Published October 4, 2026

October Upside Ranks

Qualitative relative target-touch selections · Not calibrated probabilities

Dated prices · targets are price touches, not forecasts · exact ranks are editorial judgments.

Grade legend, dates & research limits

Completed editorial grades · assessed October 6. Business = demonstrated commercial traction. Catalyst = clarity and timing of the next important test, not success odds. Target path = how demanding this list’s target is. These grades use the same rubric for all selected names; they are not native financial-model grades or statistical probabilities.

A strong / direct · B supported but conditional · C speculative or major gaps · D exceptional leap / weak bridge. A strong catalyst can fail. A fivefold target can have a D path even in a top-ranked moonshot.

Exact grading benchmarks & evidence dates

Business

How far the business inflection is demonstrated today, not source completeness.

A — Broad, realized commercial growth or earnings; not just a plan.
B — Real but early, concentrated or mixed operating traction.
C — Primarily clinical/development or capacity optionality; limited realized economics.
D — Retained facts undermine the proposed business inflection.

Catalyst

Specificity, observability and timing of a thesis-changing test inside the original window, not its chance of success.

A — A scheduled or explicitly windowed material readout, launch or commercial ramp; repeated hard operating tests may qualify.
B — Concrete delivery, orders or earnings tests, but diffuse timing or less discrete thesis change.
C — A real milestone with important acceptance/economics/timing gaps.
D — No supported material in-window test.

Target path

Burden of reaching THIS tier target from the dated baseline; not an absolute odds estimate.

A — Comparatively direct earnings/recognition bridge in retained evidence; still conditional.
B — Recognizable bridge, but meaningful premium, execution or share-claim sensitivity.
C — Speculative extension or binary rerating beyond established economics; small-base elasticity is not a forecast.
D — Exceptional leap far beyond retained cases, with major scale/valuation/financing obstacles.

No bell curve, numeric weights, A+ grades, probability conversion or grade-based reranking. Same rubric for incumbents and additions; target-path grades vary by tier. A catalyst can fail. No synchronized chart grading because technical coverage is not comparable across all 19.

Assessment October 6 of retained evidence, not an October 6 source refresh. Baseline October 1; existing remaining touch window October 4, 2026 to exclusive October 1, 2027. Original source cutoff October 3; additions retrieved October 4; Bloom narrative retrieved October 5 UTC. Original publication dates remain attached to sources.

Original conservative research grades remain in each full story. Partial financial underwriting remains partial: completed qualitative grades do not certify current cash, target dilution, clinical efficacy or funded forecasts. No chart grade is invented from unmatched technical snapshots.

Targets use October 1, 2026 baseline quotes, which are not live prices. The price-touch window is October 4, 2026 to exclusive October 1, 2027, not the price at expiry. Exact ordinal differences are low-confidence editorial judgments; absolute likelihood may be low.

Original financial source cutoff: October 3, 2026, 07:14:12.687379 UTC. Biotech sources retrieved October 4 with original publication dates retained. Bloom’s power and policy narrative reviewed October 4 ET (sources retrieved October 5 UTC). Publication does not clear research or model limitations. No calibrated odds.

SMCI · Super Micro Computer, Inc.

+35% Upside · #2 2x Conviction · #2 5x Moonshots · #5

Oct1 baseline: USD 41.92. Original frozen quote retained.

The investment story

Thesis

Growing AI server demand and recovering margins could lift profits, if Supermicro can finance and deliver more racks.

What could move the stock

Growing AI server demand and recovering margins could lift profits, if Supermicro can finance and deliver more racks.

Next catalyst

Server deliveries and progress against the annual revenue outlook.

Major risk

Heavy working-capital needs and new shares could dilute the benefit.

Editorial grades · October 6 assessment

Same rubric for every selected company. Business is demonstrated traction; Catalyst is the timing and clarity of a test, not its chance of success. Target path changes with the target burden.

+35% Upside

BusinessBCatalystBTarget pathB

Business · B

The annual sales outlook and recovered gross margin support a turnaround, but cash conversion lags.

Catalyst · B

Rack shipments and quarterly margins are testable soon; guidance is not delivered revenue.

Target path · B

Margin recovery and delivered sales offer a recognizable route without requiring a new branding premium; financing remains a constraint.

Strongest countercase

Working capital, financing and conversion into new shares can erase the recovery.

Confidence & coverage

Low for target touch and adjacent ordering; moderate for the descriptive assessment of retained facts. Retained native financial and source detail preserved; existing holds and sensitivities still apply.

2x Conviction

BusinessBCatalystBTarget pathB

Business · B

The annual sales outlook and recovered gross margin support a turnaround, but cash conversion lags.

Catalyst · B

Rack shipments and quarterly margins are testable soon; guidance is not delivered revenue.

Target path · B

The retained original bull is near the double target, but a fixed-multiple sensitivity misses and financing can dilute the benefit.

Strongest countercase

Working capital, financing and conversion into new shares can erase the recovery.

Confidence & coverage

5x Moonshots

BusinessBCatalystBTarget pathD

Business · B

The annual sales outlook and recovered gross margin support a turnaround, but cash conversion lags.

Catalyst · B

Rack shipments and quarterly margins are testable soon; guidance is not delivered revenue.

Target path · D

A recovery can be powerful, but fivefold is far outside the retained sales-and-margin envelope and common-owner financing is demanding.

Strongest countercase

Working capital, financing and conversion into new shares can erase the recovery.

Confidence & coverage

Grade evidence & preserved research grades

Editorial reader v2 is separate from native financial certification. The original conservative evidence/path grades below have not been upgraded or overwritten.

+35% Upside original research grades

Evidence: B; operating pathway: C; feasibility: stretch.

2x Conviction original research grades

Evidence: B; operating pathway: C; feasibility: stretch.

5x Moonshots original research grades

Evidence: B; operating pathway: C; feasibility: heroic.

financials.cash
Published: 2026-08-31 · Retrieved: 2026-10-02T05:03:00.508436+00:00

Detailed research, valuation assumptions & sources

Thesis

Public annual revenue guide $65–72B and Q4 gross margin 17.5% support a rack-demand/margin recovery hypothesis; FY operating cash flow was negative $6.810B.

Independent economic outcome

{"35%": "SMCI retain originalconditional35 andbull2x;2xwatchonlybecause15xfixedbull82.562<83.840target andconversion/fundingstressstatechanges. 768.645Mgaprealnotzero.", "2x": "SMCI2xwatchonly, notcurrenteligiblepromise", "5x": "Economicreject retained12moroute: burden exceedsreviewedprofit/margin/revenue envelope, notmissingreceipt rejection."}

Expectations gap

No independently matched current consensus-baseline mispricing is asserted. A $72B recognized-sales/8.5% operating-margin route has more valuation room than expensive optics or software. Recovery and collections, rather than a new branding premium, are the main tests.

Confidence and limitations

Source-backedrelativebusinesscomparison; exactadjacentorderandfutureprice realization uncertain. Lowabsolutechanceisnotanadmissionban. Moderate confidence in comparative commercial facts; low confidence in exact adjacent rank and future realization. Stock-wide label uses most cautious genuine parent tier judgment; per-membership judgments preserved.

Qualitative editorial likelihood ordering only; no numeric probabilities, no mechanically calibrated source grade, no issuer future assurance. Adjacent order is low-confidence within the disclosed close-comparison bands.
No calibrated absolute hit probabilities or independently matched current consensus baseline; relative ordering uses qualified evidence, not a measured expectations gap.
Native schema/interface historical holds remain archived. Unresolved economic cash/current-capital/accounting facts lower confidence; absent adapter EPS/cashDate alone does not label issuer uninvestable.
The retained $768.645M is an analyst-modeled conditional funding gap, not an observed current bank shortfall. Preferred/common conversion states, coupons, working capital and share dilution can erase upside. Neither conditional minimum cash nor guide establishes funded execution.

Catalysts & disconfirmation

Public annual revenue guide $65–72B and Q4 gross margin 17.5% support a rack-demand/margin recovery hypothesis; FY operating cash flow was negative $6.810B.

2026-10-02 to 2027-03-31; historical-cadence-inference; exact future announcement dates unverified · Retainedprimaryreportedcommercialfacts supportmechanism; forwardpaidrecognition/funding notguaranteed. BnotA; no automaticnative-score conversion. · Upgrade: Confirm paid recognized delivery and common-owner economics within the retained operating window, not merely capacity/backlog/pilot publicity. If a preserved case misses, crossing requires better paid recognition/common economics or a different retained valuation sensitivity, as described; no new numeric margin/EPS/financial case is supplied. A case already crossing still needs realization of its existing assumptions. · Cut: Failure of the retained paid-recognition or recurring-owner-economics path, multiple compression, delayed catalyst or additional cash/claim burden would invalidate this route. The retained $768.645M is an analyst-modeled conditional funding gap, not an observed current bank shortfall. Preferred/common conversion states, coupons, working capital and share dilution can erase upside. Neither conditional minimum cash nor guide establishes funded execution.

Bear case

Failure of the retained paid-recognition or recurring-owner-economics path, multiple compression, delayed catalyst or additional cash/claim burden would invalidate this route. The retained $768.645M is an analyst-modeled conditional funding gap, not an observed current bank shortfall. Preferred/common conversion states, coupons, working capital and share dilution can erase upside. Neither conditional minimum cash nor guide establishes funded execution.

Retained financial routes — not target odds

Original financial hypotheses remain unchanged. Native disposition, independent WATCH and current editorial selection are distinct.

SMCI · Native blocked / Independent GENUINE_HOLD_ACCEPTED_WITH_NARROW_RATIONALE_AND_SOURCE_COVERAGE_QUALIFICATIONS

Economic outcome

Accounting and period

GAAP; actual/analyst-normalized classifications and source scope preserved individually · Exact original source measurement and forward cash windows; analysis/review dates separate · native/formula retained monetary units, no rescaling; per-field exact receipt unit used where provided

retainedEconomicModel.monitorWindow.officialEvent

Not provided/true unknown in exact original input; no zero or issuer certification substituted

Core measured historical financials — dates and attribution retained

Recognized revenue — original measurement period

39063072000 USD (original native monetary scale) · actual · Qualification Q1 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

eps

3.26 USD/share · actual · Qualification Q1 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

operating Margin

0.07092340305442439 fraction · assumption · Qualification Q1 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

697348000 ordinary shares (explicit dated/weighted/analyst basis) · actual · Qualification Q1 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

Dated reported cash / marketable liquidity (scope below)

7521474000 USD (original native monetary scale) · actual · Qualification Q1 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

debt

8720287000 USD · assumption · Qualification Q1 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

current Ordinary Shares

656965384 ordinary-shares · assumption · Qualification Q1 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

current Valuation Shares

681965384 ordinary-shares · assumption · Qualification Q1 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

Dated measured ordinary shares — NOT current fully diluted

656965384 ordinary shares (explicit dated/weighted/analyst basis) · actual · Qualification Q1 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

shares At

2026-07-31 text · not-applicable · Qualification Q1 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

options Incremental Shares

25000000 ordinary-shares · assumption · Qualification Q1 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

convertible Incremental Shares

0 ordinary-shares · assumption · Qualification Q1 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

post Balance Cash Change

0 USD · assumption · Qualification Q1 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

post Balance Debt Change

convertible Debt Removed

ownership Liability

4226258000 USD · assumption · Qualification Q1 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

convertible Cash Settlement

post Balance Other Cash Change

cash Ownership Fraction

1 fraction · assumption · Qualification Q1 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

cash Nci Deduction

164000 USD · assumption · Qualification Q1 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

cash Jv Contribution

cash Ownership Reconciliation

SMCI measuredconsolidated unrestrictedcash withconservativeNCIcapitaldeduction, no JVcashaddition; cashgeography/FSrestriction challenged separately. Seniorpreferred staysoutsidecurrentcashclaim; ownerP/E preventsduplicateparsubtraction. text · not-applicable · Qualification Q1 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

Material Provided valuation

reported Amount

2270123000 USD (original native monetary scale) · actual · Qualification Q2 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

exclusions

-341545000 USD · assumption · Qualification Q2 below. Historical source context only; exact immutable field-origin/proof mapping retained. · SMCI reported diluted numerator2.270123B includes71.960m aftertaxcoupon,13.088m actualpreferred and participating allocations. Normalize to FYNI2.230453B less full prospectivepreferred301.875m with retained debt/coupon; NOTissuerGAAPEPS recast.

normalized Amount

1928578000 USD · assumption · Qualification Q2 below. Historical source context only; exact immutable field-origin/proof mapping retained. · SMCI reported diluted numerator2.270123B includes71.960m aftertaxcoupon,13.088m actualpreferred and participating allocations. Normalize to FYNI2.230453B less full prospectivepreferred301.875m with retained debt/coupon; NOTissuerGAAPEPS recast.

ownership Fraction

1 fraction · assumption · Qualification Q2 below. Historical source context only; exact immutable field-origin/proof mapping retained. · SMCI reported diluted numerator2.270123B includes71.960m aftertaxcoupon,13.088m actualpreferred and participating allocations. Normalize to FYNI2.230453B less full prospectivepreferred301.875m with retained debt/coupon; NOTissuerGAAPEPS recast.

nci Deduction

0 USD · assumption · Qualification Q2 below. Historical source context only; exact immutable field-origin/proof mapping retained. · SMCI reported diluted numerator2.270123B includes71.960m aftertaxcoupon,13.088m actualpreferred and participating allocations. Normalize to FYNI2.230453B less full prospectivepreferred301.875m with retained debt/coupon; NOTissuerGAAPEPS recast.

jv Contribution

attributable Amount

annual Period

2025-07-01/2026-06-30 text · not-applicable · Qualification Q2 below. Historical source context only; exact immutable field-origin/proof mapping retained. · SMCI reported diluted numerator2.270123B includes71.960m aftertaxcoupon,13.088m actualpreferred and participating allocations. Normalize to FYNI2.230453B less full prospectivepreferred301.875m with retained debt/coupon; NOTissuerGAAPEPS recast.

reconciliation

SMCI reported diluted numerator2.270123B includes71.960m aftertaxcoupon,13.088m actualpreferred and participating allocations. Normalize to FYNI2.230453B less full prospectivepreferred301.875m with retained debt/coupon; NOTissuerGAAPEPS recast. text · not-applicable · Qualification Q2 below. Historical source context only; exact immutable field-origin/proof mapping retained. · SMCI reported diluted numerator2.270123B includes71.960m aftertaxcoupon,13.088m actualpreferred and participating allocations. Normalize to FYNI2.230453B less full prospectivepreferred301.875m with retained debt/coupon; NOTissuerGAAPEPS recast.

eps Reported Precision

2 count · assumption · Qualification Q2 below. Historical source context only; exact immutable field-origin/proof mapping retained. · SMCI reported diluted numerator2.270123B includes71.960m aftertaxcoupon,13.088m actualpreferred and participating allocations. Normalize to FYNI2.230453B less full prospectivepreferred301.875m with retained debt/coupon; NOTissuerGAAPEPS recast.

sector

Commercial AI server manufacturing text · not-applicable · Qualification Q2 below. Historical source context only; exact immutable field-origin/proof mapping retained. · SMCI15xbase/18xbull conditional earnings/cash normalization;15x82.562<83.84 twofoldtarget. DELL22.23xguide comparison is dated context, not issuer-certifiedfairvalue. Preferred302m and all coupons/count states remain.

metric

P/normalizedEPS text · not-applicable · Qualification Q2 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

reference Multiple

15 x · assumption · Qualification Q2 below. Historical source context only; exact immutable field-origin/proof mapping retained. · SMCI15xbase/18xbull conditional earnings/cash normalization;15x82.562<83.84 twofoldtarget. DELL22.23xguide comparison is dated context, not issuer-certifiedfairvalue. Preferred302m and all coupons/count states remain.

multiple Low

10 x · assumption · Qualification Q2 below. Historical source context only; exact immutable field-origin/proof mapping retained. · SMCI15xbase/18xbull conditional earnings/cash normalization;15x82.562<83.84 twofoldtarget. DELL22.23xguide comparison is dated context, not issuer-certifiedfairvalue. Preferred302m and all coupons/count states remain.

multiple High

18 x · assumption · Qualification Q2 below. Historical source context only; exact immutable field-origin/proof mapping retained. · SMCI15xbase/18xbull conditional earnings/cash normalization;15x82.562<83.84 twofoldtarget. DELL22.23xguide comparison is dated context, not issuer-certifiedfairvalue. Preferred302m and all coupons/count states remain.

justification

SMCI15xbase/18xbull conditional earnings/cash normalization;15x82.562<83.84 twofoldtarget. DELL22.23xguide comparison is dated context, not issuer-certifiedfairvalue. Preferred302m and all coupons/count states remain. text · not-applicable · Qualification Q2 below. Historical source context only; exact immutable field-origin/proof mapping retained. · SMCI15xbase/18xbull conditional earnings/cash normalization;15x82.562<83.84 twofoldtarget. DELL22.23xguide comparison is dated context, not issuer-certifiedfairvalue. Preferred302m and all coupons/count states remain.

model Fit

unsupported text · not-applicable · Qualification Q2 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

equity Pricing Scope

owners-metric-all-assets-no-cash-delta text · not-applicable · Qualification Q2 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Owner earnings equity multiple capitalizes all operating/investment asset earning value; do not add retained cash a second time. Gross cash/debt/outside claims still tracked for solvency and liquidity, not asserted zero.

equity Pricing Rationale

Owner earnings equity multiple capitalizes all operating/investment asset earning value; do not add retained cash a second time. Gross cash/debt/outside claims still tracked for solvency and liquidity, not asserted zero. text · not-applicable · Qualification Q2 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Owner earnings equity multiple capitalizes all operating/investment asset earning value; do not add retained cash a second time. Gross cash/debt/outside claims still tracked for solvency and liquidity, not asserted zero.

Material Provided publicStocks

shares At

2026-07-31 text · not-applicable · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

current Valuation Shares

681965384 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

common Cash

7521310000 USD (original native monetary scale) · assumption · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

debt

8720287000 USD (original native monetary scale) · assumption · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

ownership Liability

4226258000 USD (original native monetary scale) · assumption · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

classification

material-bounded text · not-applicable · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

lower

675175498 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

upper

709879775 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

id

SMCI:end2055:proof:bound-currentValuationShares text · not-applicable · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

derived At

2026-10-03T01:05:57.965238+00:00 text · not-applicable · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

rationale

SMCI actual656.965384M plus18.210114MRSU toall34.704277Moptions+18.210114MRSUs; defineddatedcommonproxy notliteralOctoberfloat. Futureconvertsharesseparate andchangeunderstress. text · not-applicable · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

0 — evidence

675175498 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

1 — evidence

709879775 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

classification

material-bounded text · not-applicable · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

lower

3499836000 USD (original native monetary scale) · assumption · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

upper

7521310000 USD (original native monetary scale) · assumption · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

id

SMCI:end2055:proof:bound-commonCash text · not-applicable · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

derived At

2026-10-03T01:05:57.965307+00:00 text · not-applicable · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

rationale

SMCI retained3500-7521.474M cashhypothesis less164kNCIconservative. FYOCF-6809.886M/inventory12895.949M andQ4recovery contextualize range, not enforceablefloor. Lowerplusdownside129.881Mwithholding yields768.645M deficit remains. text · not-applicable · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

0 — evidence

3499836000 USD (original native monetary scale) · assumption · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

1 — evidence

7521310000 USD (original native monetary scale) · assumption · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

classification

material-bounded text · not-applicable · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

lower

8720287000 USD (original native monetary scale) · assumption · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

upper

9200000000 USD (original native monetary scale) · assumption · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

id

SMCI:end2055:proof:bound-debt text · not-applicable · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

derived At

2026-10-03T01:05:57.965372+00:00 text · not-applicable · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

rationale

SMCI exactJune8720.287M carrying2039.774+2016.374+4664.139;9200Mauthoropeninghypothesis notactualnewclosedfunding. Noncashconvertprincipal4725M separatefromcash2Brepayment. text · not-applicable · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

0 — evidence

8720287000 USD (original native monetary scale) · assumption · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

1 — evidence

9200000000 USD (original native monetary scale) · assumption · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

classification

material-bounded text · not-applicable · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

lower

4226258000 USD (original native monetary scale) · assumption · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

upper

4312500000 USD (original native monetary scale) · assumption · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

id

SMCI:end2055:proof:bound-ownershipLiability text · not-applicable · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

derived At

2026-10-03T01:05:57.965485+00:00 text · not-applicable · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

rationale

SMCI mandatorypreferred4226.258Mcarrying4312.5Mpar;7%301.875Mannualclaim and2029dilution130.686-156.81975M. CurrentownerNIkeepsdividend, nofullpreferredclaimdoubleP/Esubtract. text · not-applicable · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

0 — evidence

4226258000 USD (original native monetary scale) · assumption · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

1 — evidence

4312500000 USD (original native monetary scale) · assumption · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

minimum Cash

3252828999.9999995 USD (original native monetary scale) · assumption · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

id

SMCI:end2055:proof:liq-downside text · not-applicable · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

derived At

2026-10-03T01:05:57.965519+00:00 text · not-applicable · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

rationale

No known new cash close counted afterJune; actual Oct1 cash not published. Analyst start5500 assumes -2021.474 interim net cash deployment; stress range3500-7521.474, not an observed bound. Known-only zero is noidentifiedcompletednewcapital, not zeroordinaryoperations. text · not-applicable · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

0 — evidence

3252828999.9999995 USD (original native monetary scale) · assumption · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

minimum Cash

7521310000 USD (original native monetary scale) · assumption · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

id

SMCI:end2055:proof:liq-base text · not-applicable · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

derived At

2026-10-03T01:05:57.965551+00:00 text · not-applicable · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

rationale

0 — evidence

7521310000 USD (original native monetary scale) · assumption · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

minimum Cash

7521310000 USD (original native monetary scale) · assumption · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

id

SMCI:end2055:proof:liq-bull text · not-applicable · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

derived At

2026-10-03T01:05:57.965587+00:00 text · not-applicable · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

rationale

0 — evidence

7521310000 USD (original native monetary scale) · assumption · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

id

SMCI:end2055:proof:equityStockBridge text · not-applicable · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

derived At

2026-10-03T01:10:01.771457+00:00 text · not-applicable · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

rationale

SMCI all-assets ownerP/E, no additive doublecreditedcash or duplicateprincipalclaim; fullcash/debtfundingstillrequired text · not-applicable · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

0 — evidence

0 USD (original native monetary scale) · assumption · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

1 — evidence

0 USD (original native monetary scale) · assumption · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

2 — evidence

0 USD (original native monetary scale) · assumption · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

kind

analyst-assumption text · not-applicable · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

hypothetical

true boolean · assumption · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

common Cash

0 USD (original native monetary scale) · assumption · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

debt

0 USD (original native monetary scale) · assumption · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

ownership Liability

0 USD (original native monetary scale) · assumption · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

Owner-profit / cash / claims / valuation — compact original cases and measured history

ttm Revenue

39063.072 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

operating Income

2770.486 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

operating Margin

7.092340305442439 fraction · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

diluted EPS

3.26 USD/share · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

diluted Weighted Average Shares

697.348 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

common Shares Outstanding

656.882499 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

cash And Equivalents

7521.474 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

financial Debt

8720.287 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

mandatory Convertible Preferred Carrying Value

4226.258 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

mandatory Preferred Shares Outstanding

4.3125 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

mandatory Preferred Conversion Common Share Range

[130.686, 156.81975] retained explanatory text · not-applicable · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

operating Cash Flow

-6809.886 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

cash Capex

161.999 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

free Cash Flow

-6971.885 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

largest Customer Revenue Share

28.1 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

FY27 Revenue Guidance

[65000, 72000] retained explanatory text · not-applicable · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

FY27 Q1 GAAPEPSGuidance

[0.89, 0.98] USD/share · not-applicable · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

Recognized revenue — original measurement period

39063.072 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

operating Income

2770.486 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

diluted EPS

3.26 USD/share · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

EPSweighted Shares

697.348 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

operating Margin

0.07092340305442439 fraction · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

TTMRevenue

39063.072 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

dated Common

656.965384 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

dated At

2026-07-31 text · not-applicable · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

0 — currentEconomicRange

680 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

1 — currentEconomicRange

755 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

0 — sourceIds

SMCI-latest-filing text · not-applicable · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

preferred

4.3125m preferred x$1000=4312.5m par;7%=$301.875m annual cash/stock obligation; contractual common130.686-156.81975m due2029-06-01. Primary 12mo PE keeps preferred outside denominator and deducts dividends; as-converted preferred sensitivity adds shares/removes dividend, never preferred claim twice. text · not-applicable · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

convertible Debt

1725/83.44+700/61.06+2300/55.20 =73.81m gross common; conversion removes corresponding debt claim. Capped calls81.78/94.17 are conditional protection, not unlimited insurance. Primary valuation conservatively gross-converts notes without counting hedge offsets. text · not-applicable · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

potential SBC

34.704277m options+$18.210114m RSUs disclosed; strike/net-share sensitivity, not all issuance certain. text · not-applicable · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

balance At

2026-06-30 text · not-applicable · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

Dated reported cash / marketable liquidity (scope below)

7521.474 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

restricted Cash

110.062 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

debt Carrying

8720.287 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

cash Post Financing Bridge

No known new cash close counted afterJune; actual Oct1 cash not published. Analyst start5500 assumes -2021.474 interim net cash deployment; stress range3500-7521.474, not an observed bound. text · not-applicable · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

funding Timing

Newdebt/equity amountsareanalystcapacity-fundingrequirementsnotissuercommitments/provenclosedfunding. Openingcashestimates+stressrangesnotstrictactualupper/lowerbounds becauseothercashflowsunpublished; disclosedpostbalanceproformaas-before-deploymentonly. Restrictedcashexcludedfromfreeliquidity. Allfinanceissuepricesassumepre-terminalclosing,stress10%dilutionnotproofcapitalavailable. text · not-applicable · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

multiple Uncertainty

OnlySMCIDEllPE andCRWV/NBISforwardcloudcross-check/DLRownerFFOcontextdated. MatchedAAOIfutureGAAPmargin/SEIrentalpeer/stabilizedAPLDNOIcomparables notindependentlyestablished; theirvaluationrangesassumptions. Noeligible tier reliesonunprovedpremium. text · not-applicable · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

target Price

56.59199752807618 USD/share · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

multiple

18 valuation multiple x · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

end Shares

733.630804 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

required Annual Valuation Metric

3.1439998626708987 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

required Annual Revenue

44831.39922098736 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

funding Cash Assumption

7074 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

post Conversion Net Debt

-2174 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

outside And Senior Claim

0 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

required Revenue To Bull Modeled

0.6226583225137133 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

target Price

83.83999633789062 USD/share · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

multiple

18 valuation multiple x · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

end Shares

765.768429 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

required Annual Valuation Metric

4.657777574327257 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

required Annual Revenue

62468.809054764904 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

funding Cash Assumption

7074 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

post Conversion Net Debt

-4599 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

outside And Senior Claim

0 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

required Revenue To Bull Modeled

0.8676223479828459 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

target Price

209.59999084472656 USD/share · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

multiple

18 valuation multiple x · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

end Shares

765.768429 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

required Annual Valuation Metric

11.644443935818142 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

required Annual Revenue

141147.7579310299 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

funding Cash Assumption

7074 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

post Conversion Net Debt

-4599 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

outside And Senior Claim

0 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

required Revenue To Bull Modeled

1.9603855268198596 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

price

52.41312129928224 USD/share · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

price Return

0.2503130627069139 USD/share · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

end Cash

5300.4 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

minimum Quarter End Cash

5300.4 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

end Debt

8700 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

operating Income

3978 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

end Economic Shares

686.965384 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

conversion Threshold State

consistent text · not-applicable · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

funding Shortfall To Zero

0 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

classification

analyststressnotforecast text · not-applicable · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

price

63.23912030812491 USD/share · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

price Return

0.5085668671372459 USD/share · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

end Cash

6007.6 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

minimum Quarter End Cash

5844.7 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

end Debt

8700 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

operating Income

4862 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

end Economic Shares

740.095684 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

conversion Threshold State

consistent text · not-applicable · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

funding Shortfall To Zero

0 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

classification

analyststressnotforecast text · not-applicable · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

price

36.377378805450846 fraction · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

price Return

-0.1322189791410937 fraction · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

end Cash

4566 fraction · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

minimum Quarter End Cash

4566 fraction · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

end Debt

8700 fraction · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

operating Income

3060 fraction · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

end Economic Shares

686.965384 fraction · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

conversion Threshold State

consistent text · not-applicable · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

funding Shortfall To Zero

0 fraction · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

classification

analyststressnotforecast text · not-applicable · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

price

78.12368218053277 fraction · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

price Return

0.8636375379998811 fraction · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

end Cash

6742 fraction · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

minimum Quarter End Cash

6017.5 fraction · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

end Debt

8700 fraction · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

operating Income

5780 fraction · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

end Economic Shares

740.095684 fraction · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

conversion Threshold State

consistent text · not-applicable · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

funding Shortfall To Zero

0 fraction · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

classification

analyststressnotforecast text · not-applicable · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

price

45.10052576390079 valuation multiple x · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

price Return

0.07587136769752156 valuation multiple x · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

end Cash

5654 valuation multiple x · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

minimum Quarter End Cash

5654 valuation multiple x · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

end Debt

8700 valuation multiple x · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

operating Income

4420 valuation multiple x · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

end Economic Shares

686.965384 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

conversion Threshold State

consistent text · not-applicable · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

funding Shortfall To Zero

0 valuation multiple x · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

classification

analyststressnotforecast text · not-applicable · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

price

64.48335131758449 valuation multiple x · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

price Return

0.538247951674633 valuation multiple x · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

end Cash

5654 valuation multiple x · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

minimum Quarter End Cash

5654 valuation multiple x · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

end Debt

8700 valuation multiple x · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

operating Income

4420 valuation multiple x · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

end Economic Shares

740.095684 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

conversion Threshold State

consistent text · not-applicable · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

funding Shortfall To Zero

0 valuation multiple x · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

classification

analyststressnotforecast text · not-applicable · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

price

54.66730395624338 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

price Return

0.304086506300026 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

end Cash

5654 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

minimum Quarter End Cash

5654 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

end Debt

8700 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

operating Income

4420 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

end Economic Shares

755.6619224 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

conversion Threshold State

consistent text · not-applicable · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

funding Shortfall To Zero

0 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

classification

analyststressnotforecast text · not-applicable · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

price

52.59879153055654 USD/share · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

price Return

0.25474221918077666 USD/share · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

end Cash

5169.3 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

minimum Quarter End Cash

5169.3 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

end Debt

8400 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

operating Income

4420 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

end Economic Shares

760.768429 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

conversion Threshold State

PEthreshold discontinuity:lowestcandidatebound,notapproval text · not-applicable · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

funding Shortfall To Zero

0 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

classification

analyststressnotforecast text · not-applicable · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

end Cash

3836.5 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

minimum Quarter End Cash

3836.5 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

end Debt

8400 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

operating Income

2754 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

end Economic Shares

755.6619224 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

funding Shortfall To Zero

0 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

price

56.69537957113326 USD/share · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

end Cash

4279 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

classification

firstorder mechanicalnotexactconvertstate;PEcashdoesnothitpricebeforeinterest/refidilution text · not-applicable · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

price

56.69537957113326 USD/share · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

classification

firstorder mechanicalnotexactconvertstate;refiintereststressseparate text · not-applicable · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

price

51.541254155575686 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

price Return

0.22951470436269905 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

end Economic Shares

801.4938844000001 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

additional Cash

0 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

note

Exact10%totaldilutionallsecurities;noassumedfinancingcash; separatecommon+10%instrumentstate stressabove. text · not-applicable · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

sector Metric

PE text · not-applicable · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

current Implied Multiple Context

15.924712597884461 valuation multiple x · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

context Denominator

2.6323864817826745 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

context Limitations

LatestdatedcapitalnotliveOctEV; TTMhistoricalforlossmakersNEITHERfairmultiple norcomparableforward. APLDhistoricalNOIstub90.388nonstabilized;SEI880quarterguideannualizedcontextNOTannualactual. Cannotcallallimpliedmultiplesnormalizedfairvalue. text · not-applicable · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

base Price

60.19050835321781 valuation multiple x · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

bull Price

87.651917455614 valuation multiple x · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

nonqualifying If Loss PEOr Stub Multiple

AAOInone;APLDTTMstubmultipleintentionallynoteligible text · not-applicable · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

downside Price

10.859057289718603 valuation multiple x · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

multiple Evidence

DatedpeerreferencesretainedDELLprice541.74/FY27GAAPguide24.37=22.23x;DLR176.49/8.175ex-promoteFFO=21.59x; CRWVnewguideforwardEVsales~6.14xwithJuneEV78599.6/12800. NBIS8xstretchpremiumneedsmargindelivery,notpeerproven. Sectorcomparisondoesnotestablishexactfairmultiple. text · not-applicable · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

0 — normalizedMultipleRange

10 valuation multiple x · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

1 — normalizedMultipleRange

15 valuation multiple x · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

2 — normalizedMultipleRange

18 valuation multiple x · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

reported Historical PE

12.858895143848256 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

EPS

2.6323864817826745 USD/share · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

economic Shares Assumption

755.7697221772346 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

formula

(FY26 NI2230.453+convertcoupon76.125*(1-.20)-fullyearpreferred301.875)/(datedcommon656.965384+25mawardallowance+73.813convertshares) text · not-applicable · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

classification

Analyst economic historical recast, NOTnewissuerGAAPEPS;fullpreferredannualdividendisprospectiveburden text · not-applicable · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

fixed Current Metric Multiple Operating Price Before Capital Update

13.593137075940913 valuation multiple x · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

financing Ownership Dilution Contribution Price Points

-2.73407978622231 fraction · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

multiple Contribution Price Points

-4.040059946456541 valuation multiple x · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

fixed Current Metric Multiple Operating Price Before Capital Update

68.23262622888053 valuation multiple x · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

financing Ownership Dilution Contribution Price Points

-8.042117875662726 fraction · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

multiple Contribution Price Points

-3.4951287820845507 valuation multiple x · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

fixed Current Metric Multiple Operating Price Before Capital Update

102.16835279836175 valuation multiple x · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

financing Ownership Dilution Contribution Price Points

-14.516435342747755 fraction · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

multiple Contribution Price Points

11.422681505163988 valuation multiple x · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

classification

research-inference text · not-applicable · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

common Equity Value USDmillion

27536.513155292225 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

enterprise Value With Preferred USDmillion

32961.58415529222 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

ev To Reported Revenue

0.8438041983818431 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

price To GAAPEPS

12.858895143848256 USD/share · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

formula

Frozen price × dated 656.882499m common shares + 8720.287m debt + 4226.258m preferred carrying value - 7521.474m cash; preferred market value and leases not modeled. If using as-converted common value instead, REMOVE preferred to avoid double counting. text · not-applicable · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

numeric Burden

Conservative illustrative fully converted 800m common denominator: +35% at15x needs EPS $3.77 and common-equivalent profit $3.02B; 2x at18x needs EPS $4.66/$3.73B, ~5.4% of $68.5B guided midpoint; 5x at18x needs $11.64/$9.32B (~13.6% guided sales), above current gross economics. No preferred dividend deduction in fully converted sensitivity; actual 12mo preconversion valuation must retain 7% dividend and security terms. text · not-applicable · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

Recognized revenue — original measurement period

48000 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

GAAPOperating Margin

0.035 fraction · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

GAAPOperating Income

1680.0000000000002 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

cash Taxes

226.60000000000005 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

net Income Recurring

803.4000000000002 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

SBCexpense And Cash Addback

500 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

net Cash Interest

650 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

working Capital Cash Absorption

6000 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

deferred Revenue Net Cash Change

0 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

cash Capex Including Refresh

220 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

FCFAfter Total Capex

-4836.6 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

opening Cash Assumption

5500 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

opening Debt Assumption

9200 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

new Debt Assumption

2000 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

new Equity Cash

1000 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

equity Issue Price

30 USD/share · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

incremental Financing Shares

33.333333333333336 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

SBCand Warrant Share Allowance

45 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

preferred Or Common Dividend Cash

302 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

end Cash

1361.3999999999996 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

end Debt Before Hypothetical Conversion

9200 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

end Debt After Hypothetical Conversion

9200 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

convert Shares

0 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

common Shares Before Convert

735.2987173333333 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

end Economic Shares

terminal Senior Or Outside Claim

0 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

multiple

10 valuation multiple x · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

funding Status

requires incremental financing not yetclosed text · not-applicable · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

cash Bridge Formula

NI + D&A + SBC - WCabsorption + deferredRevenueDelta = OCF; cashEnd = cashStart+OCF-capex+newDebt-debtRepay+newEquity-dividend; interest/tax alreadyinsideNI; capex deductedonce; restrictedcashneveradded. text · not-applicable · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

liquidity Survival

conditional funded only if modeled capital closes text · not-applicable · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

cash After Maintenance Refresh Estimate

-4766.6 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

refresh Maintenance Included In Total Capex

true boolean · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

additional Funding To Minimum200m Buffer

0 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

rescue Equity Shares At Assumed Issue Price

0 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

downside — Signed financial cash/revenue path

[{"field":"quarterlyRecognizedRevenue.0","value":11000,"unit":"USD (original native monetary scale)","scopeNoteId":"Q4"},{"field":"quarterlyRecognizedRevenue.1","value":12000,"unit":"USD (original native monetary scale)","scopeNoteId":"Q4"},{"field":"quarterlyRecognizedRevenue.2","value":12000,"unit":"USD (original native monetary scale)","scopeNoteId":"Q4"},{"field":"quarterlyRecognizedRevenue.3","value":13000,"unit":"USD (original native monetary scale)","scopeNoteId":"Q4"},{"field":"quarterEndCashAssumption.0","value":5016.05,"unit":"USD (original native monetary scale)","scopeNoteId":"Q4"},{"field":"quarterEndCashAssumption.1","value":4120.4,"unit":"USD (original native monetary scale)","scopeNoteId":"Q4"},{"field":"quarterEndCashAssumption.2","value":2796.7499999999995,"unit":"USD (original native monetary scale)","scopeNoteId":"Q4"},{"field":"quarterEndCashAssumption.3","value":1361.3999999999996,"unit":"USD (original native monetary scale)","scopeNoteId":"Q4"},{"field":"minimumQuarterEndCash","value":1361.3999999999996,"unit":"USD (original native monetary scale)","scopeNoteId":"Q4"}] Each signed value retains its explicit original unit and period/scope in the compact financial path · forecast · Qualification Q5 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

Recognized revenue — original measurement period

68000 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

GAAPOperating Margin

0.065 fraction · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

GAAPOperating Income

4420 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

cash Taxes

764 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

net Income Recurring

3056 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

SBCexpense And Cash Addback

550 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

net Cash Interest

600 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

working Capital Cash Absorption

2500 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

deferred Revenue Net Cash Change

0 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

cash Capex Including Refresh

250 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

FCFAfter Total Capex

956 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

opening Cash Assumption

5500 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

opening Debt Assumption

9200 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

new Debt Assumption

1500 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

new Equity Cash

0 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

equity Issue Price

42 USD/share · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

incremental Financing Shares

0 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

SBCand Warrant Share Allowance

30 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

preferred Or Common Dividend Cash

302 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

end Cash

5654 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

end Debt Before Hypothetical Conversion

8700 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

end Debt After Hypothetical Conversion

6400 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

convert Shares

41.665420000000005 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

common Shares Before Convert

686.965384 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

end Economic Shares

728.630804 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

terminal Senior Or Outside Claim

0 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

multiple

15 valuation multiple x · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

funding Status

requires incremental financing not yetclosed text · not-applicable · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

cash Bridge Formula

liquidity Survival

conditional funded only if modeled capital closes text · not-applicable · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

cash After Maintenance Refresh Estimate

1056 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

refresh Maintenance Included In Total Capex

true boolean · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

additional Funding To Minimum200m Buffer

0 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

rescue Equity Shares At Assumed Issue Price

0 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

base — Signed financial cash/revenue path

[{"field":"quarterlyRecognizedRevenue.0","value":16000,"unit":"USD (original native monetary scale)","scopeNoteId":"Q4"},{"field":"quarterlyRecognizedRevenue.1","value":17000,"unit":"USD (original native monetary scale)","scopeNoteId":"Q4"},{"field":"quarterlyRecognizedRevenue.2","value":17000,"unit":"USD (original native monetary scale)","scopeNoteId":"Q4"},{"field":"quarterlyRecognizedRevenue.3","value":18000,"unit":"USD (original native monetary scale)","scopeNoteId":"Q4"},{"field":"quarterEndCashAssumption.0","value":5761.5,"unit":"USD (original native monetary scale)","scopeNoteId":"Q4"},{"field":"quarterEndCashAssumption.1","value":5862.5,"unit":"USD (original native monetary scale)","scopeNoteId":"Q4"},{"field":"quarterEndCashAssumption.2","value":5763.5,"unit":"USD (original native monetary scale)","scopeNoteId":"Q4"},{"field":"quarterEndCashAssumption.3","value":5654.0,"unit":"USD (original native monetary scale)","scopeNoteId":"Q4"},{"field":"minimumQuarterEndCash","value":5654.0,"unit":"USD (original native monetary scale)","scopeNoteId":"Q4"}] Each signed value retains its explicit original unit and period/scope in the compact financial path · forecast · Qualification Q5 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

Recognized revenue — original measurement period

72000 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

GAAPOperating Margin

0.085 fraction · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

GAAPOperating Income

6120 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

cash Taxes

1114 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

net Income Recurring

4456 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

SBCexpense And Cash Addback

600 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

net Cash Interest

550 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

working Capital Cash Absorption

1000 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

deferred Revenue Net Cash Change

0 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

cash Capex Including Refresh

300 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

FCFAfter Total Capex

3876 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

opening Cash Assumption

5500 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

opening Debt Assumption

9200 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

new Debt Assumption

0 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

new Equity Cash

0 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

equity Issue Price

42 USD/share · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

incremental Financing Shares

0 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

SBCand Warrant Share Allowance

35 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

preferred Or Common Dividend Cash

302 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

end Cash

7074 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

end Debt Before Hypothetical Conversion

7200 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

end Debt After Hypothetical Conversion

2475 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

convert Shares

73.803045 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

common Shares Before Convert

691.965384 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

end Economic Shares

765.768429 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

terminal Senior Or Outside Claim

0 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

multiple

18 valuation multiple x · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

funding Status

conditional on modeled cashconversion text · not-applicable · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

cash Bridge Formula

liquidity Survival

conditional funded only if modeled capital closes text · not-applicable · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

cash After Maintenance Refresh Estimate

4026 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

refresh Maintenance Included In Total Capex

true boolean · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

additional Funding To Minimum200m Buffer

0 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

rescue Equity Shares At Assumed Issue Price

0 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

bull — Signed financial cash/revenue path

[{"field":"quarterlyRecognizedRevenue.0","value":17000,"unit":"USD (original native monetary scale)","scopeNoteId":"Q4"},{"field":"quarterlyRecognizedRevenue.1","value":18000,"unit":"USD (original native monetary scale)","scopeNoteId":"Q4"},{"field":"quarterlyRecognizedRevenue.2","value":18000,"unit":"USD (original native monetary scale)","scopeNoteId":"Q4"},{"field":"quarterlyRecognizedRevenue.3","value":19000,"unit":"USD (original native monetary scale)","scopeNoteId":"Q4"},{"field":"quarterEndCashAssumption.0","value":5795.5,"unit":"USD (original native monetary scale)","scopeNoteId":"Q4"},{"field":"quarterEndCashAssumption.1","value":6174.0,"unit":"USD (original native monetary scale)","scopeNoteId":"Q4"},{"field":"quarterEndCashAssumption.2","value":6582.5,"unit":"USD (original native monetary scale)","scopeNoteId":"Q4"},{"field":"quarterEndCashAssumption.3","value":7074.0,"unit":"USD (original native monetary scale)","scopeNoteId":"Q4"},{"field":"minimumQuarterEndCash","value":5795.5,"unit":"USD (original native monetary scale)","scopeNoteId":"Q4"}] Each signed value retains its explicit original unit and period/scope in the compact financial path · forecast · Qualification Q5 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

Bounded source/proof detail — exact archive, NOT financial assumptions

full Archive

[internal evidence reference] artifact path · not-applicable · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

full Archive SHA

1900d87c2fa2ab79b937fa9292636486e5e4f5dc6563f1428e5fb468080e4b73 SHA256 · not-applicable · Qualification Q7 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

Shared financial qualifications — exact scopes/formulas, not numeric assumptions

Qualification Q1 — exact field scope

Exact retained native financials inputs. Review/source time, monetary/share basis and uncertainty are original. Typed native bookkeeping is NOT source truth or all-model-resolution certification. Original measurement {'start': '2025-07-01', 'end': '2026-06-30', 'basis': 'original retained financial measurement; native stock/share dates separately stated'}; dated balance/share values NOT quote-day cap-table guarantees. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q2 — exact field scope

Exact retained native valuation inputs. Review/source time, monetary/share basis and uncertainty are original. Typed native bookkeeping is NOT source truth or all-model-resolution certification. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q3 — exact field scope

Exact retained native publicStocks inputs. Review/source time, monetary/share basis and uncertainty are original. Typed native bookkeeping is NOT source truth or all-model-resolution certification. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q4 — exact field scope

Exact retained retainedEconomicModel; pro-forma/conditional sensitivities are not forward consensus or issuer-certified dates/stocks/funding scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q5 — exact field scope

Bounded material financial case values only, escaped read-only text; original archive/proof object not in runtime; original recognized revenue/cash/claim sensitivity values unchanged. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q6 — exact field scope

Exact original route pointer /modelViews/14 scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q7 — exact field scope

Hash equality is not semantic source proof scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q8 — exact field scope

Exact provided downside12month assumptions/known source cutoffs, not four-times guidance or completed future recognition scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q9 — exact field scope

Exact provided base12month assumptions/known source cutoffs, not four-times guidance or completed future recognition scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q10 — exact field scope

Exact provided bull12month assumptions/known source cutoffs, not four-times guidance or completed future recognition scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Dated source/proof detail — actual citation sets, not source certainty

Historical/source evidence set E1 — shared actual citations

Exact source IDs shared by material rows; forward/derived use stays analyst conditional, not an issuer guarantee. Full claim/reviewer/sourceDAG in original archive. source/proof context, not a financial quantity · not-applicable · Source support is scoped. Hash equality is not literal/accounting proof. ·

Historical/source evidence set E2 — shared actual citations

Exact immutable source/model proofs — shared references, not source certainty

Exact value/origin proof P8447

Full immutable financial/source/derivation context for rows marked P8447. Source links on rows are historical context only, not issuerfuture/bank/currentFD certification. immutable proof/ref, not numeric financial assumption · not-applicable · Actual original artifact hash/optionalJSONpointer; scopedsource/financial acceptance separate from fullmodel/native certification ·

Exact value/origin proof P8485

Full immutable financial/source/derivation context for rows marked P8485. Source links on rows are historical context only, not issuerfuture/bank/currentFD certification. immutable proof/ref, not numeric financial assumption · not-applicable · Actual original artifact hash/optionalJSONpointer; scopedsource/financial acceptance separate from fullmodel/native certification ·

downside · conditional-provided-not-issuer-guaranteed

Scenario period

2026-10-01 → 2027-10-01 · cumulative-12mo

horizon Months

12 months · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

revenue Growth

0.22878200669931958 fraction · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

operating Margin

0.035 fraction · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

cash Taxes

226600000.00000006 USD · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

noncash Adjustments

580000000 USD · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

working Capital Change

-6000000000 USD · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

cash Interest

650000000 USD · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

other Operating Cash

0 USD · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

capex

220000000 USD · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

financing

1000000000 USD · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

financing Price

30 USD/ordinary-share · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

debt Raised

2000000000 USD · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

debt Repaid

dilution

0.07820533796086837 fraction · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

runway Months

capacity Revenue Ceiling

72000000000 USD · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

max Operating Margin

0.085 fraction · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

execution

supported text · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

terminal Multiple

10 x · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

drivers

SMCI Shipping rackscale notnameplate. AnnualQ416/17/17/18bnbase follows65-72bnFY27guidebutrollingOct-SeptNOTsamefiscalyear. 3.5/6.5/8.5%GAAPmargins comparedFY26 7.09%;Q1GAAPEPS0.89-0.98 notQ4annualization. WC2500base is alreadyimprovementfromFY26near10bnnetabsorption; notautomaticrelease. Newdebt/equity amountsareanalystcapacity-fundingrequirementsnotissuercommitments/provenclosedfunding. Openingcashestimates+stressrangesnotstrictactualupper/lowerbounds becauseothercashflowsunpublished; disclosedpostbalanceproformaas-before-deploymentonly. Restrictedcashexcludedfromfreeliquidity. Allfinanceissuepricesassumepre-terminalclosing,stress10%dilutionnotproofcapitalavailable. Annualpreferred302M conservativelyrounds301.875M; GAAPnetNI includes interest/taxdebits; convertedcoupon aftertaxaddback 0.0 entersONLYownerNI, notcashCFO without actualpaymenttiming. Noncashconversion principal 0.0 doesNOTbecomecash2B debtRepayment. Employee129.881M grosswithholding separately financing; historical46.260M optionproceeds not netted against withholding or addedCFO; forwardcontinuityhypothesis companion below. Financing assumption no guaranteedbankavailability. text · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

cash Period Start

2026-10-01 text · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

cash Period End

2027-10-01 text · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

cash Period Basis

cumulative-12mo text · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

cash Bridge Rationale

minimum Cash

3252828999.9999995 USD · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

funding Execution

ownership Liability

4226258000 USD · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

cash Ownership Fraction

1 fraction · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

cash Nci Deduction

cash Jv Contribution

cash Attribution Rationale

SMCI Shipping rackscale notnameplate. AnnualQ416/17/17/18bnbase follows65-72bnFY27guidebutrollingOct-SeptNOTsamefiscalyear. 3.5/6.5/8.5%GAAPmargins comparedFY26 7.09%;Q1GAAPEPS0.89-0.98 notQ4annualization. WC2500base is alreadyimprovementfromFY26near10bnnetabsorption; notautomaticrelease. Newdebt/equity amountsareanalystcapacity-fundingrequirementsnotissuercommitments/provenclosedfunding. Openingcashestimates+stressrangesnotstrictactualupper/lowerbounds becauseothercashflowsunpublished; disclosedpostbalanceproformaas-before-deploymentonly. Restrictedcashexcludedfromfreeliquidity. Allfinanceissuepricesassumepre-terminalclosing,stress10%dilutionnotproofcapitalavailable. Annualpreferred302M conservativelyrounds301.875M; GAAPnetNI includes interest/taxdebits; convertedcoupon aftertaxaddback 0.0 entersONLYownerNI, notcashCFO without actualpaymenttiming. Noncashconversion principal 0.0 doesNOTbecomecash2B debtRepayment. Employee129.881M grosswithholding separately financing; historical46.260M optionproceeds not netted against withholding or addedCFO; forwardcontinuityhypothesis companion below. Financing assumption no guaranteedbankavailability. Originalfullcommonforecastattribution after reportedHPE/SMCIparentNI; unknowntrappedcash stressed10% andNCIbookconservative62M/164k separately, notclaimoutsideprofitszero. text · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

shareholder Distributions

302000000 USD · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

cash Distribution Rationale

SMCI Shipping rackscale notnameplate. AnnualQ416/17/17/18bnbase follows65-72bnFY27guidebutrollingOct-SeptNOTsamefiscalyear. 3.5/6.5/8.5%GAAPmargins comparedFY26 7.09%;Q1GAAPEPS0.89-0.98 notQ4annualization. WC2500base is alreadyimprovementfromFY26near10bnnetabsorption; notautomaticrelease. Newdebt/equity amountsareanalystcapacity-fundingrequirementsnotissuercommitments/provenclosedfunding. Openingcashestimates+stressrangesnotstrictactualupper/lowerbounds becauseothercashflowsunpublished; disclosedpostbalanceproformaas-before-deploymentonly. Restrictedcashexcludedfromfreeliquidity. Allfinanceissuepricesassumepre-terminalclosing,stress10%dilutionnotproofcapitalavailable. Annualpreferred302M conservativelyrounds301.875M; GAAPnetNI includes interest/taxdebits; convertedcoupon aftertaxaddback 0.0 entersONLYownerNI, notcashCFO without actualpaymenttiming. Noncashconversion principal 0.0 doesNOTbecomecash2B debtRepayment. Employee129.881M grosswithholding separately financing; historical46.260M optionproceeds not netted against withholding or addedCFO; forwardcontinuityhypothesis companion below. Financing assumption no guaranteedbankavailability. Dividends only, buybacks/withholding/principal/acquisitions distinct. text · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

metric Revenue Coefficient

0.027300000000000005 fraction · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

metric Constant

-809000000 USD · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

metric Ceiling

501400000.00000024 USD · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

sector Bridge Rationale

sector Reported Amount

803400000.0000002 USD · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

sector Exclusions

-302000000 USD · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

sector Ownership Fraction

sector Nci Deduction

sector Jv Contribution

net Share Change

53333333.33333337 ordinary-shares · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

gross Share Issuance

78333333.33333334 ordinary-shares · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

share Repurchase Shares

0 ordinary-shares · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

share Repurchase Cash

acquisition Investing Cash

jv Investing Cash

employee Equity Tax Withholding Cash

129881000 USD · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

capital Allocation Rationale

SMCI Shipping rackscale notnameplate. AnnualQ416/17/17/18bnbase follows65-72bnFY27guidebutrollingOct-SeptNOTsamefiscalyear. 3.5/6.5/8.5%GAAPmargins comparedFY26 7.09%;Q1GAAPEPS0.89-0.98 notQ4annualization. WC2500base is alreadyimprovementfromFY26near10bnnetabsorption; notautomaticrelease. Newdebt/equity amountsareanalystcapacity-fundingrequirementsnotissuercommitments/provenclosedfunding. Openingcashestimates+stressrangesnotstrictactualupper/lowerbounds becauseothercashflowsunpublished; disclosedpostbalanceproformaas-before-deploymentonly. Restrictedcashexcludedfromfreeliquidity. Allfinanceissuepricesassumepre-terminalclosing,stress10%dilutionnotproofcapitalavailable. Annualpreferred302M conservativelyrounds301.875M; GAAPnetNI includes interest/taxdebits; convertedcoupon aftertaxaddback 0.0 entersONLYownerNI, notcashCFO without actualpaymenttiming. Noncashconversion principal 0.0 doesNOTbecomecash2B debtRepayment. Employee129.881M grosswithholding separately financing; historical46.260M optionproceeds not netted against withholding or addedCFO; forwardcontinuityhypothesis companion below. Financing assumption no guaranteedbankavailability. Defined dilutednetchange includesfutureconversion/proxychange, notobservedgrossemployeedelivery. Underlying originalemployeeissuance and treasuryresidual separate in originalretainedmodel. Exactnativegross field fit challenged, not hidden. text · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

basis

operating-margin-linked-normalized-common-income text · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

baseline Operating Margin

after Tax Owner Profit Slope

0.78 fraction · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

rationale

SMCI Shipping rackscale notnameplate. AnnualQ416/17/17/18bnbase follows65-72bnFY27guidebutrollingOct-SeptNOTsamefiscalyear. 3.5/6.5/8.5%GAAPmargins comparedFY26 7.09%;Q1GAAPEPS0.89-0.98 notQ4annualization. WC2500base is alreadyimprovementfromFY26near10bnnetabsorption; notautomaticrelease. Newdebt/equity amountsareanalystcapacity-fundingrequirementsnotissuercommitments/provenclosedfunding. Openingcashestimates+stressrangesnotstrictactualupper/lowerbounds becauseothercashflowsunpublished; disclosedpostbalanceproformaas-before-deploymentonly. Restrictedcashexcludedfromfreeliquidity. Allfinanceissuepricesassumepre-terminalclosing,stress10%dilutionnotproofcapitalavailable. Annualpreferred302M conservativelyrounds301.875M; GAAPnetNI includes interest/taxdebits; convertedcoupon aftertaxaddback 0.0 entersONLYownerNI, notcashCFO without actualpaymenttiming. Noncashconversion principal 0.0 doesNOTbecomecash2B debtRepayment. Employee129.881M grosswithholding separately financing; historical46.260M optionproceeds not netted against withholding or addedCFO; forwardcontinuityhypothesis companion below. Financing assumption no guaranteedbankavailability. Margin change must alterownerNI, notfixedfalse35% sensitivity; fixedtax/couponstates remain diagnosticlimitations. text · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

base · conditional-provided-not-issuer-guaranteed

Scenario period

2026-10-01 → 2027-10-01 · cumulative-12mo

horizon Months

12 months · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

revenue Growth

0.7407745094907026 fraction · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

operating Margin

0.065 fraction · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

cash Taxes

764000000 USD · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

noncash Adjustments

650000000 USD · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

working Capital Change

-2500000000 USD · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

cash Interest

600000000 USD · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

other Operating Cash

0 USD · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

capex

250000000 USD · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

financing

financing Price

42 USD/ordinary-share · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

debt Raised

1500000000 USD · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

debt Repaid

2000000000 USD · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

dilution

0.06842784266598494 fraction · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

runway Months

capacity Revenue Ceiling

72000000000 USD · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

max Operating Margin

0.085 fraction · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

execution

supported text · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

terminal Multiple

15 x · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

drivers

SMCI Shipping rackscale notnameplate. AnnualQ416/17/17/18bnbase follows65-72bnFY27guidebutrollingOct-SeptNOTsamefiscalyear. 3.5/6.5/8.5%GAAPmargins comparedFY26 7.09%;Q1GAAPEPS0.89-0.98 notQ4annualization. WC2500base is alreadyimprovementfromFY26near10bnnetabsorption; notautomaticrelease. Newdebt/equity amountsareanalystcapacity-fundingrequirementsnotissuercommitments/provenclosedfunding. Openingcashestimates+stressrangesnotstrictactualupper/lowerbounds becauseothercashflowsunpublished; disclosedpostbalanceproformaas-before-deploymentonly. Restrictedcashexcludedfromfreeliquidity. Allfinanceissuepricesassumepre-terminalclosing,stress10%dilutionnotproofcapitalavailable. Annualpreferred302M conservativelyrounds301.875M; GAAPnetNI includes interest/taxdebits; convertedcoupon aftertaxaddback 0.0 entersONLYownerNI, notcashCFO without actualpaymenttiming. Noncashconversion principal 2300000000.0 doesNOTbecomecash2B debtRepayment. Employee129.881M grosswithholding separately financing; historical46.260M optionproceeds not netted against withholding or addedCFO; forwardcontinuityhypothesis companion below. Financing assumption no guaranteedbankavailability. text · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

cash Period Start

2026-10-01 text · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

cash Period End

2027-10-01 text · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

cash Period Basis

cumulative-12mo text · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

cash Bridge Rationale

SMCI Shipping rackscale notnameplate. AnnualQ416/17/17/18bnbase follows65-72bnFY27guidebutrollingOct-SeptNOTsamefiscalyear. 3.5/6.5/8.5%GAAPmargins comparedFY26 7.09%;Q1GAAPEPS0.89-0.98 notQ4annualization. WC2500base is alreadyimprovementfromFY26near10bnnetabsorption; notautomaticrelease. Newdebt/equity amountsareanalystcapacity-fundingrequirementsnotissuercommitments/provenclosedfunding. Openingcashestimates+stressrangesnotstrictactualupper/lowerbounds becauseothercashflowsunpublished; disclosedpostbalanceproformaas-before-deploymentonly. Restrictedcashexcludedfromfreeliquidity. Allfinanceissuepricesassumepre-terminalclosing,stress10%dilutionnotproofcapitalavailable. Annualpreferred302M conservativelyrounds301.875M; GAAPnetNI includes interest/taxdebits; convertedcoupon aftertaxaddback 0.0 entersONLYownerNI, notcashCFO without actualpaymenttiming. Noncashconversion principal 2300000000.0 doesNOTbecomecash2B debtRepayment. Employee129.881M grosswithholding separately financing; historical46.260M optionproceeds not netted against withholding or addedCFO; forwardcontinuityhypothesis companion below. Financing assumption no guaranteedbankavailability. text · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

minimum Cash

7521310000 USD · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

funding Execution

ownership Liability

4226258000 USD · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

cash Ownership Fraction

1 fraction · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

cash Nci Deduction

cash Jv Contribution

cash Attribution Rationale

SMCI Shipping rackscale notnameplate. AnnualQ416/17/17/18bnbase follows65-72bnFY27guidebutrollingOct-SeptNOTsamefiscalyear. 3.5/6.5/8.5%GAAPmargins comparedFY26 7.09%;Q1GAAPEPS0.89-0.98 notQ4annualization. WC2500base is alreadyimprovementfromFY26near10bnnetabsorption; notautomaticrelease. Newdebt/equity amountsareanalystcapacity-fundingrequirementsnotissuercommitments/provenclosedfunding. Openingcashestimates+stressrangesnotstrictactualupper/lowerbounds becauseothercashflowsunpublished; disclosedpostbalanceproformaas-before-deploymentonly. Restrictedcashexcludedfromfreeliquidity. Allfinanceissuepricesassumepre-terminalclosing,stress10%dilutionnotproofcapitalavailable. Annualpreferred302M conservativelyrounds301.875M; GAAPnetNI includes interest/taxdebits; convertedcoupon aftertaxaddback 0.0 entersONLYownerNI, notcashCFO without actualpaymenttiming. Noncashconversion principal 2300000000.0 doesNOTbecomecash2B debtRepayment. Employee129.881M grosswithholding separately financing; historical46.260M optionproceeds not netted against withholding or addedCFO; forwardcontinuityhypothesis companion below. Financing assumption no guaranteedbankavailability. Originalfullcommonforecastattribution after reportedHPE/SMCIparentNI; unknowntrappedcash stressed10% andNCIbookconservative62M/164k separately, notclaimoutsideprofitszero. text · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

shareholder Distributions

302000000 USD · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

cash Distribution Rationale

SMCI Shipping rackscale notnameplate. AnnualQ416/17/17/18bnbase follows65-72bnFY27guidebutrollingOct-SeptNOTsamefiscalyear. 3.5/6.5/8.5%GAAPmargins comparedFY26 7.09%;Q1GAAPEPS0.89-0.98 notQ4annualization. WC2500base is alreadyimprovementfromFY26near10bnnetabsorption; notautomaticrelease. Newdebt/equity amountsareanalystcapacity-fundingrequirementsnotissuercommitments/provenclosedfunding. Openingcashestimates+stressrangesnotstrictactualupper/lowerbounds becauseothercashflowsunpublished; disclosedpostbalanceproformaas-before-deploymentonly. Restrictedcashexcludedfromfreeliquidity. Allfinanceissuepricesassumepre-terminalclosing,stress10%dilutionnotproofcapitalavailable. Annualpreferred302M conservativelyrounds301.875M; GAAPnetNI includes interest/taxdebits; convertedcoupon aftertaxaddback 0.0 entersONLYownerNI, notcashCFO without actualpaymenttiming. Noncashconversion principal 2300000000.0 doesNOTbecomecash2B debtRepayment. Employee129.881M grosswithholding separately financing; historical46.260M optionproceeds not netted against withholding or addedCFO; forwardcontinuityhypothesis companion below. Financing assumption no guaranteedbankavailability. Dividends only, buybacks/withholding/principal/acquisitions distinct. text · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

metric Revenue Coefficient

0.052000000000000005 fraction · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

metric Constant

-782000000 USD · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

metric Ceiling

2754000000 USD · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

sector Bridge Rationale

SMCI Shipping rackscale notnameplate. AnnualQ416/17/17/18bnbase follows65-72bnFY27guidebutrollingOct-SeptNOTsamefiscalyear. 3.5/6.5/8.5%GAAPmargins comparedFY26 7.09%;Q1GAAPEPS0.89-0.98 notQ4annualization. WC2500base is alreadyimprovementfromFY26near10bnnetabsorption; notautomaticrelease. Newdebt/equity amountsareanalystcapacity-fundingrequirementsnotissuercommitments/provenclosedfunding. Openingcashestimates+stressrangesnotstrictactualupper/lowerbounds becauseothercashflowsunpublished; disclosedpostbalanceproformaas-before-deploymentonly. Restrictedcashexcludedfromfreeliquidity. Allfinanceissuepricesassumepre-terminalclosing,stress10%dilutionnotproofcapitalavailable. Annualpreferred302M conservativelyrounds301.875M; GAAPnetNI includes interest/taxdebits; convertedcoupon aftertaxaddback 0.0 entersONLYownerNI, notcashCFO without actualpaymenttiming. Noncashconversion principal 2300000000.0 doesNOTbecomecash2B debtRepayment. Employee129.881M grosswithholding separately financing; historical46.260M optionproceeds not netted against withholding or addedCFO; forwardcontinuityhypothesis companion below. Financing assumption no guaranteedbankavailability. text · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

sector Reported Amount

3056000000 USD · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

sector Exclusions

-302000000 USD · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

sector Ownership Fraction

sector Nci Deduction

sector Jv Contribution

net Share Change

46665420 ordinary-shares · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

gross Share Issuance

71665420.00000001 ordinary-shares · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

share Repurchase Shares

0 ordinary-shares · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

share Repurchase Cash

acquisition Investing Cash

jv Investing Cash

employee Equity Tax Withholding Cash

129881000 USD · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

capital Allocation Rationale

SMCI Shipping rackscale notnameplate. AnnualQ416/17/17/18bnbase follows65-72bnFY27guidebutrollingOct-SeptNOTsamefiscalyear. 3.5/6.5/8.5%GAAPmargins comparedFY26 7.09%;Q1GAAPEPS0.89-0.98 notQ4annualization. WC2500base is alreadyimprovementfromFY26near10bnnetabsorption; notautomaticrelease. Newdebt/equity amountsareanalystcapacity-fundingrequirementsnotissuercommitments/provenclosedfunding. Openingcashestimates+stressrangesnotstrictactualupper/lowerbounds becauseothercashflowsunpublished; disclosedpostbalanceproformaas-before-deploymentonly. Restrictedcashexcludedfromfreeliquidity. Allfinanceissuepricesassumepre-terminalclosing,stress10%dilutionnotproofcapitalavailable. Annualpreferred302M conservativelyrounds301.875M; GAAPnetNI includes interest/taxdebits; convertedcoupon aftertaxaddback 0.0 entersONLYownerNI, notcashCFO without actualpaymenttiming. Noncashconversion principal 2300000000.0 doesNOTbecomecash2B debtRepayment. Employee129.881M grosswithholding separately financing; historical46.260M optionproceeds not netted against withholding or addedCFO; forwardcontinuityhypothesis companion below. Financing assumption no guaranteedbankavailability. Defined dilutednetchange includesfutureconversion/proxychange, notobservedgrossemployeedelivery. Underlying originalemployeeissuance and treasuryresidual separate in originalretainedmodel. Exactnativegross field fit challenged, not hidden. text · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

basis

operating-margin-linked-normalized-common-income text · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

baseline Operating Margin

after Tax Owner Profit Slope

0.8 fraction · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

rationale

SMCI Shipping rackscale notnameplate. AnnualQ416/17/17/18bnbase follows65-72bnFY27guidebutrollingOct-SeptNOTsamefiscalyear. 3.5/6.5/8.5%GAAPmargins comparedFY26 7.09%;Q1GAAPEPS0.89-0.98 notQ4annualization. WC2500base is alreadyimprovementfromFY26near10bnnetabsorption; notautomaticrelease. Newdebt/equity amountsareanalystcapacity-fundingrequirementsnotissuercommitments/provenclosedfunding. Openingcashestimates+stressrangesnotstrictactualupper/lowerbounds becauseothercashflowsunpublished; disclosedpostbalanceproformaas-before-deploymentonly. Restrictedcashexcludedfromfreeliquidity. Allfinanceissuepricesassumepre-terminalclosing,stress10%dilutionnotproofcapitalavailable. Annualpreferred302M conservativelyrounds301.875M; GAAPnetNI includes interest/taxdebits; convertedcoupon aftertaxaddback 0.0 entersONLYownerNI, notcashCFO without actualpaymenttiming. Noncashconversion principal 2300000000.0 doesNOTbecomecash2B debtRepayment. Employee129.881M grosswithholding separately financing; historical46.260M optionproceeds not netted against withholding or addedCFO; forwardcontinuityhypothesis companion below. Financing assumption no guaranteedbankavailability. Margin change must alterownerNI, notfixedfalse35% sensitivity; fixedtax/couponstates remain diagnosticlimitations. text · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

bull · conditional-provided-not-issuer-guaranteed

Scenario period

2026-10-01 → 2027-10-01 · cumulative-12mo

horizon Months

12 months · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

revenue Growth

0.8431730100489792 fraction · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

operating Margin

0.085 fraction · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

cash Taxes

1114000000 USD · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

noncash Adjustments

720000000 USD · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

working Capital Change

-1000000000 USD · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

cash Interest

550000000 USD · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

other Operating Cash

0 USD · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

capex

300000000 USD · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

financing

financing Price

42 USD/ordinary-share · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

debt Raised

debt Repaid

2000000000 USD · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

dilution

0.12288460230702854 fraction · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

runway Months

capacity Revenue Ceiling

72000000000 USD · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

max Operating Margin

execution

supported text · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

terminal Multiple

18 x · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

drivers

SMCI Shipping rackscale notnameplate. AnnualQ416/17/17/18bnbase follows65-72bnFY27guidebutrollingOct-SeptNOTsamefiscalyear. 3.5/6.5/8.5%GAAPmargins comparedFY26 7.09%;Q1GAAPEPS0.89-0.98 notQ4annualization. WC2500base is alreadyimprovementfromFY26near10bnnetabsorption; notautomaticrelease. Newdebt/equity amountsareanalystcapacity-fundingrequirementsnotissuercommitments/provenclosedfunding. Openingcashestimates+stressrangesnotstrictactualupper/lowerbounds becauseothercashflowsunpublished; disclosedpostbalanceproformaas-before-deploymentonly. Restrictedcashexcludedfromfreeliquidity. Allfinanceissuepricesassumepre-terminalclosing,stress10%dilutionnotproofcapitalavailable. Annualpreferred302M conservativelyrounds301.875M; GAAPnetNI includes interest/taxdebits; convertedcoupon aftertaxaddback 60900000.0 entersONLYownerNI, notcashCFO without actualpaymenttiming. Noncashconversion principal 4725000000.0 doesNOTbecomecash2B debtRepayment. Employee129.881M grosswithholding separately financing; historical46.260M optionproceeds not netted against withholding or addedCFO; forwardcontinuityhypothesis companion below. Financing assumption no guaranteedbankavailability. text · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

cash Period Start

2026-10-01 text · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

cash Period End

2027-10-01 text · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

cash Period Basis

cumulative-12mo text · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

cash Bridge Rationale

SMCI Shipping rackscale notnameplate. AnnualQ416/17/17/18bnbase follows65-72bnFY27guidebutrollingOct-SeptNOTsamefiscalyear. 3.5/6.5/8.5%GAAPmargins comparedFY26 7.09%;Q1GAAPEPS0.89-0.98 notQ4annualization. WC2500base is alreadyimprovementfromFY26near10bnnetabsorption; notautomaticrelease. Newdebt/equity amountsareanalystcapacity-fundingrequirementsnotissuercommitments/provenclosedfunding. Openingcashestimates+stressrangesnotstrictactualupper/lowerbounds becauseothercashflowsunpublished; disclosedpostbalanceproformaas-before-deploymentonly. Restrictedcashexcludedfromfreeliquidity. Allfinanceissuepricesassumepre-terminalclosing,stress10%dilutionnotproofcapitalavailable. Annualpreferred302M conservativelyrounds301.875M; GAAPnetNI includes interest/taxdebits; convertedcoupon aftertaxaddback 60900000.0 entersONLYownerNI, notcashCFO without actualpaymenttiming. Noncashconversion principal 4725000000.0 doesNOTbecomecash2B debtRepayment. Employee129.881M grosswithholding separately financing; historical46.260M optionproceeds not netted against withholding or addedCFO; forwardcontinuityhypothesis companion below. Financing assumption no guaranteedbankavailability. text · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

minimum Cash

7521310000 USD · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

funding Execution

ownership Liability

4226258000 USD · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

cash Ownership Fraction

1 fraction · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

cash Nci Deduction

cash Jv Contribution

cash Attribution Rationale

SMCI Shipping rackscale notnameplate. AnnualQ416/17/17/18bnbase follows65-72bnFY27guidebutrollingOct-SeptNOTsamefiscalyear. 3.5/6.5/8.5%GAAPmargins comparedFY26 7.09%;Q1GAAPEPS0.89-0.98 notQ4annualization. WC2500base is alreadyimprovementfromFY26near10bnnetabsorption; notautomaticrelease. Newdebt/equity amountsareanalystcapacity-fundingrequirementsnotissuercommitments/provenclosedfunding. Openingcashestimates+stressrangesnotstrictactualupper/lowerbounds becauseothercashflowsunpublished; disclosedpostbalanceproformaas-before-deploymentonly. Restrictedcashexcludedfromfreeliquidity. Allfinanceissuepricesassumepre-terminalclosing,stress10%dilutionnotproofcapitalavailable. Annualpreferred302M conservativelyrounds301.875M; GAAPnetNI includes interest/taxdebits; convertedcoupon aftertaxaddback 60900000.0 entersONLYownerNI, notcashCFO without actualpaymenttiming. Noncashconversion principal 4725000000.0 doesNOTbecomecash2B debtRepayment. Employee129.881M grosswithholding separately financing; historical46.260M optionproceeds not netted against withholding or addedCFO; forwardcontinuityhypothesis companion below. Financing assumption no guaranteedbankavailability. Originalfullcommonforecastattribution after reportedHPE/SMCIparentNI; unknowntrappedcash stressed10% andNCIbookconservative62M/164k separately, notclaimoutsideprofitszero. text · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

shareholder Distributions

302000000 USD · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

cash Distribution Rationale

SMCI Shipping rackscale notnameplate. AnnualQ416/17/17/18bnbase follows65-72bnFY27guidebutrollingOct-SeptNOTsamefiscalyear. 3.5/6.5/8.5%GAAPmargins comparedFY26 7.09%;Q1GAAPEPS0.89-0.98 notQ4annualization. WC2500base is alreadyimprovementfromFY26near10bnnetabsorption; notautomaticrelease. Newdebt/equity amountsareanalystcapacity-fundingrequirementsnotissuercommitments/provenclosedfunding. Openingcashestimates+stressrangesnotstrictactualupper/lowerbounds becauseothercashflowsunpublished; disclosedpostbalanceproformaas-before-deploymentonly. Restrictedcashexcludedfromfreeliquidity. Allfinanceissuepricesassumepre-terminalclosing,stress10%dilutionnotproofcapitalavailable. Annualpreferred302M conservativelyrounds301.875M; GAAPnetNI includes interest/taxdebits; convertedcoupon aftertaxaddback 60900000.0 entersONLYownerNI, notcashCFO without actualpaymenttiming. Noncashconversion principal 4725000000.0 doesNOTbecomecash2B debtRepayment. Employee129.881M grosswithholding separately financing; historical46.260M optionproceeds not netted against withholding or addedCFO; forwardcontinuityhypothesis companion below. Financing assumption no guaranteedbankavailability. Dividends only, buybacks/withholding/principal/acquisitions distinct. text · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

metric Revenue Coefficient

0.068 fraction · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

metric Constant

-681100000 USD · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

metric Ceiling

4214900000 USD · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

sector Bridge Rationale

SMCI Shipping rackscale notnameplate. AnnualQ416/17/17/18bnbase follows65-72bnFY27guidebutrollingOct-SeptNOTsamefiscalyear. 3.5/6.5/8.5%GAAPmargins comparedFY26 7.09%;Q1GAAPEPS0.89-0.98 notQ4annualization. WC2500base is alreadyimprovementfromFY26near10bnnetabsorption; notautomaticrelease. Newdebt/equity amountsareanalystcapacity-fundingrequirementsnotissuercommitments/provenclosedfunding. Openingcashestimates+stressrangesnotstrictactualupper/lowerbounds becauseothercashflowsunpublished; disclosedpostbalanceproformaas-before-deploymentonly. Restrictedcashexcludedfromfreeliquidity. Allfinanceissuepricesassumepre-terminalclosing,stress10%dilutionnotproofcapitalavailable. Annualpreferred302M conservativelyrounds301.875M; GAAPnetNI includes interest/taxdebits; convertedcoupon aftertaxaddback 60900000.0 entersONLYownerNI, notcashCFO without actualpaymenttiming. Noncashconversion principal 4725000000.0 doesNOTbecomecash2B debtRepayment. Employee129.881M grosswithholding separately financing; historical46.260M optionproceeds not netted against withholding or addedCFO; forwardcontinuityhypothesis companion below. Financing assumption no guaranteedbankavailability. text · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

sector Reported Amount

4456000000 USD · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

sector Exclusions

-241100000 USD · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

sector Ownership Fraction

sector Nci Deduction

sector Jv Contribution

net Share Change

83803045 ordinary-shares · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

gross Share Issuance

108803045 ordinary-shares · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

share Repurchase Shares

0 ordinary-shares · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

share Repurchase Cash

acquisition Investing Cash

jv Investing Cash

employee Equity Tax Withholding Cash

129881000 USD · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

capital Allocation Rationale

SMCI Shipping rackscale notnameplate. AnnualQ416/17/17/18bnbase follows65-72bnFY27guidebutrollingOct-SeptNOTsamefiscalyear. 3.5/6.5/8.5%GAAPmargins comparedFY26 7.09%;Q1GAAPEPS0.89-0.98 notQ4annualization. WC2500base is alreadyimprovementfromFY26near10bnnetabsorption; notautomaticrelease. Newdebt/equity amountsareanalystcapacity-fundingrequirementsnotissuercommitments/provenclosedfunding. Openingcashestimates+stressrangesnotstrictactualupper/lowerbounds becauseothercashflowsunpublished; disclosedpostbalanceproformaas-before-deploymentonly. Restrictedcashexcludedfromfreeliquidity. Allfinanceissuepricesassumepre-terminalclosing,stress10%dilutionnotproofcapitalavailable. Annualpreferred302M conservativelyrounds301.875M; GAAPnetNI includes interest/taxdebits; convertedcoupon aftertaxaddback 60900000.0 entersONLYownerNI, notcashCFO without actualpaymenttiming. Noncashconversion principal 4725000000.0 doesNOTbecomecash2B debtRepayment. Employee129.881M grosswithholding separately financing; historical46.260M optionproceeds not netted against withholding or addedCFO; forwardcontinuityhypothesis companion below. Financing assumption no guaranteedbankavailability. Defined dilutednetchange includesfutureconversion/proxychange, notobservedgrossemployeedelivery. Underlying originalemployeeissuance and treasuryresidual separate in originalretainedmodel. Exactnativegross field fit challenged, not hidden. text · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

basis

operating-margin-linked-normalized-common-income text · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

baseline Operating Margin

after Tax Owner Profit Slope

0.8 fraction · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

rationale

SMCI Shipping rackscale notnameplate. AnnualQ416/17/17/18bnbase follows65-72bnFY27guidebutrollingOct-SeptNOTsamefiscalyear. 3.5/6.5/8.5%GAAPmargins comparedFY26 7.09%;Q1GAAPEPS0.89-0.98 notQ4annualization. WC2500base is alreadyimprovementfromFY26near10bnnetabsorption; notautomaticrelease. Newdebt/equity amountsareanalystcapacity-fundingrequirementsnotissuercommitments/provenclosedfunding. Openingcashestimates+stressrangesnotstrictactualupper/lowerbounds becauseothercashflowsunpublished; disclosedpostbalanceproformaas-before-deploymentonly. Restrictedcashexcludedfromfreeliquidity. Allfinanceissuepricesassumepre-terminalclosing,stress10%dilutionnotproofcapitalavailable. Annualpreferred302M conservativelyrounds301.875M; GAAPnetNI includes interest/taxdebits; convertedcoupon aftertaxaddback 60900000.0 entersONLYownerNI, notcashCFO without actualpaymenttiming. Noncashconversion principal 4725000000.0 doesNOTbecomecash2B debtRepayment. Employee129.881M grosswithholding separately financing; historical46.260M optionproceeds not netted against withholding or addedCFO; forwardcontinuityhypothesis companion below. Financing assumption no guaranteedbankavailability. Margin change must alterownerNI, notfixedfalse35% sensitivity; fixedtax/couponstates remain diagnosticlimitations. text · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit retained model/conditional companion input; see exact rationale and original model reference

components.revenue
Published: 2026-08-31 · Retrieved: 2026-10-02T05:03:00.508436+00:00
financials.measuredOrdinaryShares
Published: 2026-08-31 · Retrieved: 2026-10-02T05:03:00.508436+00:00
financials.revenue
Published: 2026-08-31 · Retrieved: 2026-10-02T05:03:00.508436+00:00
financials.eps
Published: 2026-08-31 · Retrieved: 2026-10-02T05:03:00.508436+00:00
components.SMCI-annualEBIT
Published: 2026-08-31 · Retrieved: 2026-10-02T05:03:00.508436+00:00
financials.cash
Published: 2026-08-31 · Retrieved: 2026-10-02T05:03:00.508436+00:00