AI server interconnect · Retimers
Astera Labs
A fabless maker of AI server and rack connectivity (PCIe/CXL retimers, CXL memory, fabric switches). Its Aries and Scorpio parts were adopted into NVIDIA's next-gen 'Blackwell' GPU platform, driving rapid growth. Hyperscalers are its main customers; TSMC is its sole manufacturer.
ALAB Updated Jul 12, 2026 4 AI consumers· 1 recurring
Per the valuechain.wiki graph, Astera Labs is directly linked to 7 companies (3 supply, 4 revenue relationships) and reaches 91 companies within two hops; the links are backed by 9 dated sources, 4 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · FY2025 revenue $852.5M (+115%, record), Q4 $270.6M (+92% YoY), non-GAAP op margin 39.2%. Customers concentrated among a few hyperscalers
- Customer concentration · Concentrated among a few hyperscalers and system OEMs. Adoption into NVIDIA's Blackwell platform is the growth driver.
- Segments · Aries · Scorpio · Leo & Taurus
Revenue from
- NVIDIA High confidence· Revenue $853M · 2025 · FY2025 total revenue $852.5M (+115%, record), driven by Aries/Scorpio Blackwell adoption
Aries and Scorpio adopted into NVIDIA's Blackwell platform, the main growth driver; first to demo Blackwell interoperability.Confirms KO Korea Economic Daily Published Jun 9, 2026: Jensen Huang singled it out: a stock up 223% this yearConfirms EN Futurum Group Published Feb 11, 2026: Astera Labs Q4 2025 Earnings: Diversified AI Connectivity MomentumConfirms EN Astera Labs (GlobeNewswire) Published Feb 10, 2026: Astera Labs Reports Fourth Quarter and Full Year 2025 Financial ResultsConfirms KO Seoul Economic Daily Published Sep 15, 2025: Astera Labs, essential AI infrastructure courted by NVIDIA - Amazon Medium confidence
Supplies retimers and fabric directly to Amazon (AWS) — a key hyperscaler tied to AWS data-center AI-rack build-out. - Microsoft Medium confidence
Supplies retimers and fabric directly to Microsoft — a key hyperscaler tied to Azure AI build-out and one leg of its concentrated customer base. - Meta Platforms Medium confidence
Supplies retimers and fabric directly to Meta — a key hyperscaler tied to its in-house AI-training infrastructure.
Pays to
- TSMC High confidence
TSMC is the sole manufacturer of all its ICs (fabless). - Synopsys Medium confidence
Pays for synopsys EDA tools and IP licenses. - Cadence Design Systems Medium confidence
Pays for cadence EDA tools and IP licenses. - outsourced package, substrate & test (undisclosed) Low confidence
Outsourced advanced packaging, substrate and final test (undisclosed).
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Dell Technologies | lead2 | +51.2 | -26.6 | +95.9 | +53 | +11.2 | +248.1 |
| Lenovo | lead2 | -4.6 | -20.9 | +36.2 | +18.2 | -0.6 | +175.7 |
| Hewlett Packard Enterprise | lead2 | +37.4 | +4.5 | +9.7 | +29.1 | +15.5 | +104 |
| TeraWulf | lead2 | +77.1 | -95.5 | +258.2 | +135.8 | +103 | +91.2 |
| Datadog | lead2 | +80.9 | -58.7 | +65.1 | +17.7 | -4.8 | +89.4 |
| Palo Alto Networks | lead2 | +56.7 | -24.8 | +111.3 | +23.4 | +1.2 | +76.9 |
| Aurora Innovation | lead2 | · | -89.3 | +261.2 | +44.2 | -39 | +66.1 |
| CrowdStrike | lead2 | -3.3 | -48.6 | +142.5 | +34 | +37 | +59.7 |
| Mercury Systems | lead2 | -37.5 | -18.7 | -18.3 | +14.8 | +73.8 | +47.9 |
| ASUSTeK Computer | lead2 | +35.5 | -12.9 | +72 | +41.1 | -14.1 | +46.7 |
| Wiwynn | lead2 | +24.7 | -22.3 | +206.4 | +3.5 | +64.4 | +45.1 |
| Illumina | lead2 | +2.8 | -46.9 | -31.1 | -1.3 | -1.8 | +45 |
| Gigabyte Technology | lead2 | +82.3 | -3.4 | +173.2 | -15.9 | -4.7 | +44.4 |
| Cloudflare | lead2 | +73 | -65.6 | +84.2 | +29.3 | +83.1 | +36.1 |
| Quanta Computer | lead2 | +22.2 | -12.8 | +254.5 | +12.7 | +8.9 | +33.4 |
| Starbucks Corp | lead2 | +11.1 | -13.2 | -1.2 | -2.5 | -5.3 | +27.4 |
| SK Telecom | lead2 | +7.9 | -12 | +15.8 | +15.5 | +37.5 | +23.4 |
| Celestica | lead2 | +37.9 | +1.3 | +159.8 | +215.2 | +220.3 | +21.7 |
| Johnson Controls | lead2 | +77.4 | -19.3 | -7.6 | +39.8 | +53 | +20 |
| Snowflake | lead2 | +20.4 | -57.6 | +38.6 | -22.4 | +42.1 | +19.2 |
| Geely Auto | lead2 | -40.8 | -22.9 | -40.3 | +98.5 | +14.5 | +18.9 |
| Wistron | lead2 | +7.9 | +9.7 | +272.7 | -1.6 | +22.7 | +14.8 |
| Alphabet (Google) | lead2 | +65.3 | -39.1 | +58.3 | +36 | +66 | +14.3 |
| Foxconn (Hon Hai) | lead2 | -5.1 | +2.8 | +7.8 | +80.1 | +26.9 | +10.9 |
| Airbnb Inc | lead2 | · | -48.6 | +59.2 | -3.5 | +3.3 | +9.5 |
| IREN | lead2 | · | -92.3 | +472 | +37.3 | +284.6 | +8.9 |
| Costco Wholesale | lead2 | +51.8 | -19 | +49 | +39.6 | -5.4 | +6.6 |
| Procter & Gamble | lead2 | +20.5 | -5 | -0.9 | +17.3 | -12.3 | +4.1 |
| Walmart Inc | lead2 | +2 | -0.5 | +12.9 | +74 | +24.5 | +2.6 |
| IBM | lead2 | +16.7 | +10.6 | +21.8 | +39.3 | +38.2 | -1.6 |
| Super Micro | lead2 | +38.8 | +86.8 | +246.2 | +7.2 | -4 | -3.3 |
| General Motors | lead2 | +40.8 | -42.4 | +7.9 | +49.8 | +54.2 | -3.8 |
| IonQ | lead2 | · | -79.3 | +259.1 | +237.1 | +7.4 | -4.5 |
| Schrodinger | lead2 | -56 | -46.3 | +91.5 | -46.1 | -7.3 | -7.8 |
| Hyundai Motor Company | lead2 | -16.7 | -4.7 | +16.2 | +12.3 | +158.8 | -7.8 |
| MercadoLibre, Inc. | lead2 | -19.5 | -37.2 | +85.7 | +8.2 | +18.5 | -8 |
| Uber | lead2 | -17.8 | -41 | +149 | -2 | +35.5 | -8.8 |
| Tesla | lead2 | +49.8 | -65 | +101.7 | +62.5 | +11.4 | -9.3 |
| The Walt Disney Company | lead2 | -14.5 | -43.9 | +4.3 | +24.4 | +3.3 | -15.3 |
| Toyota Motor Corporation | lead2 | +58.1 | -13.4 | +63 | +1.8 | +21.8 | -18.2 |
| Coupang | lead2 | · | -49.9 | +10.1 | +35.8 | +7.3 | -20.3 |
| Netflix | lead2 | +11.4 | -51.1 | +65.1 | +83.1 | +5.2 | -21.7 |
| Alibaba Group | lead2 | -49 | -25.8 | -10.8 | +11.8 | +75.8 | -22.7 |
| Tencent Holdings Limited | lead2 | -28.6 | -14.2 | -28.7 | +49.8 | +52.1 | -23.2 |
| Baidu | lead2 | · | -8.2 | -23.4 | -13.5 | +74.2 | -24.5 |
| Rigetti Computing | lead2 | · | -92.9 | +35.1 | +1449.2 | +45.2 | -25.3 |
| Oracle | lead2 | +36.9 | -4.6 | +30.9 | +60 | +18.1 | -27.4 |
| ServiceNow | lead2 | +17.9 | -40.2 | +82 | +50.1 | -27.7 | -29.7 |
| Kratos Defense | lead2 | -29.3 | -46.8 | +96.6 | +30 | +187.8 | -36.5 |
| Pony.ai | lead2 | · | · | · | · | +1 | -54.6 |
| NVIDIA | lead1 | +125.5 | -50.3 | +239 | +171.2 | +38.9 | +13.3 |
| Amazon | lead1 | +2.4 | -49.6 | +80.9 | +44.4 | +5.2 | +6.3 |
| Meta Platforms | lead1 | +23.1 | -64.2 | +194.1 | +66 | +13.1 | +1.6 |
| Microsoft | lead1 | +52.5 | -28 | +58.2 | +12.9 | +15.6 | -20 |
| Astera Labs | node | · | · | · | · | +25.6 | +148.2 |
| TSMC | benef1 | +12.1 | -36.7 | +42.3 | +92.6 | +55.9 | +43.6 |
| SUMCO Corporation | benef2 | -4.3 | -3.9 | +21.3 | -48.1 | +41.7 | +225.8 |
| GlobalWafers | benef2 | +26.9 | -29.9 | +14.3 | -39 | +48.9 | +171.6 |
| Applied Materials | benef2 | +83.6 | -37.5 | +68 | +1.1 | +59.6 | +135 |
| Lam Research | benef2 | +53.7 | -40.7 | +88.6 | -6.8 | +139.2 | +105 |
| Onto Innovation | benef2 | +112.9 | -32.7 | +124.6 | +9 | -5.3 | +103.6 |
| KLA | benef2 | +68 | -11.2 | +56 | +9.4 | +94.5 | +91 |
| SCREEN Holdings | benef2 | +40.7 | -13.2 | +220.1 | -24.1 | +84.9 | +86.3 |
| Teradyne | benef2 | +36.8 | -46.3 | +24.8 | +16.5 | +54.4 | +85.9 |
| Resonac | benef2 | -2.6 | -4 | +37.5 | +30.3 | +137.9 | +80.4 |
| Tokyo Electron (TEL) | benef2 | +40.4 | -14.5 | +89.8 | -4.4 | +61.6 | +78.2 |
| Qnity Electronics | benef2 | · | · | · | · | · | +76.3 |
| Entegris | benef2 | +44.6 | -52.5 | +83.5 | -17.1 | -14.6 | +72.8 |
| ASML | benef2 | +64.1 | -30.5 | +39.9 | -7.7 | +55.8 | +68.6 |
| Global Unichip | benef2 | +21.4 | +67.6 | +99.4 | -13.7 | +101.4 | +66.4 |
| BESI | benef2 | +33.7 | -6.1 | +121.8 | -9.3 | +35 | +56.2 |
| Fujimi Incorporated | benef2 | +64.7 | -1.6 | +40.4 | -24.2 | +28.4 | +54.6 |
| Shin-Etsu Chemical | benef2 | +6.3 | +3.1 | +57.8 | -15.6 | +7.6 | +44 |
| Tokyo Ohka Kogyo (TOK) | benef2 | -2.7 | -3 | +63.8 | +4.3 | +111.5 | +42.9 |
| Ebara | benef2 | +58.1 | +2.3 | +76.1 | +41 | +84 | +32.3 |
| ASM International | benef2 | +44.2 | +2.9 | +68.7 | +10.3 | +25.9 | +28.8 |
| Linde | benef2 | +33.4 | -4.4 | +27.7 | +3.2 | +3.2 | +25.1 |
| Cadence Design Systems | benef2 | +36.6 | -13.8 | +69.6 | +10.3 | +4 | +22.9 |
| Lasertec | benef2 | +78.9 | +2.4 | +57 | -60.6 | +138.9 | +22.4 |
| Advantest | benef2 | +17 | -2.3 | +155.7 | +49.5 | +196 | +17.1 |
| Air Liquide | benef2 | +14.1 | +7.9 | +20.9 | +8.5 | -4.8 | +12.5 |
| Disco Corporation | benef2 | -6.6 | +27.7 | +218.5 | +11.6 | +49.6 | +10.2 |
| EO Technics | benef2 | +7.6 | -28.2 | +130.5 | -16.2 | +163.2 | +0.7 |
| HPSP | benef2 | · | · | +216.5 | -30.4 | +54.7 | -4.5 |
| Synopsys | benef2 | +42.1 | -13.4 | +61.3 | -5.7 | -3.2 | -5.2 |
| Photronics | benef2 | +68.9 | -10.7 | +86.4 | -24.9 | +35.8 | -6.6 |
| Leeno Industrial | benef2 | +21 | -5.3 | +18.3 | +9.5 | +150.1 | -30.3 |
YTD as of 2026-07-10 · source: Yahoo Finance
The core of Astera Labs is having pre-empted a new bottleneck layer — AI server/rack connectivity (PCIe/CXL retimers, fabric switches, CXL memory). As GPU density rises, signal integrity and bandwidth inside the rack become the bottleneck, and its Aries and Scorpio parts absorb that demand directly via adoption into NVIDIA's Blackwell platform. As a fabless maker it depends on TSMC as sole manufacturer of all its ICs and outsources packaging/test, so its supply chain is effectively tied to TSMC, while revenue concentrates in a few hyperscalers (Microsoft, Meta, Amazon) — concentration on both sides is the risk. In graph terms Astera is a cost node to TSMC, Synopsys and Cadence and a revenue node to the NVIDIA ecosystem and hyperscalers, so AI-rack build-out and the adoption pace of next-gen interconnect (PCIe6/CXL) drive valuation.
Analysis generated from returns as of 2026-07-09Analyst ratings
Consensus: Buy 2 · Hold 2 · Sell 0 · Avg. target $434 · Price $412.5 (07-11) · Upside +5%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| UBS · Natalia Winkler | Neutral | $400 | Jun 29, 2026 | Report ↗ |
| Stifel · Tore Svanberg | Buy | $460 | Jun 24, 2026 | Report ↗ |
| Bank of America · Vivek Arya | Neutral | $450 | Jun 23, 2026 | Report ↗ |
| RBC Capital · Srini Pajjuri | Buy | $425 | Jun 3, 2026 | Report ↗ |
Neutral kept, target $205→$400; a credible AI-networking supplier on retimer execution and expansion beyond AWS, pointing to the CXL opportunity.