Super Micro Computer raised $7 billion（約1.1兆円） in new equity and preferred stock to fund a $39 billion（約6.2兆円） backlog of AI server orders, though existing shareholders face dilution when the preferred stock converts to common shares in 2029.

What happened: Super Micro Computer completed a $7 billion（約1.1兆円） financing package consisting of common equity and a Series A Mandatory Convertible Preferred Stock offering with a 7.00% coupon. The preferred stock component is $3.75 billion（約6000億円）, the common follow-on is $1.25 billion（約2000億円）, and the company also has an at-the-market program for additional flexibility. These proceeds are intended to help the company work through a reported $39 billion（約6.2兆円） backlog of AI server orders.

Why it matters: Super Micro Computer is a key supplier of AI servers for data center hardware tied to AI workloads. The financing structure—particularly the use of mandatory convertible preferred stock—signals that institutional investors are willing to fund the backlog but at a meaningful cost. The conversion of preferred shares into common shares in 2029 will increase the common share count, meaning existing shareholders will share future upside with a larger investor base once conversion occurs.

What to watch: The company faces ongoing governance and regulatory scrutiny, including export control reviews and an auditor departure. Execution on the $39 billion（約6.2兆円） order backlog, together with these regulatory and governance reviews, will be important factors in how the Super Micro Computer story develops.