EPA:DASA.PA 25 July 2025

June 10, 2026, 9:43 AM EDT. Super Micro Computer's shares fell 11% in premarket trading after unveiling a $7 billion equity and equity-linked financing plan to support approximately $39 billion in AI server orders. The capital raise includes $1.25 billion in common stock, $3.75 billion in mandatory convertible preferred depositary shares, and up to $2 billion via an at-the-market program starting Q3 2026. While orders come from over 20 customers, the $39 billion figure does not represent firm commitments and could be delayed or canceled. The financing move risks diluting current shareholders as convertible preferred shares will convert to common stock by 2029. In Q3 FY, Super Micro reported $10.2 billion sales, $483 million net income, but burned $6.6 billion cash from operations, ending March with $1.3 billion cash against $8.8 billion debt.