Astera Labs, Inc.

Astera Labs is a semiconductor connectivity company purpose-built for cloud and AI infrastructure. Q1 FY2024 revenue was $65.258M, up from $17.664M in Q1 2023 (269% YoY growth). The company operates as a single segment with all four product families (Aries PCIe/CXL retimers, Taurus Ethernet smart cable modules, Leo CXL memory controllers, Scorpio fabric switches) targeting AI and cloud data center infrastructure. Two customers accounted for 47% and 36% of revenue. Revenue was heavily concentrated in Taiwan ($59.573M of $65.258M = 91%), indicating shipments to AI server OEMs/ODMs (likely building GPU platforms). While the company's products are protocol-based and could serve general-purpose servers, the explosive growth is AI-driven. A conservative 15% haircut accounts for potential non-AI server deployments of Aries retimers in general-purpose data center applications. $55.5M AI / $65.3M total = ~85%.