Aeluma is an early-stage semiconductor company developing photonic components, primarily photodetectors and lasers, for optical communications and sensing applications. The company's core product offerings include indium gallium arsenide (InGaAs) photodetectors for AI data center optical interconnects and consumer infrared sensing, as well as quantum dot lasers for optical transceivers. Aeluma uses heterogeneous integration to grow compound semiconductor materials on large silicon and gallium arsenide substrates rather than traditional indium phosphide substrates, enabling compatibility with high-volume microelectronics manufacturing. The company currently generates most of its revenue through U.S. government defense research and development contracts, which fund ongoing technology commercialization. As Aeluma transitions toward commercial markets, its business model entails direct component sales to semiconductor and optical module makers, co-development partnerships, and potential intellectual property licensing for high-volume consumer applications. Aeluma operates a fab-light manufacturing strategy, conducting material growth and prototyping internally while outsourcing production-scale wafer fabrication and packaging to foundry partners like Tower Semiconductor. Aeluma's growth strategy focuses on converting technical evaluations into formal customer qualifications and production design wins in AI data center and mobile sensing markets.