Sivers: The Undiscovered CPO Laser Chokepoint + Customer Mapping

Sivers ($SIVE) is the largest unknown main CW laser chokepoints for Photonics/CPO, that maps to the largest hyperscaler suppliers:

From Apple, AMD, Marvell, Amazon, Microsoft, Meta, and others.

With CPO as its main growth vector and TAM expansion with pluggables for 1.6T/3.2T for 2027 and 2028.

This is a report that includes information discovery that maps Sivers to many of the leading, yet undisclosed hyperscaler suppliers.

Publicly disclosed customer includes:
→ Jabil (NYSE JBL): “Sivers Semiconductors Collaborates With Jabil on Energy Efficient 1.6T Pluggable Optical Transceiver Module”
→ Poet ($POET): “POET Technologies and Sivers Semiconductors Collaborate on External Light Sources for Co-Packaged Optics and Next-Generation AI Market”
→ Ayar Labs: $SIVE as the laser supplier is listed on Ayar Labs Website.
→ O-Net and Enablence: “Sivers Semiconductors, O-Net and Enablence Technologies Announce External Light Sources for AI Datacenters”
→ LIGHTIUM AG ( “integrate their CW lasers directly onto TFLN wafers”): 2025 Annual Report PDF. Lasers for 1.6T / 3.2T.

High Confidence customers includes:
→ Apple ($AAPL) - Lasers for Apple’s silicon photonics program, notably Apple Watch.
→ Aeva ($AEVA) - The LiDAR customer commonly mentioned by other analyst reports.
→ Marvell Celestial ($MRVL) - Direct supplier, not related to $POET.

Likely Customers include:
→ Lightmatter (through investment mapping + image presentations)
→ Lightelligence (HKG: 1879) - (through investment mapping + image presentations)
→ Advanced Micro Devices ($AMD) - Through GlobalFoundries CPO program announcement (AMD Taps GlobalFoundries for MI500’s Co-Packaged Optics) and laser supplier mapping.

Outside of CPO/Optical supply chains, Sivers is the likely supplier to:
→ YSS. Sivers’ lead customer ALLSPACE got acquired by York, and is now embeddeed into YSS supply chains.
-→ → Golden Dome, Space Force, Space Development Agency, and DoD relations now map to Sivers upstream through YSS.

CHIPS ACT grants from their parent company:
→ Military Contractors like Bae Systems (with recent $6.6M CHIPS ACT Year-2 Follow ons).
→ FR3 beamformer ICs with ERIC and Raytheon (RTX)

As well as → NOKIA is likely another undiscovered customer of Sivers from revenue/location mapping in their 2025 annual report.

One/Two-Hop Customers from Siver’s primary leads include:

1. Ayar (CPO):
→ AlChip/GUC/Winwynn/ via Ayar. Primary lead focus is Alchip for CPO.
→ → Amazon is likely the lead ecosystem customer for Ayar: AlChip likely won
Trainium 4 designs after Amazon’s new private placement in May 2026. AlChip is Ayar’s lead customer.
→ → AMD has high potential to be the lead customers of Sivers.
Either through two potential paths:
1. Enosemi (AMD’s in-house PIC design post-acquisition). Enosemi’s chiplets are fabbed at GF but for the ELS, AMD could source it from multiple players with $SIVE as the underlying multi-source laser source) AMD invested in March 2026, Series E). Ayar’s SuperNova light source already uses $SIVE DFB laser arrays.
2. Ayar ( AMD invested in March 2026, Series E). Ayar’s SuperNova light source already uses SIVE DFB laser arrays). Ayar’s SuperNova is a possible first-gen CPO path for MI500 in 2027 given timelines and the enormous fundraise recently. They both appear in GFS ecosystem slides as ecosystem partners on the AMD / GFS CPO announcement .
→ Other hyperscalers (Meta, Microsoft, Google, and others are probable).

And $SIVE is likely the primary laser supplier to Ayar after Lumentum and Macom was removed from Ayar’s website.

Lumentum also signaled CW laser production issues due to overcapacity toward EML from Nvidia (after their earnings transcript) and that they were buying it from the open market off competitors.

Sivers also signaled capacity allocation confirmation with Win Semi, from their annual report released recently, likely winning them primary spot with Ayar.

2. Jabil (Pluggable 1.6T LRO):
Jabil is one of the largest optical manufactures in the world and their new LRO is based off their aqusition of Intel’s SiPH transceiver manufacturing business.

The April 2026 announcement that Jabil is building its 1.6T Linear Receive Optical transceivers around Sivers' lasers is the clearest path to hyperscaler revenue.

→ META/AMAZON is the likely lead customer in this ecosystem as Meta/Amazon was Intel’s anchor customers Jabil acquired. Meta usually is considered the champion of this architecture.
→ Other known previous customers from Jabil are Nvidia (NVDA), Google (GOOGL), Cisco (CSCO), aside from Meta/Google.

Sivers benefits from TAM expansion from pluggables as the CW laser supplier, as your hyperscalers from Meta (highly likely), Google/Microsoft/Amazon are the likely end buyers.

3. POET
Poet is probably the fastest to market with Sivers as they scale H2 from both POET earnings + Sivers PDF annual report data.

→ Lumilens is Poet’s likely lead customer, with a $50m preproduction order, and $500m volume order with warrants, which flows down to Sivers bottom line as Poet’s laser supplier.

As for the less confirmed mapping on POET:
→ Luxshare/LITEON: characterized by Poet’s Chief Executive Officer as a major commercial milestone (but there’s reports from both companies being unfamiliar with Poet)

4. Lightelligence (HKG: 1879, Shanghai Xizhi Technology)
→ Biren and Chinese CPO supply chains (Tencent and Baidu are primary strategic backers)

→ “According to industrial metrics certified by Frost & Sullivan, Lightelligence commanded a dominant 88.3% market share in China’s independent scale-up optical interconnect solutions”
→ Sivers maps to the majority of the Chinese hyperscalers for optical solutions.
→ As a Swedish company, they are neutral to both US hyperscaler supply chains and Asian hyperscaler supply chains chains.

5. AMD
→ US hyperscalers (Meta, Amazon, Microsoft, Oracle) + OpenAI. AMD is well known.

6. Marvell Celestial
Sivers maps directly to Celestial.

Compared to public knowledge about mapping Celestial through POET through investor deck presentations analysis.

It’s highly likely Celestial is buying Sivers directly after vertically integrating away POET’s packaging process. And this has been planned for awhile from investor deck mapping.

→ US hyperscalers (Meta, Amazon, Microsoft), especially for scaling hyperscaler ASIC eg. Maia, Trainium.
→ AMZN has specific purchase agreements tied to Marvell equity (warrants) in SEC filings for Celestial products, which directly uses Sivers lasers.

7. O-NET/Enablence
→ Huawei, ZTE, and Chinese Hyperscalers (via O-Net); Sivers lasers map to the Asian hyperscaler supply chains. As ELS becomes standardized, this is one of the mass-production routes.

O-Net is a Tier-1 optical components packager for China's telecom giants (Huawei/ZTE). O-Net supplying China's domestic push to build sovereign CPO/AI clusters free of US export controls.

8. LIGHTIUM AG
→ Likely Tier-1 Transceiver OEMs (e.g., Innolight, Eoptolink, Coherent). To achieve 1.6T and 3.2T data rates, transceiver OEMs and fabless are likely to use TFLN

9. Lightmatter
→ ~4-5B unicorn in the optical space, with GUC/Qualcomm as main partners.
→ Likely Microsoft, Google, Meta, and hyperscalers as end users.

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As for laser production scaling to these hyperscalers:

→ Yield and Scaling is handled by Win Semi/GFS.

→ Sivers is qualified into many of these suppliers as they’ve been building hyper-specific CW lasers for different architectures since 2023.

The narrative is more about a matter of time until volume ramp hits.

As well as how much TAM vs. MC premiums Sivers can capture in the broader “CPO supercycle”:

From downstream IP acqusitions following Lumentum (as overall TAM moves from $1B → $91B in 2 years in 2028 per GS report, with primarily contribution being Scale Up likely H2 2027).

It’s also a matter of what % of market share they can capture, as hyperscalers historically tend to multi-source.

As for mapping proof of undisclosed customers:

Apple as a customer of Sivers (high confidence):
→ US Fortune 100 customer stated by Sivers
→ RFQ (request for quote) for 50 million units a year.
—> Apple sold roughly 53.9 million Apple Watches in 2022 and averages between 38m-50m units annually
→ $SIVE / Carnegie research released 135 Wavelength arechitectures, which matches Apple application specifications.

There’s might be only 1 US Fortune 100 company in world sells 50 million units of consumer wearables a year. Samsung produces 10-15m units. Apple is likely set up for H1 2028 volume ramp.

Sivers’ official “Fortune 100” statements with Carnegie’s technical briefs on multi-wavelength specs, and matching that to the unmistakable ~50M annual unit volume footprint of the Apple Watch, maps Sivers to Apple as an unknown major supplier.

AMD as a customer of Sivers (Low-Medium Confidence):
AMD announced it’s pushing into CPO and collaborating with GFS for their INSTICT accelerator. GFS presentation slides showed Sivers as an explicit laser architectural inclusion partner.

Sivers is likely to secure a spot to provide the laser arrays for the AMD’s Instinct MI500’s CPO solution in 2027-2028, as hyperscalers tend to multi-source. This might represent high volume production for Sivers that markets haven't pricing in.

Sivers as the primary laser supplier for Ayar (high confidence):
Sivers appears to be the primary laser supplier to AMD’s CPO program if AMD goes the Ayar route at GFS (anchor customer for Ayar is AlChip).

And Sivers now the primary laser supplier to Ayar:

From HTML inspection, we’re able to find out that Lumentum and Macom were silently removed.

And Sivers is now the only public laser supplier to Ayar (that raised $500m this year to scale volumes).

By extension for all of Ayar's CPO customers routing through Alchip or other ASIC design firms, their scale flows to Sivers.

This find looks structurally material to Sivers as it undercuts narratives about Lumentum and others being primary suppliers for hyperscaler suppliers, and Sivers being a small % of market share.

Marvell Celestial / Lightmatter / Shanghai Xizhi Technology (Lightelligence) (medium-high confidence) as customers of Sivers

Lightmatter/Lightelligence is likely information discovery as customers and not publicly known.

Celestial is also a likely direct customer.

Most public opinion maps Sivers → Poet → Celestial, but OSINT supports Celestial buying lasers directly from Sivers.

The second image is an internal Sivers presentation slide that explicitly maps out how venture funding flows directly into Sivers’ addressable market through its primary optical I/O customers.

Sivers used placeholder graphics for Customers B, C, and D to respect strict NDAs or pre-commercial confidentiality, but this is

- Lightmatter: $154M Series C round in 2023. (Lightmatter's Second 2023 Round ($155 Million)

- Celestial AI: $100M Series B round in 2023 (led by IAG Capital Partners, Temasek, and Samsung Catalyst).

- Lightelligence (was name dropped by Sivers in earlier presentations, medium confidence, compared to Celestial/Lightmatter, but likely).

So:
- Lightmatter:

As they all add up to the funding amount. So we’re able to know from confidential open source intelligence that Lightmatter/Celestial/Lightelligence are high confidence customers of Sivers, as this is not public material yet.

Most importantly, it shows Marvell is likely still directly buying from Sivers (via Celestial), despite the Poet deal cancellation, as they had direct relationships.

Nokia (NOK) as a hidden customer: (SIVE 2025 annual report).
Sivers disclosed a major tier-1 telecom customer, and the majority revenue reported in their 2025 annual report was derived from Finland.

This is high confidence Nokia as the undisclosed telecom customer.

Disclosure: These are high confidence links to Sivers, customers are likely to remain unconfirmed as the supply chain BOM/customer relationships are heavily guarded and under NDA. It’s also possible some of these high confidence relationships may not proceed to mass production.
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Sivers also announced in their 2025 annual report:

1. “We are currently seeing great interest... testing our DFB lasers across multiple manufacturers in pluggable transceivers”

"Our serviceable markets have now been expanded to include pluggable optical interconnects as well as scale-up and scale-out architectures for co-packaged" (TAM expansion)

There are likely more hyperscaler suppliers not listed here yet that Sivers is sampling/qualifying with on the pluggable transceiver side.

2. "Discussions with hyperscalers and pluggable transceiver suppliers indicate a shortage of CW lasers in the coming years"

LITE in their recent 2026 earnings transcript announced they faced a CW laser bottlenecks.

As a result, Lumentum they had to buy externally from competitors (likely Sumitomo/Furukawa).

Sivers likely has capacity locked in with Win from this nuance.

“The partnership announced with high-volume supplier Win Semiconductor in March 2025 now gives us a strong position to meet growing demand”

And many of the other CPO programs outside of Broadcom / Nvidia, such as AMD likely went to Sivers and other suppliers.

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For the overall optical TAM, per Goldman Sachs research report:

“We expect the aggregate dollar content per computing unit across scale up and scale out to increase by 29x from US$315k in GB300 NVL72 to US$9.4bn in Rubin Ultra NVL576, and assuming the numbers of racks through the full product cycle are 48k racks for GB300 NVL72, and 16.5k computing units for Rubin Ultra NVL576, the aggregate value TAM across scale up and scale out would increase by 9x from US$15bn in GB300 NVL72 (mainly in 2026) to US$154bn in Rubin Ultra NVL576 (mainly in 2028).

Among the US$154bn value TAM, 69% goes to scale up, or US$106bn, and CPO contributes US$91bn, or 59% of the US$154bn value TAM, assuming CPO at 29% penetration rate in scale out.”

Sivers sits in the middle of the CPO as the highest-beta exposure to the laser chokepoint.

And remains one of the unknown critical suppliers among Lumentum, Coherent, Macom, Sumitomo, Furukawa as a $1.6B MC laser supplier.