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Astera Labs

catalyst in 4dNo base rate yet — ALAB has 0 graded prints on the record, and the bar is 3.Optics & interconnectWebsite
Ticker
ALAB
Beat
networking
Size
Public Company
Revenue
$392M
as of Jun 2026
Cash
$111M
as of Jun 2026
Researched · Fresh
10 days ago

A genuine pick-and-shovel monopoly on PCIe-Gen6 datacenter connectivity, growing 90%+ with 76% gross margins — but priced at ~26x forward sales with one customer (AWS) at ~70% of revenue; the moat is real, the price is the bet.

Orbit · who it trades with and competes with
9 on the rings · 2 trade · 8 rival
21 mentions across our dossiers
Focus · Networking
Astera Labs
ALAB · public
No published house view
Trades and competes with
Trades with
Competes with
Next prints in its web
Links · 9 companies · 2 trade · 8 rival
“Competitors: Broadcom, Credo, Marvell, Microchip, Montage, Parade, Rambus — "compete with us with respect to some, but not all, of our solutions".”Broadcom · BOTH · from Astera Labs’s dossier
TholoBbrief←→step through the orbitESCcloseclick a company to open ittap a company to read it, tap again to open it
Price

Weekly closes

ALAB · weekly close
258.70 USD+0.6%
Friday 30 Oct 2026 · last 52 Fridays 112.47–417.07
pick a pin
Every pin is a dated row
Solid: filed with the SEC, settled at FINRA, or a recorded split. Hollow: the scheduled print, past the last close, never a price.
Height is the close · the ribbon is the stored record, a missing week a missing point · a pin stands on its Friday
  1. Short interest: 9,176,900 sh · 2.22 days to cover, FINRA · settled 30 Sept 2026
  2. Next print: in 4 days, Scheduled · 4 Nov 2026, scheduled
258.70USD+0.6%networking -0.9%ALAB · 112 weekly closes to 2026-10-30

Who is buying

Shares sold shortFINRA · settled 30 Sept 2026
9,176,900 shares
Days to unwind the shortFINRA · settled 30 Sept 2026
2.22
see the whole series
Financials

The reported figures

Revenue · quarterly
$392M
latest, Q2 ’26 · 12 periods stored
Filed · primary
Q2 ’26
$392M USD
as of 30 Jun 2026
Source: sec.gov
Solid = filed (primary) · hollow dashed = estimate · a dashed floor tick is a period with no figure held · quarterly and annual never share an axis
Astera Labs, quarterly figures held, Q3 ’23 to Q2 ’26
PeriodAs ofRevenueOperating marginFree cash flowCapexCashShares outstandingGradingSource
Q3 ’2330 Sept 2023$36.9M USD-5.4% share of revenue-$1.1M USD$736K USD——Filed · primarysec.gov
Q4 ’2331 Dec 2023$50.5M USD17.9% share of revenue$13.4M USD$1.0M USD$45.1M USD—Filed · primarysec.gov
Q1 ’2431 Mar 2024$65.3M USD—$228K USD$3.4M USD$696M USD155.7M sharesFiled · primarysec.gov
Q2 ’2430 Jun 2024$76.9M USD-31.7% share of revenue$31.1M USD-$1.3M USD$421M USD156.7M sharesFiled · primarysec.gov
Q3 ’2430 Sept 2024$113M USD-7.9% share of revenue$46.8M USD$16.7M USD$126M USD158.6M sharesFiled · primarysec.gov
Q4 ’2431 Dec 2024$141M USD0.1% share of revenue$24.3M USD$15.4M USD$79.6M USD162.2M sharesFiled · primarysec.gov
Q1 ’2531 Mar 2025$159M USD7.1% share of revenue$6.0M USD$4.5M USD$86.4M USD164.9M sharesFiled · primarysec.gov
Q2 ’2530 Jun 2025$192M USD20.7% share of revenue$133M USD$2.0M USD$162M USD166.2M sharesFiled · primarysec.gov
Q3 ’2530 Sept 2025$231M USD24.0% share of revenue$65.9M USD$12.3M USD$140M USD168.9M sharesFiled · primarysec.gov
Q4 ’2531 Dec 2025$271M USD24.7% share of revenue$76.6M USD$18.7M USD$168M USD170.2M sharesFiled · primarysec.gov
Q1 ’2631 Mar 2026$308M USD20.1% share of revenue$67.0M USD$7.6M USD$148M USD171.4M sharesFiled · primarysec.gov
Q2 ’2630 Jun 2026$392M USD22.7% share of revenue$67.2M USD$20.5M USD$111M USD173.5M sharesFiled · primarysec.gov

Astera Labs’s figures as the company reported them in its filings. Quarters are calendar quarters, so a company whose year ends in January shows each fiscal quarter under the calendar quarter it falls in. An empty slot is a quarter we hold no figure for.

Revenue · quarterlyQ3 ’23 – Q2 ’26
$392M+104% vs Q2 ’25

Q2 ’26 · as of Jun 2026

Revenue Q3 ’23: $36.9M, as of Sep 2023Revenue Q4 ’23: $50.5M, as of Dec 2023 (Q4 worked out from the annual total)Revenue Q1 ’24: $65.3M, as of Mar 2024Revenue Q2 ’24: $76.9M, as of Jun 2024Revenue Q3 ’24: $113M, as of Sep 2024Revenue Q4 ’24: $141M, as of Dec 2024 (Q4 worked out from the annual total)Revenue Q1 ’25: $159M, as of Mar 2025Revenue Q2 ’25: $192M, as of Jun 2025Revenue Q3 ’25: $231M, as of Sep 2025Revenue Q4 ’25: $271M, as of Dec 2025 (Q4 worked out from the annual total)Revenue Q1 ’26: $308M, as of Mar 2026Revenue Q2 ’26: $392M, as of Jun 2026

Lighter bars: Q4 worked out as the full-year total minus the three reported quarters.

Operating margin · quarterlyQ3 ’23 – Q2 ’26
22.7%+2.0 pts vs Q2 ’25

Q2 ’26 · as of Jun 2026

Operating margin Q3 ’23: -5.4%, as of Sep 2023Operating margin Q4 ’23: 17.9%, as of Dec 2023 (Q4 worked out from the annual total)Operating margin Q2 ’24: -31.7%, as of Jun 2024Operating margin Q3 ’24: -7.9%, as of Sep 2024Operating margin Q4 ’24: 0.1%, as of Dec 2024 (Q4 worked out from the annual total)Operating margin Q1 ’25: 7.1%, as of Mar 2025Operating margin Q2 ’25: 20.7%, as of Jun 2025Operating margin Q3 ’25: 24.0%, as of Sep 2025Operating margin Q4 ’25: 24.7%, as of Dec 2025 (Q4 worked out from the annual total)Operating margin Q1 ’26: 20.1%, as of Mar 2026Operating margin Q2 ’26: 22.7%, as of Jun 2026

Lighter bars: Q4 worked out as the full-year total minus the three reported quarters.

A margin beyond ±100%, or on zero revenue, is left out as not meaningful.

Free cash flow · quarterlyQ3 ’23 – Q2 ’26
$67.2M

Q2 ’26 · as of Jun 2026

Free cash flow Q3 ’23: -$1.1M, as of Sep 2023Free cash flow Q4 ’23: $13.4M, as of Dec 2023 (Q4 worked out from the annual total)Free cash flow Q1 ’24: $228K, as of Mar 2024Free cash flow Q2 ’24: $31.1M, as of Jun 2024Free cash flow Q3 ’24: $46.8M, as of Sep 2024Free cash flow Q4 ’24: $24.3M, as of Dec 2024 (Q4 worked out from the annual total)Free cash flow Q1 ’25: $6.0M, as of Mar 2025Free cash flow Q2 ’25: $133M, as of Jun 2025Free cash flow Q3 ’25: $65.9M, as of Sep 2025Free cash flow Q4 ’25: $76.6M, as of Dec 2025 (Q4 worked out from the annual total)Free cash flow Q1 ’26: $67.0M, as of Mar 2026Free cash flow Q2 ’26: $67.2M, as of Jun 2026

Lighter bars: Q4 worked out as the full-year total minus the three reported quarters.

Operating cash flow minus capital spending.

Cash · quarterlyQ4 ’23 – Q2 ’26
$111M

Q2 ’26 · as of Jun 2026

Cash Q4 ’23: $45.1M, as of Dec 2023Cash Q1 ’24: $696M, as of Mar 2024Cash Q2 ’24: $421M, as of Jun 2024Cash Q3 ’24: $126M, as of Sep 2024Cash Q4 ’24: $79.6M, as of Dec 2024Cash Q1 ’25: $86.4M, as of Mar 2025Cash Q2 ’25: $162M, as of Jun 2025Cash Q3 ’25: $140M, as of Sep 2025Cash Q4 ’25: $168M, as of Dec 2025Cash Q1 ’26: $148M, as of Mar 2026Cash Q2 ’26: $111M, as of Jun 2026
Shares outstanding · quarterlyQ1 ’24 – Q2 ’26
173.5M+11% since Q1 ’24

Q2 ’26 · as of Jun 2026

Shares outstanding Q1 ’24: 155.7M, as of Mar 2024Shares outstanding Q2 ’24: 156.7M, as of Jun 2024Shares outstanding Q3 ’24: 158.6M, as of Sep 2024Shares outstanding Q4 ’24: 162.2M, as of Dec 2024Shares outstanding Q1 ’25: 164.9M, as of Mar 2025Shares outstanding Q2 ’25: 166.2M, as of Jun 2025Shares outstanding Q3 ’25: 168.9M, as of Sep 2025Shares outstanding Q4 ’25: 170.2M, as of Dec 2025Shares outstanding Q1 ’26: 171.4M, as of Mar 2026Shares outstanding Q2 ’26: 173.5M, as of Jun 2026

A rising count is dilution: each existing share owns less of the company.

Latest filing: sec.gov

The record

What happened

What happened
DateTypeWhat happenedSource
2026-10-21editorial noteSources added: 0 → 9The dossier's cited-link count grew from 0 to 9 (deep-dive-2026-06-18.md → deep-dive-2026-10-21.md).dossier
2026-10-21editorial noteMargin figure revised: 75.7% → 73.3%Margin moved from 75.7% (deep-dive-2026-06-18.md) to 73.3% (deep-dive-2026-10-21.md).dossier
2026-10-21editorial noteRevenue figure revised: $277.0M → $392.4MRevenue moved from $277.0M (deep-dive-2026-06-18.md) to $392.4M (deep-dive-2026-10-21.md).dossier
2026-10-09filingForm 4 cluster: three Astera Labs directors, 1-7 Oct 20263 insiders filed Form 4s: RSU grants of 68, 72 and 68 shares on 1 Oct; director Stefan Dyckerhoff also sold 12,499 shares at $376.06 on 7 Oct under a 10b5-1 plan.agent:company-events · SEC EDGAR Form 4
dossier age
10 days
researched 21 Oct 2026 · ring fills at 180
pick a section
Each column is a section of the dossier
Its height is how many times the section names a filing: 14 mentions across 2 sections. A dashed foot names none.
Primary sources
1 of 2 sections name no filing · Enter steps through them
  1. The dossier: Refresh delta (since 2026-06-18), 523 words, 14 filing mentions
  2. The dossier: What held, 63 words, no filing mention
Research

The Astera Labs dossier

The verdict

A genuine pick-and-shovel monopoly on PCIe-Gen6 datacenter connectivity, growing 90%+ with 76% gross margins — but priced at ~26x forward sales with one customer (AWS) at ~70% of revenue; the moat is real, the price is the bet.

Primary sources

SEC filings

Source documents — open to read in full

Refresh delta (since 2026-06-18)

  1. Q2-2026 revenue $392.4M, up 27% on Q1 ($308.4M in the dossier) and up 104% on Q2-2025 ($191.9M). Six-month revenue $700.8M ($351.4M a year earlier). Sequential growth of 27%. [sec.gov: Form 10-QThe quarterly version of the annual report. Lighter, and not audited. 2026-08-05, https://www.sec.gov/Archives/edgar/data/1736297/000173629726000035/alab-20260630.htm; sec.gov: Form 8-KA filing for something that happened between reports and matters enough to tell shareholders now. 2026-08-04 exhibit 99.1, https://www.sec.gov/Archives/edgar/data/1736297/000173629726000033/q226exhibit991.htm; three and six months ended 2026-06-30; Q1 comparative: research-layer: the previous dossier, Lens 5]
  2. Margins and profit. GAAP gross profit $287.6M, GAAP gross margin 73.3% (Q1 in the dossier: 76.3%, down about 300bp ); non-GAAP gross margin 73.7%. GAAP operating income $89.2M (22.7% margin), GAAP net income $153.1M, GAAP diluted EPS $0.83. Non-GAAP operating margin 39.1%, non-GAAP diluted EPS $0.80. Six-month GAAP net income $233.4M ($83.0M). [sec.gov: 8-K 2026-08-04 exhibit 99.1, https://www.sec.gov/Archives/edgar/data/1736297/000173629726000033/q226exhibit991.htm; sec.gov: 10-Q 2026-08-05, https://www.sec.gov/Archives/edgar/data/1736297/000173629726000035/alab-20260630.htm; Q2-2026]
  3. Warrant contra-revenue. Warrants issued to a customer reduced revenue by $10.2M in Q2 ($1.8M in Q2-2025) and $12.3M in the six months ($2.1M). A new warrant was issued in February 2026 for up to 3,262,299 shares at $142.82, vesting on purchase tranches; 1,663,042 warrant shares were vested and exercisable at 2026-06-30 (1,165,513 at 2025-12-31). [sec.gov: 10-Q 2026-08-05, Note on customer warrants, https://www.sec.gov/Archives/edgar/data/1736297/000173629726000035/alab-20260630.htm]
  4. Customer concentration (10-Q labels customers A–F, without names). Q2 revenue shares: A 29%, B 25%, C 15%, D 13%; for the six months: A 29%, B 21%, C 17%, D 13%. The dossier's Q1 split was A 29%, B 21%, C 16%, D 12%, E 12%. Accounts receivable: A 30%, B 17%, D 12%, E 10% at 2026-06-30. The 10-Q does not name the customers. [sec.gov: 10-Q 2026-08-05, Note on concentrations, https://www.sec.gov/Archives/edgar/data/1736297/000173629726000035/alab-20260630.htm]
  5. Cash and cash flow. Cash $111.5M and marketable securities $1,141.5M at 2026-06-30 ($167.6M and $1,021.2M at 2025-12-31); together $1,253.0M. Operating cash flow was $162.3M for the six months ($145.9M a year earlier), so about $87.7M in Q2. Shares outstanding 173,485,104 at 2026-07-31. [sec.gov: 10-Q 2026-08-05, https://www.sec.gov/Archives/edgar/data/1736297/000173629726000035/alab-20260630.htm; Q1 operating cash flow: research-layer: the previous dossier, Lens 5]
  6. Balance sheet and acquisitions. Accounts receivable $192.5M ($83.2M at 2025-12-31); inventory $113.8M ($59.0M); goodwill $91.6M ($19.0M). The balance sheet shows no borrowings line; total liabilities $205.8M. On 2026-02-09 Astera bought assets of a private data-center acceleration company (preliminary goodwill $68.4M; cash paid for business combinations $69.2M in the six months), and made a second, immaterial asset purchase on 2026-05-29. [sec.gov: 10-Q 2026-08-05, https://www.sec.gov/Archives/edgar/data/1736297/000173629726000035/alab-20260630.htm; as of 2026-06-30]
  7. Q3-2026 guide (8-K, 2026-08-04). Revenue $540–560M; GAAP gross margin about 72%; GAAP operating expenses $232–236M; GAAP diluted EPS $0.87–0.92 on about 185M diluted shares; non-GAAP EPS $1.16–1.21. Management says Scorpio X-Series switches become the largest product family in Q3, one quarter ahead of its prior expectation. The midpoint of the revenue guide implies about 40% sequential growth. [sec.gov: 8-K 2026-08-04 exhibit 99.1, https://www.sec.gov/Archives/edgar/data/1736297/000173629726000033/q226exhibit991.htm; as of 2026-08-04]

Bearing on the position seed (facts only; the seed is unchanged). The seed names the "Q2 FY2026 print — watch Scorpio mix + the 200bps warrant GM drag + any deceleration" as a catalyst: Q2 revenue grew 27% sequentially, GAAP gross margin fell to 73.3% (item 2), and warrant contra-revenue was $10.2M (item 3). The seed's bear case cites "~70% single-customer concentration"; the 10-Q's largest customer (A) is 29% of Q2 revenue, and the 10-Q does not identify it.

What held

  • Growth stayed above 100% year on year and the company remains profitable with no debt shown on the balance sheet extract read (items 1, 2, 5, 6).
  • Scorpio is described as becoming the largest product line, as the dossier's Lens 5 ordering suggested (item 7).
  • Customer concentration remains high: the top four customers were 82% of Q2 revenue (item 4).

How our view changed

2 dossiers

Every dossier we have written on Astera Labs, newest first.

  1. current

    A genuine pick-and-shovel monopoly on PCIe-Gen6 datacenter connectivity, growing 90%+ with 76% gross margins

  2. A genuine pick-and-shovel monopoly on PCIe-Gen6 datacenter connectivity, growing 90%+ with 76% gross margins

Research trail

The research around Astera Labs

Covered in the Knowledge Base

Networking & Interconnect

Company details

IndustryCloud Computing
SizePublic Company
WebsiteVisit Astera Labs

Others in networking

5 names

Where Astera Labs sits against the other names we cover on this beat. Each line is that company’s verdict, not a summary of it.