Astera Labs designs semiconductor connectivity chips, boards, and modules that address signal quality and bandwidth bottlenecks in AI and cloud data center infrastructure. As AI clusters scale, high-speed links connecting GPUs, accelerators, memory, storage, and network switches degrade in performance — Astera's products fix that. Astera operates a fabless model, outsourcing fabrication to TSMC and packaging to ASE and Amkor. Its primary customers are hyperscalers (Amazon, Google, Microsoft) and AI accelerator vendors, with the top three end customers representing roughly 86% of FY25 revenue. Astera sells four product families: Aries PCIe/CXL retimers (signal recovery for chip-to-chip and rack-to-rack links), Taurus Ethernet Smart Cable Modules (signal conditioning for 400G/800G copper Ethernet links), Scorpio PCIe fabric switches (both scale-out head-node and scale-up GPU-to-GPU connectivity), and Leo CXL memory controllers (enabling pooled and expanded DRAM over CXL). All products are supported by Astera's COSMOS software suite, which provides configuration, telemetry, and diagnostics across the full product portfolio. Revenue is driven by AI accelerator deployment volumes, content per accelerator (which grows with each product generation and each additional product family designed into a platform), and hyperscaler capex cycles. Products are sold on purchase orders rather than long-term contracts, making revenue timing dependent on customer platform ramp cycles. Astera's growth strategy centers on expanding into scale-up AI fabric switching with Scorpio X, the UALink open connectivity protocol, and silicon photonics via its Xscale Photonics acquisition.