As of Q2'26 (2025-12-31), SMCI reported cash and short-term investments of $4.1B and total debt of $4.9B. This marks a slight decrease in cash from the previous quarter, while debt reached its highest level in the observed period. From Q3'23 to Q2'26, both cash and debt showed substantial growth, with notable volatility. Cash balances surged significantly in Q3'24 and Q4'25, peaking at $5.2B in Q4'25 before declining. Debt followed a similar upward trajectory, with a sharp increase starting in Q3'24 and peaking at $4.9B in Q2'26. Overall, the period reflects aggressive balance sheet expansion, with both cash and debt reaching record highs by the end of the timeframe.