Here are 1-3 brief analogies to describe Astera Labs:

1. Astera Labs is like a specialized Broadcom for AI data center interconnects.

2. Astera Labs is like the NVIDIA of high-speed connectivity chips for AI infrastructure.

• Aries PCIe Retimers: Semiconductor devices designed to extend the reach and enhance the signal integrity of Peripheral Component Interconnect Express (PCIe) connections in data centers.
• Leo CXL Memory Connectivity Controllers: Semiconductor controllers that enable memory expansion and pooling using the Compute Express Link (CXL) standard, optimizing resource utilization in AI and cloud servers.
• Gemini CXL/PCIe Smart Cable Modules: Integrated modules that embed Astera Labs' connectivity technology into active cables to improve signal integrity and performance for high-bandwidth interconnects.

Astera Labs (ALAB) primarily sells its semiconductor solutions to other companies, specifically Original Design Manufacturers (ODMs) and Original Equipment Manufacturers (OEMs) that build servers and data center infrastructure for hyperscale cloud service providers and enterprise customers. The company's products, such as PCIe and CXL retimers, are critical components in high-performance computing, AI platforms, and data centers.

Based on industry reports and company information, major direct customer companies include:

• Inventec Corporation (Taiwan Stock Exchange: 2324.TW) - A major Taiwan-based ODM specializing in the production of servers and other computing hardware.
• Wistron Corporation (Taiwan Stock Exchange: 3231.TW) - Another leading Taiwan-based ODM and electronics manufacturer known for producing a wide range of computing devices, including servers.
• Hon Hai Precision Industry Co., Ltd. (Foxconn) (Taiwan Stock Exchange: 2317.TW) - A global leader in electronics manufacturing services (EMS) and an ODM, manufacturing products for many of the world's largest technology companies.

These direct customers integrate Astera Labs' components into the servers and other infrastructure they build for ultimate end-customers, which include leading cloud service providers (e.g., Amazon Web Services, Microsoft Azure, Google Cloud) and major technology companies (e.g., NVIDIA).

• Taiwan Semiconductor Manufacturing Company Limited (TSM)
• Samsung Foundry (SSNLF)
• United Microelectronics Corporation (UMC)
• ASE Technology Holding Co., Ltd. (ASX)
• Amkor Technology, Inc. (AMKR)
• Siliconware Precision Industries Co., Ltd.

Jitendra Mohan, Chief Executive Officer, Co-Founder & Director

Jitendra Mohan co-founded Astera Labs in 2017 and has served as Chief Executive Officer and a board member since November 2017. Before Astera Labs, he was the Product Line (General) Manager at Texas Instruments Inc. from March 2012 to October 2017. He also held various technical leadership roles, including Design Director, at National Semiconductor Corporation from June 1996 to March 2012. Mr. Mohan has over two decades of engineering and general management experience and holds more than 35 granted patents. He led Astera Labs through a successful IPO in March 2024.

Mike Tate, Chief Financial Officer

Mike Tate is the Chief Financial Officer for Astera Labs and is a veteran of the semiconductor industry. He has served as CFO for several companies, including Annapurna Labs, NetLogic MicroSystems, Marvell Technology, and Galileo Technology. Mr. Tate has overseen numerous mergers, acquisitions, and IPOs during his career. Most recently, he was the CFO at Annapurna Labs, a semiconductor company that had a successful liquidity event in 2015. Previously, he was Vice President of Finance and CFO of NetLogic MicroSystems, Inc., a publicly traded semiconductor company that experienced over 400% revenue growth, completed five successful acquisitions, and was sold to Broadcom Corporation for $3.7 billion.

Sanjay Gajendra, President, Chief Operating Officer, Co-Founder & Director

Sanjay Gajendra is a co-founder of Astera Labs and has served as Chief Operating Officer and a member of the board of directors since November 2017. He has been President since November 2023, and from November 2017 to July 2020, he also served as Chief Financial Officer and Treasurer. Prior to co-founding Astera Labs, Mr. Gajendra served as Product Line (General) Manager at Texas Instruments Inc. from July 2014 to October 2017. His earlier experience includes roles as a Product Manager at National Semiconductor Corporation from June 2006 to December 2011 and a Senior Software Engineer at Wipro Limited.

Casey Morrison, Chief Product Officer & Co-Founder

Casey Morrison is a co-founder of Astera Labs and serves as its Chief Product Officer. He is responsible for leading the product organization, defining products, and ensuring their seamless integration into customer systems.

Thad Omura, Chief Business Officer

Thad Omura is the Chief Business Officer for Astera Labs. In this role, he is responsible for product strategy and execution, overseeing the marketing, product management, and applications engineering functions.

The increasing trend of major cloud service providers (hyperscalers) and large original equipment manufacturers (OEMs) to design and produce their own custom silicon (e.g., custom CPUs, AI accelerators, and network interface cards) that could integrate functionalities currently provided by Astera Labs' discrete connectivity chips (such as PCIe retimers/Redrivers and CXL controllers). This vertical integration by customers threatens to reduce the total addressable market for Astera Labs' products as these key customers opt for internally developed, integrated solutions.

Astera Labs (ALAB) operates in the global AI and cloud infrastructure markets, providing solutions to address data, memory, and networking bottlenecks. The company's total addressable market (TAM) was estimated at $17.2 billion, with projections for it to grow to $27.4 billion by 2027. This growth is primarily driven by the expansion of the AI infrastructure market.

Within its product portfolio, Astera Labs identifies the market for switches as its largest opportunity, with an addressable market of $5 billion. The company's products are integral to AI networks, improving connectivity between components like CPUs, DPUs, and storage through technologies such as Peripheral Component Interconnect Express (PCIe) and Compute Express Link (CXL).

Astera Labs (ALAB) is poised for significant future revenue growth over the next 2-3 years, driven by several key factors stemming from the increasing demand for high-speed connectivity solutions in artificial intelligence (AI) and cloud infrastructure. These drivers include:

1. Expansion and Adoption of Scorpio Smart Fabric Switches: The introduction and increasing deployment of Astera Labs' Scorpio Smart Fabric Switches, including both the P-Series and the anticipated X-Series, are expected to be major revenue drivers. The P-Series has already secured new design wins at multiple hyperscaler customers, supporting various AI platforms. The Scorpio X-Series is projected to begin shipments in late 2025 and ramp up significantly in 2026, with expectations to become the largest revenue contributor by 2026. This product line expands Astera Labs' market opportunity and unlocks higher dollar content within AI platforms.

2. Continued Momentum of PCIe 6 Solutions and Aries Retimers: The ongoing strong demand for PCIe 6 products and Aries PCIe Retimers is a consistent driver of revenue growth. These solutions are critical for scale-up and scale-out connectivity in AI rack-level configurations and have already accounted for a significant portion of recent quarterly revenue, leading to an increase in average selling prices.

3. Growth of Taurus Ethernet Smart Cable Modules (SCMs): Astera Labs anticipates robust growth and contributions from its Taurus Ethernet Smart Cable Modules. These modules play a crucial role in enabling high-speed Ethernet connectivity for AI infrastructure, contributing to the company's diversified revenue streams.

4. Increased Dollar Content Per AI Accelerator: The expanding and diversified product portfolio, particularly with the adoption of Scorpio and advanced PCIe solutions, is leading to a significant increase in the dollar content Astera Labs provides per AI accelerator. This higher value per accelerator is a key factor in driving overall revenue growth.

5. Future Contributions from ULink and Optical Solutions: While further out, Astera Labs is strategically positioning itself for future growth through its involvement with the UALink Consortium and its recent acquisition of Xscale Photonics. ULink solutions are expected to begin contributing revenue in 2027 and are seen as additive to the company's existing PCIe customer base. The acquisition of Xscale Photonics aims to bolster the company's capabilities in optical solutions, aligning with a long-term strategy to tap into a large, additive market opportunity associated with scale-up photonics, with sales scaling in 2028-2029.

Share Repurchases

• Astera Labs' 10-Year Share Buyback Ratio was 0.00% as of June 2025, and its 1-Year Share Buyback Ratio as of August 20, 2025, was -6.10%.
• The company reported share repurchases of $21.18 million in 2024 and $1.07 million for the twelve months ending September 30, 2025.

Share Issuance

• Astera Labs priced its initial public offering (IPO) on March 19, 2024, at $36.00 per share, offering 16,788,903 shares from the company.
• The gross proceeds to Astera Labs from the IPO were approximately $604.4 million.
• Overall, Astera Labs raised $712.8 million in its IPO, at an implied valuation of $5.5 billion.

Inbound Investments

• Astera Labs has raised a total of $232 million in funding over four rounds prior to its IPO.
• Its Series D funding round on November 17, 2022, raised $150 million and was led by Fidelity Investments.
• A Series C funding round in September 2021 secured $50 million, led by Fidelity Management and Research, with participation from Atreides Management and Valor Equity Partners.

Outbound Investments

• Astera Labs has acquired aiXscale Photonics.

Capital Expenditures

• Capital expenditures for Astera Labs were $34.25 million in 2024 and $34.3 million for the twelve months ending September 30, 2025.
• In the third quarter of 2025, the company invested in new production equipment, capitalizing costs primarily for future products to expand production capabilities.
• Research and development expenses increased by $28.3 million, or 56%, for the three months ended September 30, 2025, compared to the same period in 2024, driven by a 104% increase in personnel-related costs.