Super Micro Computer lands $60B in AI orders, shares trade at $30

Super Micro Computer said it booked more than $60 billion in new AI server orders last quarter — but its stock still trades at about $30 a share.

The California-based company, which designs and builds high-performance servers, saw demand surge as customers race to build AI data centers. Super Micro now expects gross margins to jump to 15%–17%, nearly double earlier forecasts of 8.2%–8.4%. Yet the market isn’t celebrating. Investors remain cautious because many of those $60 billion in orders are preliminary and not yet firm commitments.

Super Micro is also raising $7 billion through equity and equity-linked financing to fund component purchases and fulfill the expected orders. The company calls itself a “Total IT Solution Manufacturer,” betting that early leadership in AI infrastructure will outweigh the cost of share dilution. The backlog has hit a record, but the company stresses some orders are subject to cancellation or delays. It’s also under an independent review related to export control issues, and its auditor hasn’t yet signed off on the preliminary financial figures.

The gap between sky-high orders and a modest valuation puzzles analysts. Super Micro’s stock has soared this year, but its $30 price suggests investors aren’t fully convinced the $60 billion order boom will translate into steady profits. If even a fraction of those orders materializes, Super Micro could become a key player in the AI hardware supply chain. But if demand slows or financing falls short, the stock’s recent gains could reverse quickly. The next quarter will show whether those orders are real commitments — or just aggressive projections.