Dell AI server backlog hits $95 billion on record orders

Dell's central role in AI infrastructure has shown up in its Infrastructure Solutions Group, whose second-quarter fiscal 2027 revenue rose 89% year over year to a record $31.8 billion, mainly on AI server demand. Within that, the order book tells the forward story: fiscal Q2 orders of $60.9 billion against $16.4 billion of recognized AI server revenue is what pushed the backlog to $95 billion, and Dell has taken $131.7 billion in AI server orders over the past 12 months.

Outside forecasts frame how much room that backlog has. Goldman Sachs now estimates the AI server market could generate $1.24 trillion in revenue in 2030, up from an earlier $961 billion forecast, and has raised its average selling price estimate for AI servers by 15% over its prior estimate. Dell's own share has moved quickly, from 5% to 17% of AI server revenue in the year-ago comparison, a shift the article attributes to adoption by enterprises and neocloud infrastructure providers.

The forward case rests on conversion rather than order intake. Dell expects to sell $74 billion in AI servers in fiscal 2027, more than triple its fiscal 2026 AI server revenue, but whether the backlog and pipeline translate into that revenue depends on deployments proceeding and pricing holding. The article's price scenario assumes earnings per share of $65.93 in fiscal 2031 and a 24 times multiple, so the outcome hinges on Dell's share holding and on AI infrastructure spending arriving on the schedule the outside forecasts assume.