AI optical transceivers · silicon photonics

Coherent

A key supplier of AI-datacenter optical-networking components (transceivers, lasers). FY2025 revenue $5.78B (+23%), led by datacenter and communications. Ramping 1.6T transceivers (silicon photonics, EML, VCSEL). NVIDIA invested $2B and committed multi-billion purchases of its lasers and optical-networking products.

COHR Updated Jun 21, 2026

Annual return · 2026-06-18'21-10%'22-48.6%'23+24%'24+117.6%'25+94.8%YTD+111.1%

Money in ▸NVIDIA●하이퍼스케일러·통신 (광트랜시버)◐

CoherentFY2025 revenue $5.78B

▸ Money outR&D·엔지니어 (비공개)○화합물 반도체·광소재 (비공개)○

Financials & Segments

Total revenue · FY2025 revenue $5.78B (+23%)
Customer concentration · Driven by AI-datacenter transceiver demand.
Segments · Datacenter/comms optics · Lasers/materials

Revenue from

NVIDIA High confidence
Supplies optics/lasers to NVIDIA ($2B investment, multi-billion purchase commitment).
Confirms KO Ledesk Published Jan 1, 2026: "NVIDIA invested $2B in Coherent, committed multi-billion purchases of lasers/optics."
Confirms EN SEC EDGAR Published Nov 1, 2025: "NVIDIA invested $2B in Coherent, committed multi-billion purchases of lasers/optics."
하이퍼스케일러·통신 (광트랜시버) Medium confidence
Supplies DCI/telecom optical transceivers.
Confirms KO Ledesk Published Jan 1, 2026: "Coherent transceivers used for AI datacenter interconnect (DCI)."
Confirms KO Newspim Published Oct 27, 2025: "Coherent transceivers used for AI datacenter interconnect (DCI)."

Pays to

R&D·엔지니어 (비공개) Low confidence
Silicon-photonics/optics R&D.
Confirms KO Ledesk Published Jan 1, 2026: "Silicon-photonics/co-packaged-optics R&D."
화합물 반도체·광소재 (비공개) Low confidence
Compound-semiconductor materials (InP/GaAs) and in-house fabs.
Confirms EN SEC EDGAR Published Nov 1, 2025: "In-house compound-semiconductor lasers/optics."

Value-chain ripple (tiers 2–3)

Following node-to-node links up to 3 tiers; each firm is shown once, at its nearest tier.

Company	Chain	'21	'22	'23	'24	'25	YTD
Apple	lead3	+34.6	-26.4	+49	+30.7	+9.1	+9.8
CoreWeave	lead2	·	·	·	·	·	+64.7
Foxconn (Hon Hai)	lead2	-5.1	+2.8	+7.8	+80.1	+26.9	+21.8
Alphabet (Google)	lead2	+65.3	-39.1	+58.3	+35.8	+66.1	+17.8
Amazon	lead2	+2.4	-49.6	+80.9	+44.4	+5.2	+5.9
Super Micro	lead2	+38.8	+86.8	+246.2	+7.2	-4	+4.7
Meta Platforms	lead2	+23.1	-64.2	+194.1	+65.9	+13.1	-12.3
Microsoft	lead2	+52.5	-28	+58.2	+12.9	+15.6	-21.2
NVIDIA	lead1	+125.5	-50.3	+239	+171.3	+38.9	+13.1
Coherent	node	-10	-48.6	+24	+117.6	+94.8	+111.1

YTD as of 2026-06-18 · source: Yahoo Finance

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