Super Micro Raising $7 Billion to Clear $39 Billion AI Server Backlog

Super Micro Computer plans to raise $7 billion—$5 billion via a public stock offering and $2 billion through ongoing market sales—to pay suppliers for AI servers ordered by more than 20 customers. The $39 billion backlog reflects a cash-flow mismatch: components take six to twelve months to arrive and build, but customers won't pay until delivery.