Enterprise DNA
Networking and cables Supplier to the AI builders

Coherent

Makes optical transceivers and lasers that connect AI data centres, plus industrial lasers.

Revenue
Datacenter and Communications revenue of $1.62B in fiscal Q4 2026 (quarter to 30 June 2026)
Growth
Datacom revenue up 66% year on year and 24% sequentially
Based in
Saxonburg, US
Listed
Public (COHR)
Why it is winning

It expects 1.6T transceivers to ramp through 2026 and into 2027.

The risk to watch

Industrial revenue fell 15.8% in the same quarter, so the business is uneven.

Money coming in

Who pays Coherent, and for what.

No customers of Coherent mapped yet.

Money going out

Who Coherent pays to do what it does.

No suppliers of Coherent mapped yet.

Where it sits on the map

Competitors and neighbours

Broadcom
AVGO Supplier

Designs custom AI chips for big clouds and AI labs, and the networking chips that link them.

AI chip revenue $16.7B in a quarter, up 221%

Open profile
Corning
GLW Supplier

Makes optical fibre, cable and connectivity products for data centres and telecoms.

Optical Communications sales of $2.07B in Q2 2026 (quarter to 30 June 2026)

Open profile
Cisco
CSCO Supplier

Makes switches, routers and AI networking systems sold to cloud providers and enterprises.

About $4B of AI infrastructure revenue in fiscal 2026 (year to July 2026)

Open profile
Lumentum
LITE Supplier

Makes lasers and optical parts that carry data between AI servers and data centres.

Revenue up 90%. Nvidia invested $2B (Mar 2026)

Open profile
Marvell Technology
MRVL Supplier

Designs custom AI chips for large cloud customers, and the optical chips that link data centres.

$2.006B in the quarter to July 2026 (fiscal Q2 2026), up 58%

Open profile
Amphenol
APH Supplier

Makes copper and optical connectors that link servers, switches and racks in data centres.

Sales of $8.76B in Q2 2026 (quarter to 30 June 2026)

Open profile
Arista Networks
ANET Supplier

Sells the Ethernet switches that connect AI clusters and campus networks.

Revenue of $3.04B in Q2 2026 (quarter to 30 June 2026)

Open profile
Astera Labs
ALAB Supplier

Makes chips and switches that connect AI accelerators inside a server rack.

Revenue of $392.4M in Q2 2026 (quarter to 30 June 2026)

Open profile
Ciena
CIEN Supplier

Makes optical networking gear that links data centres and carries traffic between them.

Revenue of $1.67B in fiscal Q3 2026 (quarter to 1 August 2026)

Open profile

Sources: futurumgroup.com

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