Super Micro Computer
SMCIQ3 2025(SMCI Q4 FY2025)Estimated72% AI
AI Revenue %
72%
AI Fair Value
$7.3B
AI Revenue (Q)
$6.9B
Total Revenue (Q)
$9.6B
Source: SEC EDGAR 10-K Filing
View 10-K on SEC.govAnalysis
Q4 FY2025 (June 2025) is the annual 10-K. FY2025 full-year revenue was $23.5B (implied from filings: $5,937M + $5,678M + $4,600M + Q4), a massive increase from FY2024's $14.9B. The FY2025 10-K describes SMCI as focused on 'AI and high-performance computing (HPC)' with explicit product listings for 'NVIDIA's Hopper (H100/H200) and Blackwell (GB200/B200/RTX Pro 6000) generation platforms.' A new Malaysia facility was added for capacity expansion. Revenue from Thailand was 10.9% annually -- a new major geography for AI datacenter builds. The FY2025 10-K introduced formal CODM disclosure for segment reporting but still maintains a single segment. Service/software revenue was growing but remained a small fraction. The company now explicitly positions itself as an AI infrastructure provider with liquid cooling as a differentiator. Estimate 72% AI as Blackwell shipments ramp. Q4 FY2025 implied revenue ~$7.3B. ~$5,256M AI / $7,300M total = ~72%.
Analyzed by claude-opus-4-6
Quoted Figures
We deliver rack-scale solutions optimized for various workloads, including artificial intelligence (AI) and high-performance computing (HPC), where acceleration is critical
10-K FY2025, Item 1 Business
We delivered a comprehensive portfolio of AI-focused solutions, specifically designed to support the latest AI workloads, including products compatible with NVIDIA's Hopper (H100/H200) and Blackwell (GB200/B200/RTX Pro 6000) generation platforms
10-K FY2025, Item 1 Business
We launched our Data Center Building Block Solutions (DCBBS), an integrated offering that simplifies the deployment of liquid-cooled AI factories
10-K FY2025, Item 1 Business
We unveiled DLC-2, our next-generation Direct Liquid Cooling solution, engineered to significantly reduce power and water consumption, noise, and spatial requirements in data centers
10-K FY2025, Item 1 Business
For the year ended June 30, 2025, 59.4% and 10.9% of revenues were from the United States and Thailand, respectively
10-K FY2025, Note 15 Segment Reporting
AI Products Identified (Ring 1)
NVIDIA Hopper GPU servers (H100/H200)NVIDIA Blackwell GPU servers (GB200/B200)Data Center Building Block Solutions (DCBBS)DLC-2 Direct Liquid CoolingAI factory rack-scale solutionsRTX Pro 6000 workstation servers
AI-Enabled Items (Ring 2 — Not Counted)
These items use AI but are not counted in the AI revenue estimate because they primarily serve non-AI functions.
Rack Scale Total SolutionsMalaysia manufacturing facilityliquid cooling operations
Confidence Tier
EstimatedNo direct AI revenue disclosure — estimated from product mix