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Dell Technologies Inc. (NYSE:DELL), currently valued at $85.32 billion, reported that on June 9, June 10, June 11, June 12, June 26, and July 10, 2025, the company issued a total of 3,421,793 shares of its Class C common stock following the conversion of an equal number of Class B common stock shares. The conversions were made by SL SPV-2, L.P., Silver Lake Partners IV, L.P., Silver Lake Technology Investors IV, L.P., Silver Lake Partners V DE (AIV), L.P., and Silver Lake Technology Investors V, L.P. According to InvestingPro data, management has been actively managing the company’s share structure, including aggressive share buybacks.
As of July 11, 2025, Dell Technologies had 340,673,002 shares of Class C common stock and 58,946,330 shares of Class B common stock outstanding. The company’s certificate of incorporation allows holders of Class B common stock to convert their shares to Class C common stock on a one-to-one basis at any time. Shares of Class B common stock are also automatically convertible into Class C common stock under certain transfer circumstances described in the company’s certificate of incorporation. Both classes of shares carry the same dividend and liquidation rights.
The issuance of the Class C shares was made without registration, relying on the exemption provided by Section 3(a)(9) of the Securities Act of 1933. The company stated that no commission or other remuneration was paid or given for soliciting the exchange of these securities. Dell Technologies expects that any future conversions of Class B to Class C shares will also be conducted under this exemption.
This information is based on a press release statement included in the company’s Form 8-K filing with the Securities and Exchange Commission.
In other recent news, CoreWeave has become the first company to deploy NVIDIA (NASDAQ:NVDA)’s latest GB300 NVL72 AI platform, marking a significant advancement in AI infrastructure. This deployment, completed in collaboration with Dell Technologies, Switch, and Vertiv, enhances CoreWeave’s cloud platform, offering a substantial boost in AI reasoning and performance. Meanwhile, Dell Technologies has seen its stock price target raised by both Mizuho (NYSE:MFG) and TD Cowen, reflecting confidence in the company’s AI server wins and commercial PC sales. Mizuho has increased its fiscal 2026 revenue forecast for Dell, highlighting its strong AI server support team and financial strength. TD Cowen also raised Dell’s price target, noting a significant inflow of AI server orders and disciplined cost management. KeyBanc initiated coverage on Dell with a Sector Weight rating, citing strong management and financial profile but expressing concerns about gross margins. Additionally, Dell and other tech companies faced scrutiny from the U.S. government as part of a broader strategy to reduce federal contract spending. This initiative could introduce challenges for Dell and others in the sector, as the government seeks cost-cutting measures.
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