Astera Labs, Inc.

The grade, in three tenses

Headline 7.2 out of ten, 8 of 9 metrics filed and 1 estimated: past 6.5 out of ten, present 7.2 out of ten, future 7.9 out of ten. The past asks what it actually did, the present what it is doing right now, the future what it is set up to do next.

The nine metrics

• Surviving crises (past): 7.6 out of ten. No warning events in its filings since 2018. 76th percentile among 99 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Track record (past): 7.9 out of ten. +120.1% a year over 4 filed years; profitable in 1 of 4. 79th percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Shareholder treatment (past): 2.0 out of ten. Share count grew 73.8% a year. 0% of cash flow returned. Insiders: 504 sales, 0 purchases. 20th percentile among 67 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Financial health (present): 6.8 out of ten. ROE 16%: 16¢ of profit per shareholder dollar. Leverage 11%: owes 11¢ per asset dollar. 68th percentile among 95 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Industry position (present): 7.8 out of ten. top 22% of 97 in its family; net margin 25.7%. 78th percentile among 97 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Leadership (present): 7.0 out of ten. CrossAssetData estimate 7.0/10, confidence 35 of 100 (one part). 69th percentile among 79 sector filers. A CrossAssetData estimate, not a filed reading: one part, confidence 35 of 100; a filing that carries the missing parts replaces this estimate with the filed reading.
• Room to expand (future): 7.8 out of ten. top 22% of 94 in its family for room to expand. 78th percentile among 94 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Growth drivers (future): 8.9 out of ten. top 11% of 93 in its family for growth drivers. 89th percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Expectations vs reality (future): 6.8 out of ten. top 32% of 88 in its family for expectations against reality. 68th percentile among 88 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).

The filing record

Newest annual report: Form 10-K filed 2026-02-20 for the period ended 2025-12-31 (on EDGAR). Newest quarterly report: Form 10-Q filed 2026-08-05 for the period ended 2026-06-30 (on EDGAR). Newest results release: Form 8-K filed 2026-08-04 (on EDGAR). Newest filing: Form 4, 2026-10-09. Filings on record since 2018. Read from EDGAR 2026-10-12.

How the company works

Read from its Form 10-K filed 2026-02-20.

The people

Astera Labs is still run by the two people who started it. Jitendra Mohan, a co-founder, has been chief executive and a director since November 2017, and was president from November 2017 to November 2023; before that he was a product line manager at Texas Instruments from March 2012 to October 2017, and spent the years from June 1996 to March 2012 at National Semiconductor, most recently as a design director. Sanjay Gajendra, the other co-founder, has been chief operating officer and a director since the same month, took the title of president in November 2023, and held the finance job himself, as chief financial officer and treasurer, from November 2017 to July 2020. He came from the same two employers: Texas Instruments from July 2014 to October 2017, and National Semiconductor from May 2000 to December 2011. [1, 2]

The finance seat changed hands after the year this report covers. Desmond Lynch has been chief financial officer since March 2026; he came from Rambus, a chip and licensing company, where he was chief financial officer from August 2022 until February 2026. Michael Truett Tate is the name on the insider record before him, first filing as chief financial officer in 2024 and last filing in 2026. Philip Mazzara has been general counsel and secretary since September 2022, and was vice president of legal before that. Germaine Cota files as chief accounting officer and vice president of finance, first appearing on the record in 2026. PricewaterhouseCoopers has audited the books since 2021. [3, 4, 5, 6]

Twelve people appear on the insider record, and all twelve have filed in the last fifteen months. Two of the outside directors have run chip companies themselves. Craig Barratt joined the board in March 2025; he was president and chief executive of Atheros Communications, a fabless chip company, meaning one that designs chips and hires others to make them, from 2003 until Qualcomm bought it in 2011, and the proxy statement says he joined Intel's board in November 2025 and is to become its chairman in May 2026. Michael Hurlston has been a director since November 2022 and is president and chief executive of Lumentum, an optical products company, a post he took in February 2025 after running Synaptics from August 2019 to February 2025. [7, 8, 9, 10, 6]

At the end of 2025 the company had 756 full-time employees, 527 of them in North America, 208 in Asia and 21 in Europe, none of them represented by a labor union. Average headcount rose 75% over the year. The engineering is spread wide, with research and development offices in the United States, Canada, Germany, India, Israel, Singapore and Vietnam. The headquarters is in San Jose, California: about 154,231 square feet of offices, laboratories and test space on a lease that runs to November 2032, with further sites in Irvine and Texas, and offices in China and Taiwan for local customer support and sales. [11, 12, 13, 14, 15, 16]

How it operates

Astera Labs makes the parts that move data around inside a data center, and the software that watches them. Four product families do the work. Aries retimers and cable modules take a high speed signal that has faded along a wire, recover it and send a clean copy on, which lets an ordinary cable reach further and carry more. Taurus modules do the same job for the Ethernet links between servers and switches over copper. Leo controllers let a machine expand, share and pool ordinary DRAM memory over fast serial links. Scorpio switches are the fabric that ties AI accelerators together. All four are built on industry standards, PCIe, Ethernet and CXL, and all four carry COSMOS, the company's software, which lets a customer configure, watch and troubleshoot the parts from inside its own systems. The products ship as chips, as boards and as assembled modules. [17, 18, 19, 20, 21, 22, 23]

The buyers are few and very large: major hyperscalers, the vendors of AI accelerators including graphics processor makers, and the companies that build systems for others. The filing is blunt about how narrow that is. In 2025 one end customer was more than 70% of revenue, and the top three together about 86%. The companies Astera Labs actually invoices sit a step removed from those buyers: its own definition of a customer covers the end customer, the end customer's manufacturing partner and the distributor, and the financial statements use the word only for the parties it bills. On that basis five customers each reached a tenth or more of revenue in 2025, at 20%, 20%, 17%, 16% and 11%. [24, 25, 26, 27]

It sells directly and through distributors, and says the distributors are there for fulfilment and logistics rather than for selling, marketing or technical support; the customers themselves are closely involved in the design and often dictate who supplies the parts. Arrangements are typically purchase orders for specific products rather than long contracts. Getting designed in is the whole game: the company says it can take up to two years from the moment a design win is secured to the start of volume shipments. Ahead of that it runs an Interop Lab, where its parts and other suppliers' parts are tested together so a customer can see they work before a large deployment. [28, 29, 30, 31]

Astera Labs owns no factory. It is fabless, meaning it designs its chips and hires others to make them: TSMC fabricates all of its integrated circuits, and Advanced Semiconductor Engineering and Amkor Technologies assemble, package and test them, while a small number of other partners build the modules, boards and chip substrates. The financial statements put it plainly, that the company relies on a single manufacturing partner for integrated circuits. Its own equipment follows that supply chain rather than its offices: at the end of 2025, 73% of property and equipment sat in Taiwan and 20% in the United States. [32, 33, 34]

The specifics

What it owns is know-how more than a wall of patents. At the end of 2025 it held 26 issued patents and 35 pending applications in the United States, and one issued patent with five pending applications abroad, covering interconnect and memory control technology and board and package designs, and expiring between 2039 and 2044. It leans on trade secrets, and on trademark registrations for ASTERA LABS in the United States, the European Union, Japan, Singapore, Taiwan, the United Kingdom and Vietnam. The standards it builds on cut both ways: PCIe and Ethernet are settled, while the filing says CXL connectivity and UALink are in the early stages of market adoption. [35, 36, 37]

It names seven principal competitors: Broadcom, Credo Technology Group Holding, Marvell Technology, Microchip Technology, Montage Technology, Parade Technologies and Rambus. The filing adds that each of them competes on some but not all of its solutions, which fits a company selling four different families into one kind of buyer. Astera Labs reports as a single operating segment, with the chief executive as the decision maker who reviews the figures on a consolidated basis. [38, 39, 40]

The company is young and grew fast. The two founders started it in November 2017, Aries was launched commercially in 2020, and revenue went from $34.8 million in 2021 to $79.9 million in 2022, $115.8 million in 2023, $396.3 million in 2024 and $852.5 million in 2025. The listing came in March 2024, and the stock awards that vested with it still shape the accounts: sales and marketing spending fell 35% in 2025 and general and administrative spending fell 7%, both because that one-off compensation charge was not repeated. In November 2025 the company bought all of aiXscale Photonics, a private German company working on fiber to chip coupling, for $31.1 million in cash. [41, 42, 43, 44, 1, 45, 46]

Two things sit outside the ordinary run of the business. Export rules are one: the filing notes that the Commerce Department keeps adding Chinese firms to the Entity List, which would require licences to ship to them and will likely limit or prevent dealings with certain potential customers or suppliers, and China is where nearly a third of revenue is billed. Internal control is the other. Two material weaknesses were reported as of the end of 2024, one in risk assessment and segregation of duties, one in information technology controls; the company says it finished designing and testing the fixes during 2025, and that management concluded control over financial reporting was effective at the end of that year. The auditor still singled out the accounting for the aiXscale purchase as a critical audit matter, and noted that a material weakness existed during the year that affected it. There are no material pending legal proceedings. [47, 48, 49, 50, 51, 52, 53]

What drives growth, line by line

Revenue rose 115% in 2025, to 852.5 million dollars from 396.3 million. The filing gives two reasons: more units shipped, on higher demand for the Aries, Scorpio and Taurus lines, and higher average selling prices, because more of what went out the door was a hardware module or a Scorpio switch rather than a bare chip. The cost of those sales rose faster, 121%, on the same mix, so gross margin slipped 70 basis points to 75.7% from 76.4%. [54, 55, 56, 57]

Singapore. 277.0 million dollars, 32.5% of revenue and the largest region, against 29.1 million the year before. The filing gives no reason region by region, and cautions that revenue by location follows the billing address of the parties it invoices, which are the end customers' manufacturing partners and its distributors rather than the end customers themselves. [53, 58]

China. 256.3 million dollars, 30.1% of revenue, against 72.7 million the year before. This too is a billing address rather than a market. The filing warns separately that tariffs, export controls and sanctions have in the past limited sales to customers in China and may do so again. [53, 58, 59]

Taiwan. 247.4 million dollars, 29.0% of revenue, and the one line that fell, down 8.3% from 269.9 million. Taiwan is also where 73% of the company's own property and equipment sits, a reminder that these lines report where a bill is sent and not where the work is done. [53, 34, 58]

Outside the United States. The record's catch-all for everywhere else: 44.4 million dollars, 5.2% of revenue, against 13.3 million the year before. [53]

United States. 27.4 million dollars, 3.2% of revenue, against 11.3 million the year before, and the smallest of the five lines, even though the company is based in San Jose, California and the largest part of its workforce is in North America. [53, 11, 16]

Costs grew more slowly than sales. Operating expenses rose 53.1 million dollars, or 13%, with a 75.6 million rise in personnel costs on a 75% increase in average headcount and a 31.4 million rise in research spending. Research and development alone rose 103.2 million, or 51%, to 304.0 million, on a 97% increase in average headcount there. The two other lines fell: sales and marketing by 43.9 million, or 35%, and general and administrative by 6.2 million, or 7%, both because the stock compensation that vested with the listing was not repeated. Interest income added 10.4 million more than the year before, up 30%. Net income was 219.1 million dollars, against a loss of 83.4 million. [15, 60, 42, 43, 61, 62, 57]

What comes next, in the company's own words: it expects costs to keep rising over time, and research and development spending to keep rising in absolute dollars. Its stated plan is to sell more to the cloud and AI customers it already has, to push adoption of its PCIe, Ethernet, CXL and UALink connectivity products, to raise the value of each product and to follow those customers into new data heavy markets. It also anticipates staying dependent on a small number of end customers, and says the share taken by some of them may rise. It ended 2025 with 1.2 billion dollars of cash, cash equivalents and marketable securities, and 74.9 million of purchase commitments. [63, 64, 65, 66, 67, 68]

What the desk infers (inferred, not filed)

• One end customer's orders most likely reach Astera Labs through several different companies: the invoices are spread across at least five parties, none of them above a fifth of revenue, while a single end customer is more than seventy percent of it. Because: The filing says one end customer was more than 70% of revenue in 2025 and the top three about 86%. [26] The financial statements count a customer as the party invoiced, which is mostly the end customer's manufacturing partner or a distributor, not the end customer itself. [25, 58] On that invoiced basis the largest customer in 2025 was 20% of revenue, and five customers each passed a tenth. [27] Customers are closely involved in the design and often dictate the sourcing decisions for the systems their products go into, and they often engage third party contract manufacturers to build those systems. [28, 69] Confidence 85 of 100. Wrong if: A filing or disclosure showing that a single directly invoiced customer accounted for more than seventy percent of revenue, or that the largest end customer buys through only one manufacturing partner.
• The jump that made Singapore the largest billing region in 2025 is most likely a change in where a large customer's manufacturing partner books its orders, rather than new demand from companies based in Singapore. Because: Revenue billed to Singapore went from 29.1 million dollars to 277.0 million in a single year, while Taiwan, the region it displaced, fell 8.3%. [53] Revenue by location is the billing address of the manufacturing partners and distributors the company invoices. [58] The end customers the filing names are hyperscalers, AI accelerator vendors and system makers, and it says that universe is small and concentrated. [24, 70] The company's own property and equipment stayed concentrated in Taiwan and the United States, 73% and 20% at the end of 2025. [34] Confidence 60 of 100. Wrong if: A filing or disclosure attributing the Singapore increase to end customers headquartered in Singapore, or naming a Singapore-based company among the largest end customers.
• A hardware module earns more per unit but keeps less of it: the mix that lifted average selling prices is the same mix that pulled gross margin down, which points to bought-in parts wrapped around the company's own chip. Because: Higher average selling prices in 2025 came from an increased mix of hardware modules and Scorpio products. [54] Gross margin fell 70 basis points to 75.7%, and the filing puts it down to product mix as more hardware modules shipped. [56] Cost of revenue rose 121% while revenue rose 115%. [54, 55] A cable module is described as the company's own retimer chip plus peripheral components assembled on a form factor, so each one carries parts bought from others. [71] Confidence 75 of 100. Wrong if: A filing or disclosure attributing the fall in gross margin to something other than the module mix, or reporting module gross margin at or above that of the chip-only products.

Sources

1. Astera Labs, Inc., Form DEF 14A filed 2026-04-23: “Jitendra Mohan is a co-founder of Astera Labs, and has served as our Chief Executive Officer and as a member of our board of directors since November 2017, and served as our President from November 2017 to November 2023. Prior to founding Astera Labs, Mr. Mohan served as Product Line (General) Manager at Texas Instruments Inc. (Nasdaq: TXN), a semiconductor company, from March 2012 to October 2017; and at National Semiconductor Corporation (NYSE: NSM), a semiconductor company, from June 1996 to March 2012 in various technical roles, including most recently as a Design Director.”
2. Astera Labs, Inc., Form DEF 14A filed 2026-04-23: “Sanjay Gajendra is a co-founder of Astera Labs, and has served as our Chief Operating Officer and as a member of our board of directors since November 2017, and as President since November 2023, and served as our Chief Financial Officer and Treasurer from November 2017 to July 2020. Prior to founding Astera Labs, Mr. Gajendra served as Product Line (General) Manager at Texas Instruments Inc. (NYSE: TXN) from July 2014 to October 2017 and a Director of Product Management from January 2012 to June 2014; a Product Manager at National Semiconductor Corporation (formerly NYSE: NSM) from June 2006 to December 2011, and a Principal Software Engineer from May 2000 to June 2006”
3. Astera Labs, Inc., Form DEF 14A filed 2026-04-23: “Desmond Lynch has served as our Chief Financial Officer since March 2026. Prior to joining us, Mr. Lynch served as Senior Vice President, Finance and Chief Financial Officer of Rambus Inc. (Nasdaq: RMBS), a chip and IP provider, from August 2022 until February 2026 and served as the Vice President of Finance and Investor Relations of Rambus from 2020 until 2022.”
4. Astera Labs, Inc., Form DEF 14A filed 2026-04-23: “Philip Mazzara has served as our General Counsel and Secretary since September 2022, and previously as our Vice President of Legal from February 2022 to August 2022.”
5. Astera Labs, Inc., Form DEF 14A filed 2026-04-23: “PricewaterhouseCoopers LLP has served as Astera Labs’ independent registered accounting firm since 2021.”
6. The record on this page: the officers and directors who file Forms 3, 4 and 5 (the SEC's insider data sets)
7. Astera Labs, Inc., Form DEF 14A filed 2026-04-23: “Craig Barratt has served as a member of Astera Labs’ board of directors since March 2025. Dr. Barratt is currently an independent business consultant.”
8. Astera Labs, Inc., Form DEF 14A filed 2026-04-23: “He served as President, Chief Executive Officer and a director of Atheros Communications, Inc. (formerly Nasdaq: ATHR), a fabless semiconductor company, from 2003 until its 2011 acquisition by Qualcomm.”
9. Astera Labs, Inc., Form DEF 14A filed 2026-04-23: “Dr. Barratt has served on the board of directors of Intel since November 2025, and will become chairman of the board of directors effective May 13, 2026.”
10. Astera Labs, Inc., Form DEF 14A filed 2026-04-23: “Michael Hurlston has served as a member of Astera Labs’ board of directors since November 2022. Mr. Hurlston is currently the President, Chief Executive Officer and Director of Lumentum Holdings Inc. (Nasdaq: LITE), an optical and photonic products company, where he has served since February 2025. Previously, Mr. Hulrston served as the President, Chief Executive Officer, and Director of Synaptics, Inc. (Nasdaq: SYNA), a semiconductor company, from August 2019 to February 2025.”
11. Astera Labs, Inc., Form 10-K filed 2026-02-20: “As of December 31, 2025, we had a total of 756 full-time employees globally, with 527 in North America, 208 in Asia, and 21 in Europe.”
12. Astera Labs, Inc., Form 10-K filed 2026-02-20: “To our knowledge, none of our employees are represented by a labor union or covered by a collective bargaining agreement.”
13. Astera Labs, Inc., Form 10-K filed 2026-02-20: “We invest heavily in a global team of highly skilled engineers, with dedicated research and development offices in United States, Canada, Germany, India, Israel, Singapore, and Vietnam.”
14. Astera Labs, Inc., Form 10-K filed 2026-02-20: “Our corporate headquarters is located in San Jose, California, where we currently lease approximately 154,231 square feet for office space, research and development, and testing, pursuant to a lease agreement that expires in November 2032. We also lease additional facilities in Irvine and Texas in United States, Canada, Germany, India, Singapore, and Vietnam for research and development, in China and Taiwan for local customer support and sales, and in Israel for research and development and local customer support.”
15. Astera Labs, Inc., Form 10-K filed 2026-02-20: “Operating expenses increased by $53.1 million or 13%, for the year ended December 31, 2025 compared to the same period in 2024, primarily driven by a $75.6 million increase in personnel-related expenses resulting from a 75% increase in average headcount, a $31.4 million increase in expenses related to our R&D initiatives”
16. The record on this page: the filing record (the EDGAR submissions feed)
17. Astera Labs, Inc., Form 10-K filed 2026-02-20: “Our mission is to innovate, design, and deliver semiconductor-based connectivity solutions that are purpose-built to unleash the full potential of cloud and AI infrastructure.”
18. Astera Labs, Inc., Form 10-K filed 2026-02-20: “Our products, which include Aries PCIe®/CXL® Smart DSP Retimers, Aries PCIe®/CXL® Smart Cable Modules™, Taurus Ethernet Smart Cable Modules™, Leo CXL Memory Connectivity Controllers, and Scorpio Smart Fabric Switches are built upon industry standard connectivity protocols such as Peripheral Component Interconnect Express (“PCIe”), Ethernet, and Compute Express Link (“CXL”)”
19. Astera Labs, Inc., Form 10-K filed 2026-02-20: “Aries digitally recovers degraded high-speed signals and retransmits a clean copy of the data, thereby extending the reach of existing cost-effective interconnects, while enabling higher data bandwidth.”
20. Astera Labs, Inc., Form 10-K filed 2026-02-20: “Our Taurus products are hardware modules based on our Taurus ICs that increase network connectivity bandwidth between servers and switches over copper media.”
21. Astera Labs, Inc., Form 10-K filed 2026-02-20: “Leo ICs and boards enable expanding, sharing, and pooling of industry standard DRAM memory over high-speed serial links to support memory-intensive workloads running on AI accelerators and CPUs.”
22. Astera Labs, Inc., Form 10-K filed 2026-02-20: “Our Scorpio products are purpose-built to enable our hyperscaler customers to deploy AI platforms at rapid pace and scale by improving energy efficiency, optimizing performance per watt, increasing AI accelerator utilization, reducing time to market, and maximizing uptime with our COSMOS software suite.”
23. Astera Labs, Inc., Form 10-K filed 2026-02-20: “COSMOS is designed to enable our hyperscaler customers to seamlessly configure, manage, monitor, optimize, troubleshoot, and customize functions in our IC, board, and module products.”
24. Astera Labs, Inc., Form 10-K filed 2026-02-20: “Our customers include major hyperscalers, leading AI accelerator vendors (including GPU vendors), and system OEMs.”
25. Astera Labs, Inc., Form 10-K filed 2026-02-20: “Our customers are defined as our end customers, our end customers’ manufacturing partners, and our distributors. When the context requires, we may use “end customers,” which are primarily hyperscalers and System OEMs, to distinguish from our end customers’ manufacturing partners and our distributors.”
26. Astera Labs, Inc., Form 10-K filed 2026-02-20: “In 2025, one end customer represented more than 70% of our revenue; the top three end customers represented an aggregate of approximately 86% of our revenue.”
27. Astera Labs, Inc., Form 10-K filed 2026-02-20: “The Company had the following customers that individually comprised 10% or more of its revenue: Years Ended December 31, 2025 2024 2023 Customer A 20 % * * Customer B 20 % 11 % * Customer C 17 % * * Customer D 16 % 24 % 37 % Customer E 11”
28. Astera Labs, Inc., Form 10-K filed 2026-02-20: “We sell our products directly to our customers and through distributors. Our distributors are primarily focused on fulfillment and logistical purposes, rather than selling, marketing, or providing technical support for our products. Our customers are closely involved in the design and often dictate the sourcing decisions for the systems that incorporate our products.”
29. Astera Labs, Inc., Form 10-K filed 2026-02-20: “it can take up to two years from the time a design win is secured to commencement of volume commercial shipments”
30. Astera Labs, Inc., Form 10-K filed 2026-02-20: “We engage with our customers and data center infrastructure suppliers through our Interop Lab, where industry participants work together to establish compatibility, and stress-test products early in their product development process and prior to large-scale deployments.”
31. Astera Labs, Inc., Form 10-K filed 2026-02-20: “Our arrangements with our customers are typically effected via purchase orders for specific products. These purchase orders dictate the material terms of the arrangement, such as purchase price, purchase quantity, delivery date, and delivery destination.”
32. Astera Labs, Inc., Form 10-K filed 2026-02-20: “We use a fabless manufacturing model and partner with TSMC to fabricate all of our ICs. We use Advanced Semiconductor Engineering and Amkor Technologies to assemble, package, and test our ICs. We also rely on a small, limited number of other manufacturing partners for our modules, boards, and IC substrates.”
33. Astera Labs, Inc., Form 10-K filed 2026-02-20: “The Company relies on a single manufacturing partner for integrated circuits. The Company also relies on a limited number of other manufacturing partners for its modules, boards, and integrated circuit substrates.”
34. Astera Labs, Inc., Form 10-K filed 2026-02-20: “As of December 31, 2025, 20% and 73% of the Company’s property and equipment was located in the United States and Taiwan, respectively.”
35. Astera Labs, Inc., Form 10-K filed 2026-02-20: “As of December 31, 2025, we owned 26 issued patents and 35 pending patent applications in the United States, and one issued patent and five pending patent applications in foreign jurisdictions. Our issued patents and pending patent applications generally relate to interconnect and memory control technology, and printed circuit board and package designs. These issued patents, and any patents granted from our pending patent applications, are expected to expire between 2039 and 2044”
36. Astera Labs, Inc., Form 10-K filed 2026-02-20: “As of December 31, 2025, we owned trademark registrations for “ASTERA LABS” in the United States, European Union, Japan, Singapore, Taiwan, United Kingdom, and Vietnam.”
37. Astera Labs, Inc., Form 10-K filed 2026-02-20: “For example, CXL connectivity solutions and UALinkTM are in the early stages of market adoption.”
38. Astera Labs, Inc., Form 10-K filed 2026-02-20: “Our principal competitors include Broadcom, Inc., Credo Technology Group Holding Ltd., Marvell Technology, Inc., Microchip Technology Inc., Montage Technology, Parade Technologies, Ltd., and Rambus, Inc.”
39. Astera Labs, Inc., Form 10-K filed 2026-02-20: “The Company manages its operations and allocates resources as a single operating segment.”
40. Astera Labs, Inc., Form 10-K filed 2026-02-20: “Our competitors typically compete with us with respect to some, but not all, of our solutions.”
41. Astera Labs, Inc., Form 10-K filed 2026-02-20: “Our revenue grew from $34.8 million in 2021, $79.9 million in 2022, $115.8 million in 2023, $396.3 million in 2024, and to $852.5 million in 2025, driven by a sizable increase in demand for our products.”
42. Astera Labs, Inc., Form 10-K filed 2026-02-20: “Sales and marketing expense decreased $43.9 million, or 35%, for the year ended December 31, 2025 compared to the same period in 2024. The decrease was primarily due to a $56.0 million decrease in non-cash stock-based compensation expense, which resulted primarily from the recognition of time-based vesting of RSUs and the satisfaction of the liquidity event vesting condition in connection with our IPO in the prior period.”
43. Astera Labs, Inc., Form 10-K filed 2026-02-20: “General and administrative expense decreased $6.2 million, or 7%, for the year ended December 31, 2025 compared to the same period in 2024.”
44. Astera Labs, Inc., Form 10-K filed 2026-02-20: “On November 10, 2025, the Company acquired 100% of the voting equity interest of aiXscale Photonics GmbH (“aiXscale”), a privately held company specializing in fiber-chip coupling technologies. The acquisition is expected to help enable the Company to further develop its products and solutions by integrating aiXscale’s technology. The total purchase consideration transferred, entirely in cash, was $31.1 million.”
45. Astera Labs, Inc., Form 10-K filed 2026-02-20: “We have experienced strong growth since the commercial launch of Aries in 2020.”
46. Astera Labs, Inc., Form 10-K filed 2026-02-20: “On March 22, 2024, in connection with the consummation of the IPO, the Company filed an Amended and Restated Certificate of Incorporation with the Secretary of State of the State of Delaware”
47. Astera Labs, Inc., Form 10-K filed 2026-02-20: “The principal considerations for our determination that performing procedures relating to the accounting for the acquisition of aiXscale is a critical audit matter are a high degree of auditor effort in performing procedures and evaluating audit evidence relating to the Company’s acquisition accounting. As disclosed by management, a material weakness existed during the year that impacted this matter.”
48. Astera Labs, Inc., Form 10-K filed 2026-02-20: “We previously reported two material weaknesses in our internal control over financial reporting as of December 31, 2024 relating to the following”
49. Astera Labs, Inc., Form 10-K filed 2026-02-20: “We completed the design, testing and evaluation of the internal controls implemented and determined that as of December 31, 2025, the controls were designed, implemented, and were operating effectively for a sufficient period for management to conclude that the material weaknesses have been remediated.”
50. Astera Labs, Inc., Form 10-K filed 2026-02-20: “Based on our evaluation, our management concluded that our internal control over financial reporting was effective as of December 31, 2025.”
51. Astera Labs, Inc., Form 10-K filed 2026-02-20: “For example, the U.S. Department of Commerce continues to add Chinese firms to the Entity List. These export restrictions, which would require that we obtain licenses from the U.S. Department of Commerce to allow us to export products to such listed firms, will likely limit or prevent us from doing business with certain potential customers or potential suppliers.”
52. Astera Labs, Inc., Form 10-K filed 2026-02-20: “We are not currently a party to any material pending legal proceedings.”
53. The record on this page: revenue by line and by geography, as tagged in the annual report (the SEC's financial statement data sets)
54. Astera Labs, Inc., Form 10-K filed 2026-02-20: “Total revenue increased $456.2 million, or 115%, for the year ended December 31, 2025 compared to the same period in 2024. The increase was primarily due to an increase in overall unit shipments driven by higher demand for our Aries, Scorpio, and Taurus products, as well as higher overall average selling prices resulting from an increased mix of hardware modules and Scorpio products.”
55. Astera Labs, Inc., Form 10-K filed 2026-02-20: “Total cost of revenue increased $113.7 million, or 121%, for the year ended December 31, 2025 compared to the same period in 2024. The increase was primarily due to higher overall unit shipments and a shift in product mix, resulting from an increased mix of hardware modules and Scorpio products.”
56. Astera Labs, Inc., Form 10-K filed 2026-02-20: “Gross margin decreased 70 bps to 75.7% for the year ended December 31, 2025 compared to 76.4% for the same period in 2024. The decrease was primarily driven by product mix as we shipped more hardware modules.”
57. The record on this page: the filed annual figures (EDGAR's company facts)
58. Astera Labs, Inc., Form 10-K filed 2026-02-20: “Revenue by location is determined by the billing address of the Company’s customers, which includes the Company’s end customers’ manufacturing partners and the Company’s distributors.”
59. Astera Labs, Inc., Form 10-K filed 2026-02-20: “Regulatory activity, such as tariffs, export controls, economic sanctions, and restrictions on investment and data transfers as well as vigorous enforcement of U.S. export controls and economic sanctions laws have in the past and may continue to materially limit our ability to make sales to our customers in China, which has in the past and may continue to harm our results of operations, reputation, and financial condition.”
60. Astera Labs, Inc., Form 10-K filed 2026-02-20: “Research and development expense increased $103.2 million, or 51%, for the year ended December 31, 2025 compared to the same period in 2024. The increase was primarily due to a $61.5 million increase in personnel-related costs, including $5.4 million of non-cash stock-based compensation expenses resulting from a 97% increase in average headcount”
61. Astera Labs, Inc., Form 10-K filed 2026-02-20: “For the year ended December 31, 2025, interest income increased $10.4 million, or 30%, compared to the same period in 2024.”
62. Astera Labs, Inc., Form 10-K filed 2026-02-20: “We recorded net income of $219.1 million and incurred net losses of $83.4 million and $26.3 million for the years ended December 31, 2025, 2024 and 2023, respectively.”
63. Astera Labs, Inc., Form 10-K filed 2026-02-20: “As of December 31, 2025, our principal sources of liquidity were cash, cash equivalents, and marketable securities of $1.2 billion.”
64. Astera Labs, Inc., Form 10-K filed 2026-02-20: “To succeed, we will need to significantly increase sales to our existing customers in the cloud and AI markets, continue to develop and pursue adoption of our PCIe, Ethernet, CXL and UALinkTM connectivity solutions, increase our value-per-product and leverage our differentiated product families to grow with our customers into new data intensive end-markets, including developing, introducing, and marketing new products and technologies on a timely basis.”
65. Astera Labs, Inc., Form 10-K filed 2026-02-20: “We believe that continued investments in our products are important to our future growth and, as a result, we expect our research and development expenses to continue to increase in absolute dollars.”
66. Astera Labs, Inc., Form 10-K filed 2026-02-20: “We anticipate that we will continue to be dependent on a limited number of end customers for a significant portion of our revenue in the future, and in some cases, the portion of our revenue attributable to certain end customers may increase in the future.”
67. Astera Labs, Inc., Form 10-K filed 2026-02-20: “We expect our costs will continue to increase over time and our losses may continue if such increases in costs are not more than fully offset by increases in our revenue.”
68. Astera Labs, Inc., Form 10-K filed 2026-02-20: “As of December 31, 2025, we had purchase commitments of $74.9 million, with $29.6 million to be paid within 12 months and the remainder thereafter.”
69. Astera Labs, Inc., Form 10-K filed 2026-02-20: “They often engage third party contract manufacturers and design partners to manufacture their systems.”
70. Astera Labs, Inc., Form 10-K filed 2026-02-20: “The universe of available end customers in our industry is small and concentrated, and as a result, it is very important to our success that we maintain strong and collaborative relationships with the end customers in our industry.”
71. Astera Labs, Inc., Form 10-K filed 2026-02-20: “Aries Smart Cable Modules are highly integrated systems consisting of the Aries PCIe Smart Retimer integrated circuit (IC) and peripheral components assembled on multiple form factors.”

Where the revenue comes from

By geography: Singapore 33%, China 30%, Taiwan 29%, Other 5%, United States 3%. As tagged in its annual report (Form 10-K, filed 2026-02-20).

Who runs it

Mohan, Jitendra (Chief Executive Officer); Gajendra, Sanjay (President and COO); Lynch, Desmond (Chief Financial Officer); Tate, Michael Truett (Chief Financial Officer); Cota, Germaine (Chief Accting. Off. & VP, Fin.); Mazzara, Philip (General Counsel and Secretary); Barratt, Craig H (director); Dyckerhoff, Stefan A (director); Hurlston, Michael E. (director); Alba, Manuel (director); and 2 more. 12 officers and directors have filed their own trades in the last fifteen months, names and titles as filed with the SEC, through 2026-10-09.

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