Super Micro Computer (SMCI) shares dropped nearly 10% in after-hours trading.
The company announced a $7 billion equity and equity-linked financing package.
Proceeds will fund component purchases for an approximately $39 billion AI server backlog.
This order backlog originates from more than 20 customers.
The plan includes a $5 billion underwritten offering of common and depositary shares.
A $2 billion at-the-market stock program will launch in the third quarter of 2026.