agreed to a $17.5 million penalty, and CEO Charles Liang, though not charged with misconduct, was required to return $2.1 million in stock profits. A recovery phase followed as cloud, edge and HPC shifted toward higher power and density: revenue rose from $3.56 billion (FY2021) to $5.20 billion (FY2022) and $7.12 billion (FY2023), with net income of $112 million, $285 million and $640 million. An AI surge then took hold: in January 2024 it sharply raised guidance, and in March 2024 it was added to the S&P 500. Revenue doubled to $14.99 billion in FY2024 and reached $21.97 billion in FY2025, while gross margin fell from 18.0% (FY2023) to 13.8% (FY2024) and 11.1% (FY2025). In August 2024 it announced a 10-for-1 stock split, trading split-adjusted from October 1, 2024; the same period brought a short-seller report, Department of Justice attention and the resignation of auditor EY in October 2024. A special committee in December 2024 reported finding no evidence of management malfeasance or financial fraud. On February 25, 2025 the company filed its delayed FY2024 annual report and the first two FY2025 quarterly reports, regaining Nasdaq filing compliance on February 26, 2025, though BDO issued an adverse opinion on FY2024 internal control. In February 2025 it cut FY2025 revenue guidance from $26-30 billion to $23.5-25 billion, citing Nvidia Blackwell supply delays, with further reductions in April-May 2025. In October 2025 it lowered the FY2026 Q1 revenue estimate to $5 billion while disclosing new design wins exceeding $12 billion; FY2026 Q2 revenue then jumped to $12.7 billion and Q3 reached $10.24 billion (gross margin 9.9%), and the company raised its FY2026 revenue outlook to $38.9-40.4 billion. In March 2026 the Department of Justice charged three individuals connected to Supermicro, including co-founder, director and business-development executive Yih-Shyan "Wally" Liaw, over allegedly rerouting servers containing controlled AI chips to China; the company said it was not a defendant, suspended the relevant employees and ended its contractor relationship, and Wally Liaw subsequently resigned as a director while an interim compliance officer was appointed. In May 2026 Reuters reported that Taiwanese prosecutors were also investigating alleged improper exports of high-end AI servers. By the end of FY2025 the company had 6,238 employees, more than half in R&D, with manufacturing across the United States, Taiwan, the Netherlands and Malaysia.
Industry position
Super Micro Computer is an AI server and rack-scale infrastructure integrator that rapidly assembles CPUs, GPUs, motherboards, storage, networking, power, chassis, liquid cooling and full-rack systems into deliverable data-center products, rather than a chip designer or a software company. In fiscal 2025, 97% of revenue came from server and storage systems ($21.31 billion, or 97.0%), with subsystems and accessories at $660 million (3.0%). Its product engine is high-priced GPU servers, HPC systems and rack-scale solutions; in FY2025, average selling price rose 34%, driven mainly by H200, H100 and B200 systems. The company advanced its DCBBS strategy in FY2025, bundling servers, storage, networking, racks, liquid-cooling infrastructure, software and services to compress AI data-center build time, while its Server Building Block Solutions let customers quickly combine compute, memory, storage, networking, power and cooling on one architecture. Its differentiation rests on faster time-to-market, modular engineering, and liquid-cooling and full-rack integration; the company says it co-develops with NVIDIA, Intel and AMD, and Reuters reported in March 2024 that closer ties to Nvidia and AMD and geographic proximity let it ship AI servers faster than Dell and HPE. In FY2025 it announced its DLC-2 liquid cooling could cut electricity costs by up to 40% and total cost of ownership by up to 20%; TrendForce projected liquid cooling would reach 47% of AI server racks by 2026. Its peers fall into two groups: traditional OEMs Dell, HPE and Lenovo, and cloud data-center ODM/JDM players such as Wiwynn; relative to Dell and HPE it is faster and more flexible but weaker in services and financial stability, and relative to Wiwynn it is closer to enterprise customers with more complete products. Industry-wide, IDC reported global server spending grew 52.4% year over year in Q4 2025, GPU-equipped servers grew 49.4% in Q3 2025 and made up more than half of server revenue, and TrendForce projected hyperscalers would account for 76% of high-end AI server shipments by 2026. The company has high concentration: in FY2025 its two largest suppliers accounted for 64.4% and 5.1% of purchases, and over the first nine months of FY2026 four customers accounted for 29.4%, 13.9%, 13.2% and 11.6% of revenue. Charles Liang has been founder, CEO and chairman since 1993; CFO David Weigand took the role in 2021 after working at HPE; as of March 31, 2025, Charles Liang held about 13.5% beneficial ownership and directors and officers about 16.3%. The company has long-standing related-party transactions with Ablecom and Compuware, whose combined purchases represented 3.3% of FY2025 cost, and disclosed that material weaknesses in internal control over financial reporting remained unremediated as of June 30, 2025 and again as of March 31, 2026.