Who Penguin Solutions buys from and sells to
Builds and runs AI/HPC clusters, sells specialty memory modules (SMART Modular) and Cree LED products.
Buys from 4
- NVIDIANVDAGPUs for the clusters it builds
- MicronMUDRAM and flash for the memory modules
- Samsungthe same
- SK hynixthe same
Sells to 3
- MetaMETAAI cluster build and support
- SK TelecomSKMGPU-as-a-service cluster in Korea; also an investor
- US federal governmentHPC systems for agencies and labs
Where the chain could break
- Ten customers were 66% of FY2025 sales (10-K)
- GPU allocation from NVIDIA and DRAM pricing set both supply and margins
Competes with
- SupermicroSMCIAI server racks
- DellDELLthe same
- HPEHPEHPC and AI systems
Mapped by hand from filings and company reporting, as of October 2026. It shows the relationships that matter most, not every contract: most are never disclosed, and agreements change.