Systems and power equipment
Servers, racks, cooling and the equipment that carries the power. Capital spending and cash flow of Super Micro, Dell and Vertiv, the server and equipment suppliers to the build-out.
Capital spending, four quarters$4.3B+45.7% against the four before
Capital spending, latest quarters$1.4BSum of each company’s latest quarter
Spend as share of cash flow37%Latest reported quarters combined
Companies3Public companies with structured filings
| Layer | Trend | Period ended | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| DellDELL | Systems and power equipment | $1.2B | $3.6B | +37.3% | $2.2B | $986.0M | 56% | +$2.4B | Jul 2026 | |
| VertivVRT | Systems and power equipment | $139.1M | $518.3M | +176.6% | $794.0M | $654.9M | 18% | −$14.7M | Sep 2026 | |
| Super MicroSMCI | Systems and power equipment | $28.2M | $162.0M | +27.3% | $747.0M | $718.7M | 4% | — | Jun 2026 |
Four-quarter figures are the latest four reported quarters; the change compares the four before. Company-wide cash capex, not AI-only spending. Reporting periods vary. Debt change is the quarterly change in the long-term balance, not cash borrowing. Definitions and methodology
What does this category measure?
The category compares the company-wide capital expenditures of systems and equipment suppliers. It is not a measure of data center equipment orders, AI revenue, or the value of equipment sold to hyperscalers.