Financial evidence, stock performance and the questions that connect this company to the physical AI buildout.
Total annual company revenue · year ended 2026-01-30. This is company-wide revenue.
Annual financial evidence ↗ · Compare the revenue rankingDell reported fiscal Q2 2027 revenue of $47.0 billion, up 58%. AI-optimized server revenue was $16.4 billion, up 100%. AI server orders of $60.9 billion and backlog of $95 billion are different measures from recognized revenue.
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AI-optimized server revenue: $24.70 billion, FY2026 · ended January 30, 2026. Recognized revenue from Dell’s AI-optimized server category. Orders and backlog are excluded. The company’s investor deck reports FY2026 AI server revenue of $24.7 billion.
Annual AI disclosure ↗Can Dell convert AI server orders into revenue while controlling working capital and preserving margins? Examine shipment timing, customer concentration and cash conversion; orders and backlog should not be added to sales.
These are research questions, not a valuation conclusion or a recommendation to buy or sell.
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Each connection below has a specific, cited role. A supplier, lender, customer or proposed acquirer has different economics from the project owner.
Contracted supplier of GPUs and ancillary equipment for IREN's Microsoft-serving Childress Horizon program.
Purchase agreement is not all recognized Dell revenue or profit, and does not establish completion of every Horizon phase.