Super Micro (SMCI): the full file — the numbers, the owners, and what the filings actually show
Who actually buys from them
This is disclosed, and it changed sharply. The FY2025 10-K states "Four customers each accounted for 10% or more of our net sales in fiscal year 2025," that one customer did so in FY2024, and that "No customer accounted for 10% or more of our net sales in fiscal year 2023"[S1]. In two years the base went from no 10%-plus customer to four — a fast concentration into a handful of buyers, typical of the AI build-out. The company does not name them, so their identity is not disclosed. Sales outside the U.S. were 40.6% of net sales in FY2025 (32.0% in FY2024) [S1].
Where it is actually made — plants & supply chain
As of 30 June 2025 the company owned ~3,157,000 sq ft and leased ~1,539,000 sq ft of office and manufacturing space [S1, Item 2]. R&D and much assembly run in San Jose, California and in Taiwan (including the "Bade" facility, financed partly by Taiwanese CTBC bank loans); a new Malaysia facility was added in FY2025. A structural feature: part of the supply chain runs through related parties — Taiwan-based Ablecom and Compuware, long-standing suppliers connected to the founders and a board member (see below). The names of GPU/component suppliers are notdisclosed at line-item level.
Five years of numbers

Revenue compounded at 57.6% a year and net income at 75.0% from FY2021 to FY2025 — though FY2025 net income ($1,049m) was actually lower than FY2024's ($1,153m) despite 47% more revenue, because gross margin fell. Over five years cumulative net income was +$3,238.5m and cumulative operating cash flow -$480.7m. One chart captures it.