Super Micro Computer (SMCI) Unveils a Mystery Client Driving 31% of Revenue – Analysts React
Super Micro Computer (NASDAQ: SMCI), a leading provider of AI servers and liquid-cooled computing solutions, has revealed a major new customer, identified only as “Customer G”, responsible for 31% of its revenue in Fiscal Q2 2025. This unexpected revelation comes as the company recovers from a turbulent period, including a near-delisting from the Nasdaq exchange and scrutiny over its financial practices.
SMCI Avoids Delisting, Wall Street Reacts
Earlier this week, SMCI narrowly avoided being removed from the Nasdaq exchange by filing its long-overdue annual report for FY 2024, just minutes before the deadline. The company had paused financial reporting for months following an August 2024 Hindenburg Research report that accused it of accounting malpractices. However, after an internal audit, SMCI filed its financial statements without any restatements, signaling confidence in its accounting integrity.
In response to this development, Goldman Sachs has revised its price target for SMCI from $36 to $40, citing the company’s compliance with Nasdaq requirements and efforts to strengthen its financial controls. However, the firm maintains a neutral rating, acknowledging lingering concerns over internal governance.
Who is “Customer G”?
Among the key takeaways from SMCI’s latest filings is the revelation of Customer G, a previously undisclosed client that contributed 31% of SMCI’s revenue in Q2 2025. The identity of this customer remains unknown, but its impact on the company’s financials has sparked curiosity among analysts and investors.
Barclays Sees Risks Despite Growth Potential
Barclays analyst George Wang has reinstated coverage on SMCI with an “Equal Weight” rating and a $59 price target, recognizing its leadership in AI servers and direct liquid cooling (DLC). He also highlights SMCI’s anticipated role as one of the first to ship B200 HGX servers in March 2025.
However, Barclays remains cautious, noting that SMCI’s “competitive moat is shrinking” and that past governance concerns may limit investor confidence. The firm also warns that SMCI could face future risks related to financial controls and potential capital raises for Blackwell GPU purchases.
What’s Next for SMCI?
With regulatory hurdles cleared and a mystery mega-client driving substantial revenue, SMCI is at a pivotal moment. While some analysts are optimistic about its AI-driven growth, others remain wary of lingering financial uncertainties. The coming quarters will be crucial in determining whether SMCI can solidify its position as a long-term leader in the AI computing space.
Super Micro Computer (NASDAQ: SMCI), a leading provider of AI servers and liquid-cooled computing solutions, has revealed a major new customer, identified only as “Customer G”, responsible for 31% of its revenue in Fiscal Q2 2025. This unexpected revelation comes as the company recovers from a turbulent period, including a near-delisting from the Nasdaq exchange and scrutiny over its financial practices.
SMCI Avoids Delisting, Wall Street Reacts
Earlier this week, SMCI narrowly avoided being removed from the Nasdaq exchange by filing its long-overdue annual report for FY 2024, just minutes before the deadline. The company had paused financial reporting for months following an August 2024 Hindenburg Research report that accused it of accounting malpractices. However, after an internal audit, SMCI filed its financial statements without any restatements, signaling confidence in its accounting integrity.
In response to this development, Goldman Sachs has revised its price target for SMCI from $36 to $40, citing the company’s compliance with Nasdaq requirements and efforts to strengthen its financial controls. However, the firm maintains a neutral rating, acknowledging lingering concerns over internal governance.
Who is “Customer G”?
Among the key takeaways from SMCI’s latest filings is the revelation of Customer G, a previously undisclosed client that contributed 31% of SMCI’s revenue in Q2 2025. The identity of this customer remains unknown, but its impact on the company’s financials has sparked curiosity among analysts and investors.
Barclays Sees Risks Despite Growth Potential
Barclays analyst George Wang has reinstated coverage on SMCI with an “Equal Weight” rating and a $59 price target, recognizing its leadership in AI servers and direct liquid cooling (DLC). He also highlights SMCI’s anticipated role as one of the first to ship B200 HGX servers in March 2025.
However, Barclays remains cautious, noting that SMCI’s “competitive moat is shrinking” and that past governance concerns may limit investor confidence. The firm also warns that SMCI could face future risks related to financial controls and potential capital raises for Blackwell GPU purchases.
What’s Next for SMCI?
With regulatory hurdles cleared and a mystery mega-client driving substantial revenue, SMCI is at a pivotal moment. While some analysts are optimistic about its AI-driven growth, others remain wary of lingering financial uncertainties. The coming quarters will be crucial in determining whether SMCI can solidify its position as a long-term leader in the AI computing space.