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Super Micro Computer's record $60 billion order backlog entering fiscal 2027 includes a gigawatt-scale co-build with SpaceX and xAI, as Q4 gross margins expanded to 17.5% — nearly double a year earlier.
- Super Micro received more than $60 billion in new orders in Q4 fiscal 2026, pushing FY2027 revenue guidance to $65 billion–$72 billion.
- CEO Charles Liang confirmed Supermicro will co-build a new gigawatt-scale AI data center for SpaceXAI within one year, the company's fastest deployment timeline.
- Gross margins hit 17.5% in the quarter, up from 9.5% a year ago, reflecting a shift toward higher-value enterprise and hyperscale co-build contracts.
Lead
Super Micro Computer on August 11, 2026 reported fiscal fourth-quarter revenue of $11.1 billion and a record order backlog after generating more than $60 billion in new quarterly orders. CEO Charles Liang confirmed the company is co-building a new gigawatt-scale AI data center at a SpaceX facility in partnership with the merged SpaceX-xAI entity — a project Supermicro calls its fastest time-to-online deployment in company history.What Happened
Q4 fiscal 2026 revenue reached $11.1 billion, up 91% from $5.8 billion in the year-earlier quarter. Diluted earnings per share came in at $1.62, against $0.31 in Q4 fiscal 2025. Gross margin expanded to 17.5% from 9.5% a year ago and from 9.9% in Q3 fiscal 2026, driven by a deliberate shift toward enterprise clients and large co-build infrastructure engagements that carry higher unit economics than commodity GPU server contracts.
New orders exceeded $60 billion in the single quarter, setting a company record. Supermicro issued fiscal 2027 full-year revenue guidance of $65 billion to $72 billion, significantly above the $55 billion analysts had expected. First-quarter fiscal 2027 guidance was set at $14.5 billion to $15.5 billion.
The SpaceX-xAI Gigawatt Co-Build
At the center of the order surge is a co-build contract with SpaceXAI — the entity formed in February 2026 when SpaceX acquired xAI in an all-stock transaction valued at approximately $1.25 trillion. CEO Charles Liang confirmed the arrangement publicly in June, posting on X alongside the xAI logo and renderings of the SpaceX facility that Supermicro was "proud to co-build another new Gigawatt AI datacenter for @SpaceX and @XAI within a year."
The new deployment follows Supermicro's construction of xAI's Colossus cluster in Memphis, Tennessee — a 100,000-Nvidia-H100-GPU installation completed in 122 days. The SpaceXAI roadmap calls for installed compute capacity of 2 gigawatts by end of 2026, scaling to roughly 10 gigawatts by end of 2027, with longer-term plans for orbital data center infrastructure.
Market Reaction
SMCI shares rose 15% after Supermicro's July preliminary business update first disclosed the $60 billion order figure alongside raised margin guidance. Following the formal August 11 earnings report, the stock added another 6%, reflecting confidence in the margin recovery trajectory and the scale of the demand pipeline. The stock had declined approximately 30% over the prior 12 months before the July announcement reversed the trend.Strategic Context
The expanding co-build relationship with SpaceXAI reflects a structural shift in how the largest AI infrastructure projects are procured. Hyperscale build-outs of gigawatt scale are increasingly awarded through integrated partnerships rather than open-market hardware purchasing, favoring vendors that can package GPU servers, liquid cooling, power infrastructure, and accelerated deployment capability into a single engagement.
Supermicro's Data Center Building Block Solutions architecture — modular, rack-scale systems designed for rapid field integration — positions the company as a preferred partner for clients with compressed timelines. The 122-day Colossus build established the operational template that the new SpaceX facility deployment is expected to follow.
Separately, Dell Technologies is also participating in SpaceX's data center expansion, indicating that projects at gigawatt scale exceed what a single vendor can absorb and will generate broad supply-chain demand across the AI server sector.
Outlook
Supermicro enters fiscal 2027 with its strongest order position on record. The SpaceXAI co-build, combined with hyperscale compute contracts that anchor the SpaceXAI enterprise — including Anthropic's $1.25 billion monthly agreement and Google's $920 million monthly contract for SpaceXAI compute capacity — creates sustained forward demand for AI infrastructure build-out services. Margin sustainability in the 15%–17% guidance band will be the primary execution test, as Hewlett Packard Enterprise and Dell sharpen their pursuit of the same enterprise and hyperscale AI infrastructure contracts that drove Supermicro's Q4 results.
Mentioned tickers: SMCI, DELL, HPE
