Fundamental analysis indicates SMCI could achieve $10B in total revenue by 2025 if shipment volumes match current backlog records. This would represent an impressive expansion from 2023 figures and put the stock in the conversation with top-tier semiconductor-linked plays. We're using the 2-stage growth model, which simply means we take in account two stages of company's growth. In the initial period the company may have a higher growth rate and the second stage is usually assumed to have a stable growth rate. In the first stage we need to estimate the cash flows to the business over the next ten years. Where possible we use analyst estimates, but when these aren't available we extrapolate the previous free cash flow (FCF) from the last estimate or reported value. We assume companies with shrinking free cash flow will slow their rate of shrinkage, and that companies with growing free cash flow will see their growth rate slow, over this period. We do this to reflect that growth tends to slow more in the early years than it does in later years. We won't sell or share your personal information to inform the ads you see. You may still see interest-based ads if your information is sold or shared by other companies or was sold or shared previously. If accurate, SMCI’s market share could translate into over $4 per share in additional EPS compared to 2024 baselines.