Supermicro Raises $7B to Fund $39B in AI Server Orders

What did Supermicro announce?

Super Micro Computer (NASDAQ: SMCI) announced $7 billion in concurrent equity and equity-linked financing transactions on June 9, 2026. The company said the capital will fund component purchases needed to fill a surge of AI server orders. J.P. Morgan, Goldman Sachs & Co. LLC, and Citigroup are acting as lead joint bookrunning managers.

How is the $7 billion structured?

The raise has two parts. First, a $5 billion underwritten public offering split into roughly $1.25 billion of common stock and roughly $3.75 billion of depositary shares. Second, an at-the-market (ATM) program for up to $2 billion of common stock, which is not expected to start before Q3 2026.

The depositary shares each represent a 1/20th interest in newly issued Series A mandatory convertible preferred stock. Each depositary share carries a liquidation preference of $50, while each underlying preferred share carries a liquidation preference of $1,000. Unless converted earlier, the preferred stock will automatically convert into common stock on or about June 1, 2029. Supermicro plans to list the depositary shares on the Nasdaq Global Select Market under the ticker "SMCIP."

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What orders is Supermicro trying to fill?

According to the company's press release, Supermicro received roughly $39 billion in orders for advanced AI servers — including its Data Center Building Block Solutions — from more than 20 customers in recent weeks. The company plans to fulfill those orders in future quarters.

Beyond components, Supermicro said it may also use a portion of the proceeds for general corporate purposes, which could include debt repayment, working capital additions, and capital expenditures.

Who is managing the offering?

As reported via the Financial Times markets wire, J.P. Morgan, Goldman Sachs, and Citigroup are lead joint bookrunning managers for both the common stock and depositary share offerings. ICR Capital LLC is serving as financial advisor specifically for the depositary shares offering. The ATM program will also run through J.P. Morgan, Goldman Sachs, and Citigroup as distribution managers.

Underwriters for each offering will receive a 30-day over-allotment option to purchase additional shares. Completion of the common stock offering is not contingent on the depositary share offering closing, and vice versa.

Frequently asked questions

What is the $7 billion Supermicro raise for? Supermicro is using the proceeds to purchase components needed to fulfill approximately $39 billion in AI server orders it received in recent weeks from more than 20 customers. The company may also apply a portion to debt repayment and working capital.

What is the SMCIP ticker? SMCIP is the planned Nasdaq Global Select Market symbol for Supermicro's new depositary shares. Each depositary share represents a 1/20th interest in the company's Series A mandatory convertible preferred stock and carries a $50 liquidation preference.

When does the ATM program start? The $2 billion at-the-market common stock program is not expected to begin before Q3 2026, subject to market conditions and other factors.

The most concrete next step confirmed in the announcement: the $5 billion underwritten offerings are structured to close independently of each other, and the ATM program is set to begin no earlier than the third quarter of 2026.