SpaceX's rapid data center buildout is boosting demand for Supermicro's customized servers, and the stock trades at a 75% discount to its highs despite the partnership opportunity.

What happened

Wall Street analysts noted that SpaceX, which raised $86 billion（約14兆円） in its recent initial public offering, is renting out excess computing power to rival AI companies and has built its massive Colossus 1 and 2 AI data centers in just 122 days and 91 days, respectively. Supermicro, a server maker, was the key partner in achieving these record construction timelines, with one major customer (believed to be xAI, now SpaceX) accounting for 63% of Supermicro's revenue in its December quarter.

What to watch

Supermicro's gross margins increased 3.6 percentage points from its December quarter to 9.9% in its March quarter, suggesting the company may be recovering from earlier pressure on profitability. The SpaceX partnership could provide Supermicro with a reputational boost to charge higher prices to other customers and improve margins through increased manufacturing utilization.