--- title: "Other related parties, customers and investees" language: en canonical: https://dossiertwist.com/dossiers/super-micro-computer-inc/other-related-parties/ as_of: 2026-10-17 keywords: ["Super Micro Computer","Supermicro","SMCI","Charles Liang","Sara Liu","Wally Liaw","Ablecom Technology","Compuware Technology","Steve Liang","Bill Liang","related-party transactions","Ernst & Young resignation","Special Committee","SEC cease-and-desist order","restatement","Nasdaq delisting","export controls","United States v. Liaw","securities class action","Leadtek Research"] --- # Other related parties, customers and investees **Question.** Which other related parties, customers and investees appear in the filings? **Answer.** Beyond Ablecom and Compuware, Supermicro's filings disclose a 30% stake, sold in December 2025, in a China corporate venture that bought its products, purchases from Monolithic Power Systems while one of its executives sat on Supermicro's board, and Jane Street, which the fiscal 2026 annual report names as both an 8.5% shareholder and a customer. Earlier filings name Tatung, a contract manufacturer and about 9% holder before the 2007 IPO, and Mentor Graphics, whose president was a Supermicro director. Supermicro also holds minority stakes in Lambda and other technology companies, and it sublicensed its Vernon, California data-center space to a sublicensee it says is not a related party; the filings link Lambda to that sublicense only through an exhibit listing. ## The China corporate venture, 2016–2025 - Analysis: In October 2016 Supermicro agreed to contribute certain technology rights in exchange for a 30% stake in a privately held company in China, which its filings call the Corporate Venture, to expand its presence in China; another company in China owned the other 70%. The agreement was signed in the third quarter of fiscal 2017, and Supermicro accounted for the stake by the equity method and treated the venture as a related party. According to the fiscal 2023 annual report, the venture was set up to market and sell systems under its own brand in China based on products and technology Supermicro supplied; Supermicro put the carrying value of its minority interest, and its loss exposure, at $5.3 million on June 30, 2022 and $2.0 million on June 30, 2023. [src-001] [src-045] - Analysis: In June 2020 the third-party company that controls the venture was placed on a U.S. government export control list together with several related entities, as Supermicro disclosed in its fiscal 2023 annual report without naming the parent or the list. Supermicro stated that the venture was not itself a restricted party and that it had concluded the venture complied with the new restrictions. Its sales to the venture were $121.0 million in fiscal 2022, $24.2 million in fiscal 2023, $21.8 million in fiscal 2024, $11.0 million in fiscal 2025 and $8.1 million in fiscal 2026; amounts due from the venture were $1.9 million on June 30, 2023, $5.1 million on June 30, 2024 and less than $0.1 million on June 30, 2025. [src-045] [src-012] [src-002] - Analysis: Hindenburg Research's short-seller report alleged that the venture's partner is the Chinese state-run company Fiberhome, which the U.S. government placed on a watch list in 2020, and that Supermicro had sold about $196 million of computer components to the venture since that listing, justifying the sales on the ground that the venture itself was not listed. Supermicro's filings name neither the venture nor its parent; the partner's identity and that sales total are the report's own. As of June 30, 2025 Supermicro concluded that it would divest the venture in fiscal 2026 and wrote off the remaining $6.7 million carrying value of the investment; it signed an Equity Transfer Agreement on November 25, 2025 and completed the sale of its entire 30% interest on December 23, 2025, when the venture ceased to be a related party. [src-081] [src-045] [src-002] [src-001] ## Suppliers, customers and shareholders with board or ownership ties - Analysis: Monolithic Power Systems, Inc. (MPS) supplies the high-performance analog and mixed-signal semiconductors used in Supermicro's products. Supermicro reported it as a related-party supplier because Saria Tseng, a Supermicro director and Compensation Committee member until Tseng's term expired on May 18, 2022, was also MPS's Vice President of Strategic Corporate Development, General Counsel and Secretary. Supermicro's purchases from MPS were $5.2 million in fiscal 2020, $3.9 million in fiscal 2021 and $8.3 million in fiscal 2022. [src-014] - Analysis: In the related-party section of its fiscal 2026 annual report Supermicro identifies Jane Street Group, LLC, a quantitative trading and market-making firm, as both a holder of approximately 8.5% of its common stock, under a Schedule 13G filed in June 2026, and a customer; the report gives no amount of sales to Jane Street. Schedule 6.11, “Transactions with Affiliates”, to Supermicro's credit agreement of December 29, 2025 reads “None.” [src-002] [src-105] - Analysis: Earlier filings disclosed two other ties. Supermicro's 2007 initial public offering prospectus describes Tatung Company, a Taiwan corporation, as one of its major contract manufacturers and the beneficial owner of approximately 9% of its common stock before the offering; in fiscal 2006 Supermicro bought about $14.4 million of contract manufacturing services and products from Tatung and sold it about $0.1 million of products. Its proxy statement filed in early 2011 disclosed that in fiscal 2010 Supermicro sold $630,000 of products to Mentor Graphics Corporation, where director Gregory Hinckley was president, and bought a product from it for $68,000; Mentor Graphics owed Supermicro $87,000 at June 30, 2010. [src-119] [src-080] [src-020] ## Lambda and the Vernon data center - Analysis: On June 14, 2024 Supermicro signed a Master Colocation Services Agreement for a multi-tenant data center in Vernon, California, with a ten-year service order for 21 megawatts and an estimated total obligation of over $600 million, and at the same time sublicensed all its rights and obligations for the space to a sublicensee. The sublicensee assumed the obligations and pays Supermicro the monthly charges plus an additional monthly charge; if payments are accelerated after a default, Supermicro may seek reimbursement from it. Supermicro reported an equity investment of $42.5 million in the sublicensee at the end of fiscal 2024 and of $92.5 million at the end of fiscal 2026. In both annual reports it states that the sublicensee, which has been a Supermicro customer, does not meet the criteria of a related party, and that the equity investment and sublicensing agreements are separate from its revenue contracts because all the transactions were recorded at fair value. [src-012] [src-002] - Analysis: The fiscal 2024 annual report's narrative on the data center and its notes on the equity investment do not name the sublicensee. The exhibit index of the fiscal 2024 annual report lists a Service Order dated June 14, 2024 between Supermicro and 4701 Santa Fe, LLC and a Sublicense of the same date between Supermicro and Lambda, Inc., both incorporated from a Form 8-K filed on June 21, 2024; that listing is the only link in the filings between Lambda and the Vernon sublicense. Schedule 6.18 to Supermicro's December 29, 2025 credit agreement lists its holdings in Lambda as of November 30, 2025: approximately 4% of the Series C preferred shares (815,892 shares, acquired in October 2023), approximately 13% of Series D (1,959,746 shares, December 2024) and approximately 4% of Series E (1,804,826 shares, September 2025). [src-012] [src-105] - Analysis: Hindenburg Research's short-seller report described this as an odd relationship with a key customer, alleging that in February 2024 Supermicro made an undisclosed investment in Lambda Labs as part of a $320 million funding round and signed an unusual $600 million contract to lease space at a California data center and sublease it to Lambda. The report cites press reports and a Lambda executive, sources that are not among the records reviewed, and Supermicro's filings date the Vernon agreement and its sublicense to June 14, 2024. Supermicro disclosed the agreement and the sublicense of the entire space in its fiscal 2024 annual report, stating that the sublicensee does not meet the criteria of a related party and that the equity investment and sublicensing agreements, recorded at fair value, are separate from its revenue contracts. [src-081] [src-012] ## Other investments and an acquisition - Analysis: In fiscal 2024 Supermicro invested $64.5 million in privately held companies, after an immaterial amount in fiscal 2023, recorded an impairment of $11.6 million on them and carried $54.6 million of such investments on June 30, 2024. Besides Lambda, Schedule 6.18 to the December 2025 credit agreement lists approximately 11% of Ampera, Inc. (12,000,000 shares, acquired in June 2025), approximately 0.22% of Applied Digital Corporation (619,578 shares, July 2023) plus a $12 million Applied Digital SAFE, a simple agreement for future equity (June 2024), 0.22% of Memverge, Inc. (113,251 shares, May 2018) and 0.24% of Crusoe (297,589 shares, October 2025). [src-012] [src-105] - Analysis: During fiscal 2023 Supermicro acquired all of Gemini Open Cloud Computing Inc. for $2.5 million, recording $1.8 million of goodwill, and on June 28, 2024 it merged Gemini into its Taiwan operations. [src-012] ## Sources - [src-001] Super Micro Computer, Inc. definitive proxy statement (Schedule 14A) for the 2026 annual meeting, U.S. Securities and Exchange Commission (EDGAR), 2026-03-03 - [src-045] Super Micro Computer, Inc. Form 10-K for the fiscal year ended June 30, 2023, U.S. Securities and Exchange Commission (EDGAR), 2023-08-25 - [src-012] Super Micro Computer, Inc. Form 10-K for the fiscal year ended June 30, 2024, U.S. Securities and Exchange Commission (EDGAR), 2025-02-25 - [src-002] Super Micro Computer, Inc. Form 10-K for the fiscal year ended June 30, 2026, U.S. Securities and Exchange Commission (EDGAR), 2026-08-31 - [src-081] Research source · src-081 - [src-014] Super Micro Computer, Inc. definitive proxy statement (Schedule 14A) filed in April 2023, U.S. Securities and Exchange Commission (EDGAR), 2023-04-13 - [src-105] Credit Agreement dated December 29, 2025 among Super Micro Computer, Inc., lenders and JPMorgan Chase Bank, N.A. (Exhibit 10.1 to Form 8-K), U.S. Securities and Exchange Commission (EDGAR), 2025-12-29 - [src-119] Super Micro Computer, Inc. registration statement, Amendment No. 2 to Form S-1, U.S. Securities and Exchange Commission (EDGAR), 2007-01-18 - [src-080] SEC EDGAR company page for Mentor Graphics Corp (CIK 0000701811), U.S. Securities and Exchange Commission (EDGAR) - [src-020] Super Micro Computer, Inc. definitive proxy statement (Schedule 14A) for the February 2011 annual meeting, U.S. Securities and Exchange Commission (EDGAR), 2011-01-18