Astera Labs’ Q2 tonight: Everyone knows the numbers: $355 to $365M revenue, ~73% gross margin. The question the market is underweighting: Has Scorpio already become Astera’s largest product? Management said Scorpio would overtake Aries sometime in 2026. Last quarter, Gen6 products were already more than one-third of revenue. If Scorpio is now the largest, or close to it, Astera is no longer primarily a retimer vendor. It’s becoming a rack-scale fabric company. That’s a much bigger story than whether revenue beats by a few million dollars. We’re also watching gross margin. ≥73% keeps the product mix story clean. If Scorpio’s share stalls around Q1 levels, the inflection probably isn’t here yet. That’s the line that changes how we think about $ALAB. Not the headline revenue number.
View on X ↗