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 Jun 21, 2026 1 AI consumers· 1 recurring
Astera LabsFY2025 revenue grew sharply
Financials & Segments
- Total revenue · FY2025 revenue grew sharply (+$456M). 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
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: "An NVIDIA ally singled out by Jensen Huang, up 223% this year."Confirms KO Seoul Economic Daily Published Sep 15, 2025: "Astera's Aries and Scorpio were adopted into NVIDIA's Blackwell platform, with interoperability demoed at GTC 2025."Confirms EN SEC EDGAR Published Feb 25, 2025: "10-K: FY2024 revenue $396.3M (+242%), led by Aries PCIe retimers with high customer concentration." - Microsoft Medium confidence
Supplies retimers and fabric directly to Microsoft (a key hyperscaler customer).Confirms EN SEC EDGAR Published Feb 10, 2026: "Astera Labs’ 10-K lists Microsoft among the concentrated hyperscaler customers buying its retimers and fabric directly." - Meta Platforms Medium confidence
Supplies retimers and fabric directly to Meta (a key hyperscaler customer).Confirms EN SEC EDGAR Published Feb 10, 2026: "Astera Labs’ 10-K lists Meta among its concentrated hyperscaler customers." - Amazon Medium confidence
Supplies retimers and fabric directly to Amazon (a key hyperscaler customer).Confirms EN SEC EDGAR Published Feb 10, 2026: "Astera Labs’ 10-K lists Amazon among its hyperscaler customers."
Pays to
- TSMC High confidence
TSMC is the sole manufacturer of all its ICs (fabless).Confirms EN SEC EDGAR Published Feb 10, 2026: "Astera 10-K: TSMC is the sole manufacturing partner for our ICs (no alternative qualified yet)." - 패키지·기판·테스트 외주 (비공개) Low confidence
Outsourced advanced packaging, substrate and final test (undisclosed).
Value-chain ripple (tiers 2–3)
Following node-to-node links up to 3 tiers; each firm is shown once, at its nearest tier.