Astera Labs designs the retimers, fabric switches, smart cables and memory controllers that keep data moving inside AI server racks. Its revenue went from $79.9 million in 2022 to $852.5 million in 2025, it has beaten the top of its own guidance in all nine quarters since its March 2024 listing, and it has guided the third quarter of 2026 to $540–560 million — 40% more than the second, on the ramp of its Scorpio X-Series fabric switch. Behind that record sits a single buyer: in 2023 no end customer took more than a third of revenue, in 2024 none took more than 40%, and in 2025 one took more than 70%. Astera files no backlog and no remaining performance obligation. This is a full institutional-grade equity research report on Astera Labs, Inc. (Nasdaq: ALAB), built from SEC XBRL company facts, the March 2024 prospectus, both annual reports, the Forms 10-Q to June 2026, every earnings release, the Amazon warrant agreements, the proxy statements and 326 insider-trading forms, into nine chapters, a Thesis, a Valuation and 111 rebuilt charts.
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