# Who are Dell Technologies's customers? Who does Dell Technologies earn revenue from?
Canonical: https://valuechain.wiki/dell · Facet: customers · Updated: 2026-09-12T00:51:24.848673+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: Dell Technologies's confirmed revenue counterparties include IREN, Waters Corporation plus 2 undisclosed/aggregate relationships. Per the valuechain.wiki graph: 4 revenue edges, backed by 3 dated sources, 2 of them primary filings (as of 2026-09-12).

### 엔터프라이즈·네오클라우드·소버린 (AI 서버) (high)
- metric: Amount $43B · FY2026 백로그 · AI server backlog (orders $64B+)
- note: Supplies AI servers to enterprise, neocloud and sovereign customers ($64B+ orders).
- [confirms] SEC EDGAR (EN, filing, published 2025-11-25) https://www.sec.gov/Archives/edgar/data/0001571996/000157199625000118/exhibit991earnings8kq3fy26.htm: "FY2026 AI orders $64B+, $43B backlog."

### IREN (high)  → /iren.md
- metric: contract $5.8B · GPU 시스템 공급 · supply agreement
- note: Supplies $5.8B of GPU systems and equipment to neocloud IREN — a large deal showing the brand/integration-based AI-server OEM extending into neocloud customers.
- [confirms] GlobeNewswire (EN, filing, published 2025-11-03) https://www.globenewswire.com/news-release/2025/11/03/3178993/0/en/IREN-Secures-9-7bn-AI-Cloud-Contract-with-Microsoft.html: "Supplies $5.8B of GPU systems and equipment to IREN."

### 스토리지·서비스·PC (엔터프라이즈) (mid)
- note: Storage, solutions, services and PCs.
- [confirms] SEC EDGAR (EN, filing, published 2025-11-25) https://www.sec.gov/Archives/edgar/data/0001571996/000157199625000118/exhibit991earnings8kq3fy26.htm: "Storage, services and PC revenue beyond AI servers."

### 워터스 (mid)  → /waters.md
- note: Dell Technologies supplies OptiPlex XE4-based LND4 systems that Waters customizes for waters_connect under vendor agreements supporting long-life component availability, while Dell hardware procurement spending was not disclosed.
- [confirms] Waters Corporation (EN, ir, published 2025-11-05) https://help.waters.com/content/dam/waters/en/support/releasenotes/2025/716016352/716016352RevA.pdf: "We have agreements with the vendor to ensure the components in the LND4 are available and supported."

Reverse side: https://valuechain.wiki/dell/suppliers.md · Ripple: https://valuechain.wiki/dell/ripple.md

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Full node: https://valuechain.wiki/dell.md · JSON: https://valuechain.wiki/dell.json