Astera Labs reported Q2 revenue of $392.4 million, up 27% from the prior quarter and 104% year over year, with growth described as broad-based and tied to AI infrastructure spending. The company’s transition to PCIe 6 is accelerating, with Gen 6 products contributing more than half of total revenue in Q2 versus roughly one-third in Q1. The Scorpio X-Series high-radix fabric switches entered volume production and are set to become the largest product family as soon as Q3, a full quarter ahead of prior expectations, with shipments to multiple customers and engagement with more than 10 prospects. The Aries signal conditioning line posted record quarterly revenue, driven by PCIe 6.0 retimers and gearboxes adoption, with higher attach rates and richer feature sets lifting average selling prices. The Taurus portfolio gained traction through pre-production shipments of 100G-per-lane smart cable modules for 800G active electrical cables, and Astera introduced 3.2-terabit smart retimers and redrivers supporting 200G-per-lane links, with management seeing the Taurus opportunity doubling to more than $4 billion by 2030. Astera also secured a new design win for its Leo CXL memory controller with a major U.S. hyperscaler, expecting to ship standard and custom Leo controllers in volume to two U.S. hyperscalers in 2027. Executives acknowledged execution and concentration risks but emphasized strong