{"slug":"astera-labs","name":"Astera Labs","name_en":"Astera Labs","ticker":"ALAB","updated_at":"2026-06-20","canonical":"https://valuechain.wiki/astera-labs","kicker":"AI 서버 인터커넥트 · 리타이머","kicker_en":"AI server interconnect · Retimers","lead":"AI 서버·랙의 연결(PCIe/CXL 리타이머·CXL 메모리·패브릭 스위치)을 만드는 팹리스. Aries·Scorpio가 엔비디아 차세대 GPU 플랫폼 '블랙웰'에 채택돼 급성장. 하이퍼스케일러가 주고객, 칩은 TSMC가 유일 생산.","lead_en":"A fabless maker of AI server and rack connectivity (PCIe/CXL retimers, CXL memory, fabric switches). Its Aries and Scorpio parts were adopted into NVIDIA's next-gen 'Blackwell' GPU platform, driving rapid growth. Hyperscalers are its main customers; TSMC is its sole manufacturer.","segments":{"fy":2025,"parts":[{"desc":"PCIe/CXL 리타이머","name":"Aries"},{"desc":"AI 패브릭 스위치","name":"Scorpio"},{"desc":"CXL 메모리·이더넷","name":"Leo·Taurus"}],"total":"FY2025 매출 급성장(+$456M). 고객이 소수 하이퍼스케일러에 집중","source":"https://www.sec.gov/Archives/edgar/data/1736297/000173629726000010/alab-20251231.htm","concentration":"소수 하이퍼스케일러·시스템 OEM에 집중. 엔비디아 블랙웰 플랫폼 채택이 성장 동력."},"segments_en":{"parts":[{"desc":"PCIe/CXL retimers","name":"Aries"},{"desc":"AI fabric switches","name":"Scorpio"},{"desc":"CXL memory and Ethernet","name":"Leo & Taurus"}],"total":"FY2025 revenue grew sharply (+$456M). Customers concentrated among a few hyperscalers","concentration":"Concentrated among a few hyperscalers and system OEMs. Adoption into NVIDIA's Blackwell platform is the growth driver."},"edges":[{"direction":"revenue","counterparty":"NVIDIA","counterparty_slug":"nvidia","confidence":"high","metric":null,"note":"Aries·Scorpio가 엔비디아 블랙웰 플랫폼에 채택돼 성장 동력. 블랙웰 인프라 상호운용성 최초 시연.","note_en":"Aries and Scorpio adopted into NVIDIA's Blackwell platform, the main growth driver; first to demo Blackwell interoperability.","sources":[{"stance":"confirms","publisher":"한국경제","publisher_en":"Korea Economic Daily","kind":"news","lang":"ko","published_at":"2026-06-09","url":"https://www.hankyung.com/article/2026060964591","title":"젠슨 황도 콕 찍었다…올해만 223% 급등 날개 단 종목","title_en":"Jensen Huang singled it out: a stock up 223% this year","excerpt":"젠슨 황이 콕 찍은 엔비디아 동맹, 올해 223% 급등.","excerpt_en":"An NVIDIA ally singled out by Jensen Huang, up 223% this year."},{"stance":"confirms","publisher":"서울경제","publisher_en":"Seoul Economic Daily","kind":"news","lang":"ko","published_at":"2025-09-15","url":"https://www.sedaily.com/NewsView/2GXV1MVG3D","title":"[글로벌 핫스톡] 아스테라 랩스, AI 필수 인프라…엔비디아도 러브콜","title_en":"Astera Labs, essential AI infrastructure courted by NVIDIA","excerpt":"아스테라 Aries·Scorpio가 엔비디아 블랙웰 플랫폼에 채택, GTC2025서 상호운용성 시연.","excerpt_en":"Astera's Aries and Scorpio were adopted into NVIDIA's Blackwell platform, with interoperability demoed at GTC 2025."}]},{"direction":"cost","counterparty":"TSMC","counterparty_slug":"tsmc","confidence":"high","metric":{"type":"supply_status","basis":"유일 파운드리(sole)","basis_en":"sole foundry","qualifier":"sole_source"},"note":"모든 IC를 TSMC가 유일 생산(fabless, sole source).","note_en":"TSMC is the sole manufacturer of all its ICs (fabless).","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회(SEC EDGAR)","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-10","url":"https://www.sec.gov/Archives/edgar/data/1736297/000173629726000010/alab-20251231.htm","title":"Astera Labs 10-K (2025회계연도)","title_en":"Astera Labs Form 10-K (FY2025)","excerpt":"Astera 10-K: TSMC가 IC의 유일 제조 파트너(아직 대체 미확보).","excerpt_en":"Astera 10-K: TSMC is the sole manufacturing partner for our ICs (no alternative qualified yet)."}]},{"direction":"revenue","counterparty":"Microsoft","counterparty_slug":"microsoft","confidence":"mid","metric":null,"note":"마이크로소프트에 리타이머·패브릭을 직접 공급(핵심 하이퍼스케일러 고객).","note_en":"Supplies retimers and fabric directly to Microsoft (a key hyperscaler customer).","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회(SEC EDGAR)","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-10","url":"https://www.sec.gov/Archives/edgar/data/1736297/000173629726000010/alab-20251231.htm","title":"Astera Labs 10-K (2025회계연도)","title_en":"Astera Labs Form 10-K (FY2025)","excerpt":"Astera Labs 10-K가 리타이머·패브릭을 직접 구매하는 소수 집중 하이퍼스케일러 고객으로 마이크로소프트를 포함.","excerpt_en":"Astera Labs’ 10-K lists Microsoft among the concentrated hyperscaler customers buying its retimers and fabric directly."}]},{"direction":"revenue","counterparty":"Meta Platforms","counterparty_slug":"meta","confidence":"mid","metric":null,"note":"메타에 리타이머·패브릭을 직접 공급(핵심 하이퍼스케일러 고객).","note_en":"Supplies retimers and fabric directly to Meta (a key hyperscaler customer).","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회(SEC EDGAR)","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-10","url":"https://www.sec.gov/Archives/edgar/data/1736297/000173629726000010/alab-20251231.htm","title":"Astera Labs 10-K (2025회계연도)","title_en":"Astera Labs Form 10-K (FY2025)","excerpt":"Astera Labs 10-K가 소수 집중 하이퍼스케일러 고객으로 메타를 포함.","excerpt_en":"Astera Labs’ 10-K lists Meta among its concentrated hyperscaler customers."}]},{"direction":"revenue","counterparty":"Amazon","counterparty_slug":"amazon","confidence":"mid","metric":null,"note":"아마존에 리타이머·패브릭을 직접 공급(핵심 하이퍼스케일러 고객).","note_en":"Supplies retimers and fabric directly to Amazon (a key hyperscaler customer).","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회(SEC EDGAR)","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-10","url":"https://www.sec.gov/Archives/edgar/data/1736297/000173629726000010/alab-20251231.htm","title":"Astera Labs 10-K (2025회계연도)","title_en":"Astera Labs Form 10-K (FY2025)","excerpt":"Astera Labs 10-K가 하이퍼스케일러 고객으로 아마존을 포함.","excerpt_en":"Astera Labs’ 10-K lists Amazon among its hyperscaler customers."}]}]}