Dell Technologies
Builds AI servers from Nvidia and AMD chips for enterprises, clouds and governments.
- Revenue
- Full-year fiscal 2027 guidance raised to $192B (Sep 2026)
- Growth
- Record $16.4B AI-optimised server revenue in the quarter, and a $95B AI server backlog
- Based in
- Round Rock, US
- Founded
- 1984
- Listed
- Public (DELL)
Its $95B backlog of AI server orders shows how much the big buyers are spending.
Server margins are thin, and it depends on a few very large orders.
Money coming in
Who pays Dell Technologies, and for what.
No customers of Dell Technologies mapped yet.
Money going out
Who Dell Technologies pays to do what it does.
buys Nvidia GPUs for the AI servers it sells
thenextweb.com
Where it sits on the map
Competitors and neighbours
Makes Gemini, the assistant built into Android, Search and Workspace.
25% of AI chip supply (Epoch AI)
Open profileSells Microsoft 365 Copilot inside Office and Windows, and owns a large stake in OpenAI.
20M+ users (2025)
Open profileDesigns its own Trainium AI chips and rents them out through AWS.
5% of AI chip supply (Epoch AI)
Open profileGPU cloud that builds its own data centre campuses and rents capacity to Microsoft and Meta.
Up to 1.2 GW campus under way in Missouri
Open profileRuns large cloud data centres and rents AI computing, with OpenAI as its biggest customer.
Capital spending up 162% to $55.7B in fiscal 2026. Free cash flow minus $23.7B
Open profileThe largest GPU-only cloud, renting Nvidia chips to AI labs and big tech on long contracts.
Quarterly revenue $2.6B, up 112%. $104B backlog. Still loss-making
Open profileGPU cloud that rents Nvidia systems to AI builders and to Microsoft.
About $760M annualised in 2025 (Sacra estimate)
Open profileHosts and fine-tunes open AI models on rented GPUs for companies.
About $1B annualised (Sacra estimate, Feb 2026)
Open profileBuilds AI data centres and rents out the computing power, partly powered by on-site gas.
Raised $3.9B at a $30.9B valuation (Sep 2026)
Open profileSources: pulse2.com, thenextweb.com, nasdaq.com, ciodive.com
The map updates three times a week.
241 companies across 25 areas, 62 money flows and 89 openings so far. New research lands every Tuesday, Thursday and Saturday.
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