Astera Labs Could Become The Fabric Of The AI Factory

Astera Labs reported Q1 2026 revenue of $308.4M, up 93% year-over-year, with a 76.3% GAAP gross margin. The Scorpio X-series Fabric Switch positions the company as the neutral connectivity layer in AI rack-scale architectures. Protocol neutrality, hyperscaler validation, and optical expansion create a defensible moat despite customer concentration risks.