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Astera Labs, Inc. (ALAB) perpetual futures
ALAB perpetual futures on 18 crypto exchanges – live perp price vs the stock, funding rate, open interest and where to trade ALABUSDT.
Astera Labs, Inc. designs and sells semiconductor-based connectivity solutions for cloud computing and AI infrastructure, centered on its Intelligent Connectivity Platform.
$214.23-4.9%NASDAQ open
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TradingView symbol NASDAQ:ALAB
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Trading data
Perpetual market activity
18/18 live markets
Trading data
Perpetual market activity
Venues
18
Live markets
18/18
24h volume
$17.2MCoverage: 15/18 marketsExchange-reported volume: $24M
Open interest
$4.6MCoverage: 14/18 markets
Best liquidity
$1.4M
Bitunix
Tightest spread
+0.5 bps
Bitunix
Highest volume
$13.4M
Deepcoin
Settlement mix
USDT · 15/18
Perp/spot vol.
0.02x
Spot volume $722.5M
OI / float
+0.01%
Float $30.8B
Spot performance
1D-1.35%
5D+16.60%
1M-29.72%
6M+11.43%
YTD+36.93%
1Y+44.36%
Venue matrix
18 markets
Some venue links are sponsored. We may receive a commission, and eligible users may occasionally receive trading-fee discounts, at no additional cost to you.
| Trade | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
 KuCoin | Trade | ALAB/USDT | Trading | $214.27 | 0.0% APR 0.000% every 8h | +49.0 bps | $4.8K | $726.5K | $113.5K | USDT | 20x | |
 Bybit | Trade | ALAB/USDT | Trading | $214.22 | 0.0% APR 0.000% every 8h | +28.7 bps | $26.1K | $513K | $285.8K | USDT | 25x | |
 Bitget | Trade | ALAB/USDT | Trading | $214.15 | 0.0% APR 0.000% every 8h | +34.9 bps | $157.6K | $436.4K | $162.5K | USDT | 20x | |
 Phemex | Trade | ALAB / USDT | Trading | $214.09 | 0.0% APR 0.000% every 8h | +19.8 bps | $55.6K | $307.8K | $1.4M | USDT | 10x | |
 Gate.io | Trade | ALAB/USDT | Trading | $214.10 | 0.0% APR 0.000% every 8h | +14.1 bps | $3.7K | $278.8K | $299.7K | USDT | 20x | |
 OKX | Trade | ALAB/USDT | Trading | $214.02 | 0.0% APR 0.000% every 8h | +21.2 bps | $9.7K | $255.9K | $311.6K | USDT | 20x | |
 MEXC | Trade | ALAB/USDT | Trading | $214.16 | 0.0% APR 0.000% every 8h | +9.9 bps | $129K | $149.5K | $1.4M | USDT | 20x | |
 XT.com | Trade | ALAB/USDT | Trading | $214.18 | +11.0% APR +0.010% every 8h | +6.1 bps | $99.8K | $126.1K | - | USDT | 20x | |
 Bitunix | Trade | ALAB/USDT | Trading | $214.23 | +7.4% APR +0.00680% every 8h | +0.5 bps | $1.4M | $123.1K | $6.4K | USDT | 50x | |
 BloFin | Trade | ALAB/USDT | Trading | $214.16 | +1.6% APR +0.00143% every 8h | +2.4 bps | - | $122.8K | $29.7K | USDT | 20x | |
 HTX | Trade | ALAB/USDT | Trading | $213.40 | +11.0% APR +0.010% every 8h | +66.4 bps | $47.1K | $27.2K | $4.9K | USDT | - | |
 Crypto.com Exchange | Trade | ALAB/USD | Trading | $213.81 | +19.8% APR +0.00226% every 1h | +17.9 bps | $3K | $2.5K | $801.8 | USD | 50x | |
 Extended | Trade | ALAB/USD | Trading | $213.91 | +4.4% APR +0.00050% every 1h | +40.2 bps | - | $0 | $2.2K | USD | 10x | |
 Vest | Trade | ALAB/USDC | Trading | $213.62 | +5.0% APR +0.00057% every 1h | +30.7 bps | - | - | - | USDC | 5x | |
 Deepcoin | Trade | ALAB/USDT | Trading | $214.19 | -3.5% APR -0.00320% every 8h | +6.6 bps | $31.1K | $13.4M | - | USDT | 25x | |
 BingX | Trade | ALAB-USDT | Trading | $214.24 | +5.5% APR +0.00500% every 8h | +11.9 bps | $469.1K15 min | $705.8K | - | USDT | - | |
 Binance | Trade | ALAB/USDT | Trading | $214.17 | 0.0% APR 0.000% every 8h | +6.6 bps | - | $5.5M⚠ | $528.7K | USDT | - | |
 LBank | Trade | ALAB/USDT | Trading | $214.07 | 0.0% APR 0.000% every 8h | +5.2 bps | $299.1K | $1.4M⚠ | $40.1K | USDT | 50x |
Unverified volume: implausibly high against open interest, a typical sign of wash trading. These venues are listed last.
Tokenized wrappers of the real stock, tradable on-chain and on crypto exchanges around the clock. Premium/discount compares the token price to our stock reference price. Data: CoinMarketCap · Robinhood · DexScreener · GeckoTerminal.
| Product | Price | Premium vs stock | 24h Vol. | Market Cap | Chains |
|---|---|---|---|---|---|
| ALABBbStocks | $210.43 | -1.77% | $2.2M | $567k | BNB Smart Chain (BEP20) |
| ALABRobinhood | – | – | – | $5k | Robinhood Chain |
Tradability
Execution quality
Entry cost and depth per venue at $1k–$100k
Tradability
Execution quality
Entry cost and depth per venue at $1k–$100kBroad liquidity · 14 of 18 venues absorb $10k · Typical cost: +12.0 bps – +72.0 bps
Cheapest execution: Bitunix · +8.1 bps
Too thin: KuCoin, Crypto.com Exchange
No fresh book data: Extended, Vest
Taker execution estimate incl. approx. fees - maker fills are not guaranteed.
Best venues for this underlying
Best liquidity
ALABTightest spread
ALABHighest volume
ALABFunding history
Stored venue snapshots by market
Funding history
Stored venue snapshots by marketNext catalyst
Catalysts
Next catalyst
Catalysts
Earnings
2027-02-09
Revenue est. $743M · Updated 15m ago
No unusual perp activity right now.
Reference data
Market context
Reference data
Market context
NASDAQ
Extended-hours reference
Bid185
Ask220.26
Volume968,832
Research data
Analysts, filings and peer context
Research data
Analysts, filings and peer context
Estimates
6DateEPS estimateRevenue estimateGrowthAnalysts
FY 20264.29$2B+137%15
FY 20277.06$3.4B+70%16
FY 20288.97$4.5B+29%13
FY 202913.92$6.6B+48%10
FY 203017.33$7.4B+13%5
Q1 20282.06$1B-13
Source: FMP · Consensus
Company events
62027-02-09EarningsActual - / Estimate 1.64-
2026-11-03Earnings · After market closeActual 1.32 / Estimate 1.19Beat
2026-08-04EarningsActual 0.8 / Estimate 0.691Beat
2026-05-05EarningsActual 0.61 / Estimate 0.537Beat
2026-02-10EarningsActual 0.58 / Estimate 0.516Beat
2025-11-04EarningsActual 0.49 / Estimate 0.39Beat
Peer comparison
Similar listed perpsRevenue mix
Latest annualReportable SegmentProduct$852.5M
SINGAPOREGeographic$277M
CHINAGeographic$256.3M
TAIWANGeographic$247.4M
Analysts
Price targets in USD| Consensus rating | Buy |
|---|---|
| Average 12-month price target | $363.36 |
| 12-month target range (low – high) | $275 – $500 |
| Ratings in the provider's consensus | 18 |
Price targets as of 2026-11-13
Analyst rating history
Ratings| Month | Strong buy | Buy | Hold | Sell | Strong sell |
|---|---|---|---|---|---|
| Nov 2026 | 7 | 12 | 8 | 0 | 0 |
| Oct 2026 | 7 | 12 | 8 | 0 | 0 |
| Sep 2026 | 7 | 12 | 7 | 0 | 0 |
| Aug 2026 | 7 | 12 | 8 | 0 | 0 |
| Jul 2026 | 7 | 11 | 8 | 0 | 0 |
| Jun 2026 | 7 | 11 | 8 | 0 | 0 |
| May 2026 | 7 | 12 | 8 | 0 | 0 |
| Apr 2026 | 6 | 12 | 6 | 0 | 0 |
| Mar 2026 | 6 | 12 | 5 | 0 | 0 |
| Feb 2026 | 7 | 11 | 5 | 0 | 0 |
| Jan 2026 | 7 | 11 | 5 | 0 | 0 |
| Dec 2025 | 6 | 11 | 5 | 0 | 0 |
Ownership
Institutional · 2026-Q3Free float82.3%143.8M shares
Shares outstanding174.8M shares
Institutional32.2%701 investors
Investor count change-372
Reference market activity
ALAB-PERPDay range (Nov 12)$211.65$233.99
52 week$97.89$499.48
Spot volume3.4M
Average volume-
Price performance
111D-1.4%
5D+16.6%
1M-29.7%
3M-28.5%
6M+11.4%
YTD+36.9%
1Y+44.4%
3Y+267.2%
5Y+267.2%
10Y+267.2%
MAX+267.2%
Insider activity
FY2026 Q4Acquisitions3 transactions208 shares
Dispositions3 transactions12,499 shares
Purchases0Ratio 1
Sales3
Insider transactions
25DateReporting persontransactionssharesPriceFilings
Director Stefan A Dyckerhoff sold 12,499 Astera Labs common shares in 3 open-market sales on 2026-11-05 at $211.41 each.
Director Craig H. Barratt received a 68-share Common Stock award (A) at $311.57 per share, bringing holdings to 6,893 shares. This is compensation, not an open-market purchase.
Astera Labs director Michael E. Hurlston received 72 shares of common stock as a compensation award (Code A) at $311.57, bringing holdings to 92,554 shares.
Astera Labs director Dyckerhoff Stefan A sold 12,499 common shares on the open market at $376.06 across three transactions on 2026-10-07, and received 68 shares as an award at $311.57 on 2026-10-01.
Director Stefan A Dyckerhoff of Astera Labs sold 12,499 common shares in 12 open-market transactions at prices between $273.643 and $276.752 per share on September 2, 2026.
Director Manuel Alba sold 120,121 shares of Astera Labs Common Stock in 4 open-market sales at $277.32-$280.04, leaving 1,154,377 shares owned.
Filings
48 · Latest SEC filings2026-11-094Insider transaction report (Form 4)
Director Stefan A Dyckerhoff sold 12,499 Astera Labs common shares in 3 open-market sales on 2026-11-05 at $211.41 each.
2026-10-094Insider transaction report (Form 4)
Astera Labs director Dyckerhoff Stefan A sold 12,499 common shares on the open market at $376.06 across three transactions on 2026-10-07, and received 68 shares as an award at $311.57 on 2026-10-01.
2026-10-094Insider transaction report (Form 4)
Astera Labs director Michael E. Hurlston received 72 shares of common stock as a compensation award (Code A) at $311.57, bringing holdings to 92,554 shares.
2026-10-094Insider transaction report (Form 4)
Director Craig H. Barratt received a 68-share Common Stock award (A) at $311.57 per share, bringing holdings to 6,893 shares. This is compensation, not an open-market purchase.
2026-09-034Insider transaction report (Form 4)
Director Stefan A Dyckerhoff of Astera Labs sold 12,499 common shares in 12 open-market transactions at prices between $273.643 and $276.752 per share on September 2, 2026.
2026-09-034Insider transaction report (Form 4)
Director Manuel Alba sold 120,121 shares of Astera Labs Common Stock in 4 open-market sales at $277.32-$280.04, leaving 1,154,377 shares owned.
2026-08-194Insider transaction report (Form 4)
Astera Labs CEO Jitendra Mohan sold 90,630 common shares on 2026-08-17 in 18 open-market sales at $333.60-$352.11 per share; he still held about 1.31M shares after.
2026-08-194Insider transaction report (Form 4)
President and COO Gajendra Sanjay sold 90,630 shares of Astera Labs common stock on 2026-08-17, at prices between $333.60 and $352.11.
2026-08-194Insider transaction report (Form 4)
Astera Labs officer Philip Mazzara (General Counsel and Secretary) sold 6,801 common shares in 18 open-market sales at $333.64–$352.10 on 2026-08-17, leaving 103,299 shares held directly.
2026-08-104Insider transaction report (Form 4)
Director Dyckerhoff Stefan sold 12,499 common shares of Astera Labs in 9 transactions on Aug 6, 2026, at prices between $309.289 and $313.074.
2026-07-224Insider transaction report (Form 4)
Germaine Cota, CAO & VP Finance, was awarded 1,451 shares of Astera Labs common stock as compensation on 2026-07-20, bringing total ownership to 26,440 shares.
2026-07-064Insider transaction report (Form 4)
Director Manuel Alba sold 37,535 common shares of Astera Labs in 29 open-market transactions on July 1, 2026, at prices ranging from $429.58 to $467.99.
2026-07-064Insider transaction report (Form 4)
Director Manuel Alba sold 136,974 shares of Astera Labs common stock across 29 open-market transactions on 2026-07-01, at prices ranging from $429.578 to $459.0178 per share.
2026-07-064Insider transaction report (Form 4)
Astera Labs director Manuel Alba sold 8,491 common shares in 16 open-market sales (S-Sale) on July 1, 2026 at prices from $451.96 to $467.99, leaving 287,800 shares directly owned.
2026-07-024Insider transaction report (Form 4)
Director Stefan A. Dyckerhoff sold 12,499 shares of Astera Labs common stock at $450 per share across three transactions on 2026-07-01.
2026-06-264Insider transaction report (Form 4)
Director Bethany Mayer sold 686 shares of Astera Labs common stock in 6 transactions on 2026-06-24, at prices ranging from $391.27 to $399.96. After these sales, she owned 5,550 shares.
2026-06-084Insider transaction report (Form 4)
Director Jack R. Lazar received an award of 837 shares of common stock (compensation, not a purchase) and sold 10,000 shares in 18 separate trades at prices ranging from $339.56 to $362.84.
2026-06-084Insider transaction report (Form 4)
Director Craig H. Barratt received a grant of 837 shares of Astera Labs common stock as compensation on 2026-06-04, bringing his total holdings to 6,825 shares.
2026-06-084Insider transaction report (Form 4)
Director Michael Hurlston was awarded 837 shares of common stock (compensation grant, not an open-market purchase), bringing his total ownership to 92,482 shares.
2026-06-084Insider transaction report (Form 4)
Director Bethany Mayer was awarded 837 shares of Astera Labs common stock (a compensation grant, not an open-market purchase), bringing her total ownership to 6,236 shares.
2026-06-054Insider transaction report (Form 4)
Director Stefan A. Dyckerhoff sold 12,499 shares of Astera Labs common stock in 6 transactions at $364.246-$365.087 per share, and received 837 shares via an award (grant).
2026-05-264Insider transaction report (Form 4)
President and COO Gajendra Sanjay sold 400,000 shares of Astera Labs common stock at prices ranging from $289.13 to $293.03, and separately gifted 226,189 shares.
2026-05-264Insider transaction report (Form 4)
Philip Mazzara, General Counsel and Secretary, sold 796 common shares at $291.0251 on 2026-05-21, leaving 103,343 shares owned afterward.
2026-05-214Insider transaction report (Form 4)
Astera Labs director and President/COO Gajendra Sanjay sold 280,000 common shares in 6 open-market sales on 2026-05-19 at $248.495–$251.5436 per share.
2026-05-204Insider transaction report (Form 4)
CEO Mohan Jitendra sold a total of 95,444 shares of Astera Labs common stock across 17 open-market sale transactions on 2026-05-18, at prices ranging from $216.4604 to $235.4142 per share.
2026-05-204Insider transaction report (Form 4)
Astera Labs President & COO Gajendra Sanjay sold 95,444 shares of common stock across 17 separate open-market transactions on 2026-05-18, at prices ranging from $216.46 to $235.41 per share.
2026-05-204Insider transaction report (Form 4)
Philip Mazzara (General Counsel and Secretary) sold 14,076 shares of Astera Labs common stock across 18 open-market transactions on 2026-05-18, at prices ranging from $216.3056 to $235.4146.
2026-05-204Insider transaction report (Form 4)
CEO Jitendra Mohan sold 139,951 shares of Astera Labs common stock across 22 open-market transactions on 2026-05-18, at prices ranging from $210.67 to $250.00 per share.
2026-05-184Insider transaction report (Form 4)
Philip Mazzara, General Counsel and Secretary, was awarded 131 shares of Astera Labs common stock on 2026-05-14 (valued at $120.1815/share), bringing his total ownership to 118,215 shares.
2026-05-114Insider transaction report (Form 4)
CEO Mohan Jitendra sold 139,951 shares of common stock on 2026-05-07 across 7 trades at prices ranging from $199.33 to $205.74. He retained 3,929,183 shares after the sales.
2026-05-114Insider transaction report (Form 4)
Director Stefan A. Dyckerhoff sold 12,499 shares of Astera Labs common stock on 2026-05-07 across 6 open-market transactions, at prices ranging from $199 to $201.102 per share.
2026-05-114Insider transaction report (Form 4)
President and COO Gajendra Sanjay sold 39,570 shares of Astera Labs common stock across 21 open-market transactions at prices ranging from $193.01 to $213.49, leaving 658,679 shares owned after the last reported sale.
2026-05-114Insider transaction report (Form 4)
President and COO Gajendra Sanjay sold 230,639 shares of Astera Labs common stock across 22 open-market transactions at prices ranging from $193.01 to $213.49.
2026-05-054Insider transaction report (Form 4)
Astera Labs CFO Desmond Lynch received two stock awards on 2026-05-01 totaling 49,584 shares of common stock (7,083 and 42,501 shares), granted at $0.00 as compensation, not open-market purchases.
Transcripts
Earnings callsFY2026 Q12026-05-05
Earnings calls
AI summary
positiveAstera Labs reported Q1 revenue of $308.4M, up 14% QoQ and 93% YoY, with broad-based growth across signal conditioning and fabric switch portfolios. The company announced significant product expansions including the Scorpio X-Series 320-lane switch for scale-up AI clusters and expanded Scorpio P-Series portfolio spanning 32-320 lanes. Management guides Q2 revenue of $355-365M and expects Scorpio to become the company's largest product line by year-end, driven by strong AI infrastructure spending and customer design wins.
Key takeaways
- Q1 revenue of $308.4M up 93% YoY; PCIe Gen 6 products contributed over 1/3 of total revenue
- Announced flagship Scorpio X-Series 320-lane switch with hardware-accelerated hypercast and in-network compute capabilities; initial volumes shipping with production ramp in H2 2026
- Scorpio expected to be largest product line by year-end with X-Series revenue expected to exceed P-Series; product family was 15% of revenue last year
- Near-Package Optics (NPO) expected to begin volume shipments in 2027; Coherent Pluggable Optics (CPO) for scale-out in 2027 with mainstream deployment in 2028
- Custom solutions business expanding with design wins in KV Cache offload and NVLink Fusion applications, expected to contribute revenue in 2027
Financial highlights
- Q1 revenue: $308.4M (up 14% QoQ, up 93% YoY)
- Non-GAAP gross margin: 76.4% (up 70 basis points sequentially)
- Non-GAAP operating margin: 36.2%; non-GAAP operating expenses: $123.9M
- Non-GAAP diluted EPS: $0.61; cash and equivalents: $1.18B; share count: 181.2M diluted shares
Guidance
- Q2 revenue guidance: $355-365M (up 15-18% sequentially)
- Q2 non-GAAP gross margin: approximately 73% (includes 200 basis point impact from warrant agreement)
- Q2 non-GAAP operating expenses: $128-131M; non-GAAP EPS: $0.68-0.70
- Expect strong revenue growth through 2026 and 2027 driven by AI fabric proliferation, PCIe 6 transition, and 800G/1.6T Ethernet connectivity
Q&A themes
- Inference workload transition driving new opportunities in KV Cache offload (CXL) and custom solutions; Leo memory controller on track for Azure M-Series ramp in 2027
- Scorpio X 320-lane switch expected to become largest product line by year-end; small radix solutions ramping today with high radix configurations ramping in H2 2026
- Optical strategy progression: NPO in 2027, CPO for scale-out in 2027 with mainstream in 2028; company has built foundational capabilities including mixed signal, electronic IC, and photonic IC design
- Custom solutions business (NVLink Fusion, KV Cache) viewed as multibillion-dollar opportunity; UALink switches expected to launch in 2027 with higher complexity, speed, and value than PCIe switches
Risks
- Warrant agreement with customer creates 200 basis point gross margin headwind in Q2
- Supply chain dependencies acknowledged; company working to diversify back-end supply chain to ensure capacity for potential revenue doubling
- Custom solutions business carries execution risk and margin variability; company emphasizes systematic and thoughtful approach to avoid over-committing on unique customer-specific designs
FY2025 Q42026-02-10
Earnings calls
AI summary
positiveAstera Labs reported full-year 2025 revenue of $852.5M (+115% YoY), driven by broad-based growth across Scorpio, Ares, and Taurus product lines. The company announced a significant $6.5B warrant agreement with Amazon covering smart fabric switches, signal conditioning products, and optical engines through 2033. Management is increasing OpEx substantially to invest in optical connectivity, custom scale-up solutions, and a new Israel design center, positioning the company for expanded market opportunities they estimate at $25B over the next five years.
Key takeaways
- Q4 revenue of $270.6M (+17% QoQ, +92% YoY); FY2025 revenue of $852.5M (+115% YoY)
- Amazon warrant agreement for up to $6.5B in purchases of smart fabric switches, signal conditioning products, and optical engine solutions exercisable through 2033
- Scorpio P Series exceeded 10% revenue target and crossed 15% of revenue in 2025; Scorpio X Series beginning shipments with ramp expected in 2027 at multiple new hyperscalers
- Q1 2026 guidance of $286-297M revenue (+6-10% QoQ); non-GAAP gross margin ~74% and OpEx $112-118M
- Optical connectivity for scale-up networking expected to commence production in 2028; company establishing advanced design center in Israel to accelerate AI fabric and inference technology development
Financial highlights
- Q4 2025 revenue $270.6M (+17% QoQ, +92% YoY); full-year 2025 revenue $852.5M (+115% YoY)
- Q4 non-GAAP gross margin 75.7% (-70 bps QoQ); non-GAAP operating margin 40.2% (-150 bps QoQ)
- Q4 non-GAAP diluted EPS $0.58; Q1 2026 expected non-GAAP diluted EPS $0.53-0.54
- Q4 operating cash flow $95.3M; ending cash, equivalents, and marketable securities $1.19B
Guidance
- Q1 2026 revenue guidance $286-297M (+6-10% QoQ)
- Q1 2026 non-GAAP gross margin approximately 74%
- Q1 2026 non-GAAP operating expenses $112-118M (compared to $96M in Q4 2025)
- Non-cash charge to gross margins of approximately 2 points per quarter starting Q2 2026 for Amazon warrant vesting
Q&A themes
- AWS and AMD have announced support for UA Link in platforms launching 2027; Amazon and NVIDIA selected Astera as partner for NVLink fusion custom connectivity solution
- Scale-up market opportunity of approximately $20B annually by 2030, with Astera positioned to address at least half of merchant silicon opportunity near-term
- Optical transition for scale-up expected 2028; initial deployments for optical scale-out may precede scale-up; copper and optical will coexist long-term
- OpEx increase driven by customer-presented revenue opportunities, recent AQUI hire for Israel design center, XScale acquisition, and development of optical, custom solutions, and next-generation fabrics
Risks
- Rapid OpEx expansion ($112-118M guidance vs $96M in Q4) carries execution risk; company betting heavily on emerging opportunities like optical connectivity not yet in production
- UA Link adoption faces competition from proprietary protocols (NVLink, Google API) and ESON; customer preferences could shift toward alternative scale-up connectivity standards
- Warrant agreement with Amazon includes non-cash charges to gross margins (~2 points quarterly starting Q2 2026) that could pressure profitability metrics as revenue milestones are achieved
FY2025 Q32025-11-04
Earnings calls
AI summary
positiveAstera Labs achieved strong Q3 results with $230.6 million in revenue (104% YoY growth, 20% QoQ) and record 41.7% non-GAAP operating margin. The company is diversifying its customer base with multiple design wins across hyperscalers for Scorpio P-Series and expects Scorpio X-Series to ramp in 2026. The acquisition of Xscale Photonics signals entry into optical scale-up solutions, with material revenue expected in 2028-2029.
Key takeaways
- Q3 revenue of $230.6M (up 104% YoY, 20% QoQ) with growth across all product families: Scorpio P-Series, Aries PCIe 6, and Taurus smart cable modules
- Multiple new design wins for Scorpio P-Series across various AI platforms at multiple hyperscalers including NVIDIA GB300/B300 and custom AI accelerators
- PCIe Gen 6 products contributed over 20% of Q3 revenue; Scorpio X-Series ramping to high volume production in 2026 with UALink solutions expected in H2 2026
- Xscale Photonics acquisition announced to enable optical scale-up solutions; material optical revenues expected 2028-2029 timeframe
- Over 10 AI platform providers engaged for PCIe-based scale-up with revenue expected through 2029; UALink is viewed as additive opportunity with revenue starting in 2027
Financial highlights
- Q3 revenue: $230.6 million (up 20% QoQ, up 104% YoY)
- Non-GAAP gross margin: 76.4% (up 40 bps from prior quarter)
- Non-GAAP operating margin: 41.7% (record high, up 250 bps QoQ)
- Non-GAAP diluted EPS: $0.49 per share; cash position: $1.13 billion; operating cash flow: $78.2 million
Guidance
- Q4 2025 revenue guidance: $245-253 million (up 6-10% from Q3), with growth driven by Taurus, Aries, and Scorpio P-Series
- Q4 non-GAAP gross margin: approximately 75% (down from Q3 due to increased Taurus hardware module mix)
- Q4 non-GAAP operating expenses: $85-90 million (including incremental Xscale operating expenses)
- Q4 non-GAAP diluted EPS: approximately $0.51 per share; expected fully diluted share count: 183 million shares
Q&A themes
- Scale-up market opportunity with over 10 AI platform providers engaged for PCIe-based scale-up solutions; design wins expected to continue ramping through 2029
- Scorpio X expected to become larger revenue contributor than P-Series at inflection point in 2026; P-Series exit rate approximately 20% of total revenue at year-end
- PCIe 6 adoption accelerating with ASICs and custom accelerators beginning to deploy; Scorpio to overtake Aries as largest product line in 2026
- Taurus 800-gig deployments expected to begin early 2026 as qualifications complete; 400-gig continuing strong throughout 2026
Risks
- Scale-up market concentration remains high with hyperscaler customer base; design win diversification across 10+ platforms but all concentrated in AI infrastructure segment
- Optical solutions (Xscale acquisition) represent new market entry with material revenue delayed to 2028-2029, creating execution risk on new technology development
- UALink competition from other scale-up architectures (Ethernet-based) announced post-specification; multiple scale-up standards expected to coexist, creating platform uncertainty
FY2025 Q22025-08-05
Earnings calls
AI summary
positiveAstera Labs reported Q2 revenue of $191.9M, up 20% QoQ and 150% YoY, with Scorpio P-Series switches exceeding 10% of revenue in their first quarter of volume production. The company is positioning for long-term growth through AI Infrastructure 2.0 transition, with scale-up connectivity opportunities and UALink ecosystem expansion driving future revenue baselines. Q3 guidance of $203-210M reflects continued momentum across Aries, Taurus, and Scorpio product lines.
Key takeaways
- Scorpio P-Series achieved fastest product ramp in company history at >10% of Q2 revenue in first volume quarter; X-Series in preproduction with 10+ customer engagements targeting 2026 high-volume production
- Company has established three product lines at ~10% revenue each, creating new baseline for growth with Scorpio X-Series expected to significantly increase dollar content per AI accelerator
- Scale-up connectivity market opportunity alone estimated at ~$5B by 2030; UALink ecosystem gaining traction with multiple hyperscalers and ASIC providers including AMD endorsement
- Non-GAAP gross margin of 76% in Q2, up 110bps QoQ; non-GAAP operating margin of 39.2%, up 550bps; generated $135.4M operating cash flow
- Strategic partnerships expanding including collaborations with NVIDIA (NVLink Fusion), Alchip (custom ASIC), and AMD (UALink), positioning company as anchor connectivity solutions provider
Financial highlights
- Q2 2025 revenue: $191.9M (+20% QoQ, +150% YoY)
- Non-GAAP gross margin: 76% (up 110bps QoQ); non-GAAP operating margin: 39.2% (up 550bps QoQ)
- Non-GAAP diluted EPS: $0.44; Q2 operating cash flow: $135.4M; cash and marketable securities: $1.07B
- Q2 non-GAAP operating expenses: $70.7M (R&D: $48.9M, S&M: $9.4M, G&A: $12.4M)
Guidance
- Q3 2025 revenue guidance: $203-210M (+6-9% QoQ) driven by Aries, Taurus, and continued Scorpio P-Series deployment
- Q3 non-GAAP gross margin: ~75%; non-GAAP operating expenses: $76-80M; non-GAAP diluted EPS: $0.38-0.39
- Q3 non-GAAP tax rate: 20% (reflects recent July tax law change); full-year 2025 non-GAAP tax rate expected ~15%; longer-term normalized rate ~13%
- Scorpio X-Series to begin shipping for scale-up applications in late 2025, ramping to high-volume production throughout 2026; X-Series expected to become largest product line over next several years
Q&A themes
- Scorpio success driven by customer trust, execution track record, COSMOS software enabling customization/optimization, and product positioning as anchor socket pulling through complementary solutions (Aries, Taurus)
- UALink ecosystem showing strong momentum with 10+ customers engaged, open standard architecture and multi-vendor supply chain positioning it favorably versus proprietary alternatives; early timeline for UALink products remains samples in 2026, volume in 2027+
- Company maintains agnostic approach across multiple scale-up architectures (NVLink, PCIe, UALink, potential scale-up Ethernet), believing UALink offers superior technical advantages (latency, efficiency) and ecosystem benefits; PCIe continues dominant near-term opportunity
- Merchant GPU platform exposure through customized rack designs (Aries, Scorpio P, Taurus) contrasts with higher dollar content opportunity on ASIC/XPU platforms (Scorpio X) for scale-up connectivity; Scorpio X expected to become largest revenue contributor over time
Risks
- Scorpio X-Series revenue remains heavily dependent on 2026 ramp timing and customer qualification success; preproduction volumes pose execution risk for transition to high-volume production
- UALink adoption timeline uncertain; ultimate market share versus entrenched alternatives (NVLink, proprietary solutions) depends on ecosystem maturation and customer standardization by 2027 and beyond
- Gross margin guidance of 75% in Q3 reflects hardware module mix headwinds despite strong Scorpio silicon growth; company expects to approach 70% long-term target model by 2026 with continued hardware module growth
FY2025 Q12025-05-06
Earnings calls
FY2024 Q42025-02-10
Earnings calls
Company news
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Company data
Company intelligence
Updated: Nov 13, 2026, 01:47 PM UTC
Company data
Company intelligence
Company profile
- Sector
- Technology
- Industry
- Semiconductors
- Chief executive
- Jitendra Mohan
- Employees
- 756
- IPO date
- Mar 20, 2024
- Country
- US
- Exchange
- NASDAQ Global Select
Altman Z-scorei182.43
Piotroski scorei4/9
Overall ratingiB-
Owner earningsi$86.47M$0.47 per share
ESG risk ratingiB-Industry rank: 109/122
Rating factors
- Return on equityi
- 5/5
- Return on assetsi
- 5/5
- Debt to equityi
- 1/5
- Price to earningsi
- 1/5
- Price to booki
- 1/5
Company press releases
Astera Labs Bolsters Leo Smart Memory Controller Family for Agentic AI and General-Purpose Cloud WorkloadsGlobeNewsWireAstera Labs to Participate in the Citi 2026 Global TMT ConferenceGlobeNewsWireAstera Labs Reports Second Quarter 2026 Financial ResultsGlobeNewsWireAstera Labs Expands Taurus Family with Industry's First OCP-Standard Footprint Compatible 3.2T Smart Retimers and Smart RedriversGlobeNewsWireAstera Labs Announces Conference Call to Review Second Quarter 2026 Financial ResultsGlobeNewsWireAstera Labs Expands Taiwan Operations to Accelerate Global AI Infrastructure BuildoutGlobeNewsWire
Congressional disclosures
Market cap history
$39.66B-28.4%Aug 2026 – Nov 2026
Latest: $39.66B · 2026-11-12High: $62.16B · 2026-10-05Low: $37.76B · 2026-11-09
Largest fund holders
| Fund | Weight | Shares held |
|---|---|---|
| FSELX | 5.51% | 8.1M |
| VTI | 0.06% | 4.9M |
| QQQ | 0.25% | 3.6M |
| SOXX | 2.27% | 3.5M |
| SMH | 0.91% | 2.2M |
| FBGKX | 0.59% | 1.9M |
| FSPTX | 1.63% | 1.9M |
| VB | 0.28% | 1.8M |
| VO | 0.22% | 1.7M |
| FDGRX | 0.53% | 1.6M |
| VXF | 0.47% | 1.6M |
| FELAX | 5.33% | 1.3M |
Analyst track record
How the analysts covering ALAB have done: ratings, price-target accuracy and the measured reaction after their calls.
| 12 months | 3 years | |
|---|---|---|
| Ratings | 101 | 254 |
| Analysts | 27 | 31 |
| Buy / hold / sell | 68 / 33 / 0 | 203 / 50 / 1 |
| Upgrades / downgrades / initiations | 2 / 2 / 8 | 5 / 6 / 24 |
| Price targets hit / missed | 35 / 57 (38%) | 171 / 59 (74%) |
| Avg. return after a rating (TipRanks) | -11.9% | +62.5% |
| Best / worst call | +184.7% / -54.4% | +314.2% / -54.4% |
After buy calls on this stock: median 21-day move +1.4% vs S&P 500 -2.3% (n = 190)
Most accurate on this stock
Share of an analyst's price targets on this stock that the price reached within 12 months (our measurement over the last 3 years, at least 8 targets). It describes past calls, not the odds of the current one.
- Tore SvanbergStifel Nicolaus100% hit rate on this stock · 18 targets measuredBuytarget $460Nov 2, 2026
- Sujeeva De SilvaRoth MKM100% hit rate on this stock · 12 targets measuredBuytarget $275May 6, 2026
- Gus RichardNorthland Securities100% hit rate on this stock · 12 targets measuredBuytarget $315Nov 4, 2026
Latest ratings
| Date | Analyst | Call | Target | |
|---|---|---|---|---|
| Nov 4, 2026 | Harlan SurJ.P. MorganNov 4, 2026 | BuyMaintained | $465↗ | article ↗ |
| Nov 4, 2026 | Vivek AryaBank of America SecuritiesNov 4, 2026 | HoldMaintained | –↗ | article ↗ |
| Nov 4, 2026 | Harsh KumarBMO CapitalNov 4, 2026 | BuyInitiated | $375↗ | article ↗ |
| Nov 4, 2026 | Joseph MooreMorgan StanleyNov 4, 2026 | BuyMaintained | $389↗ | article ↗ |
| Nov 4, 2026 | Srini PajjuriRBC CapitalNov 4, 2026 | BuyReiterated | $400↗ | article ↗ |
Share of analysts per call each month (latest call per analyst within 180 days). Targets and closes in USD.
TipRanks data · computed Nov 13, 2026 · 101 ratings
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