Replace short optical links inside AI clusters with copper that uses less power, costs less and almost never drops the connection, so huge training jobs do not stall.
ScalingStage 5 of 5
Millions deployed in AI clusters; 1.6T versions at 224G per lane demonstrated for next-gen racks.
Updated 25 Feb 2026·Checked 11 Oct·0 updates this week
Milestones
Next · FY2027: revenue growth guided above 80%
IPO on Nasdaq ($200M offering)Jan 2022Complete.
1.6T 224G-per-lane AECs shown in a Rubin Ultra rackOct 2025Complete.
TensorWave picks ZeroFlap AECs and optics25 Feb 2026Complete.
FY2026 revenue tops $1.3B, more than triple1 Jun 2026Complete.
Next lane speedMoving from 100G to 200G per lane sharply cuts how far copper carries a clean signal, so each generation needs better chips to keep useful reach.
Customer concentrationA handful of hyperscalers buy most of the cables; four each made 10%+ of Q4 FY2026 revenue.
Physics limits
Copper loses more as signals get fasterAt higher frequencies current crowds to the wire's surface and the insulation absorbs more energy, so loss per metre climbs steeply. Faster lanes mean shorter copper.
Fixing a signal costs power and delayEach retimer burns watts and adds a few nanoseconds to recover and resend bits. Across tens of thousands of links in a cluster, that adds up.
Cable bulk in a dense rackCopper is heavier and stiffer than fibre. As racks pack in more GPUs, the volume and airflow cost of many cables limits how many can be routed.
How it works
3 parts
Wire
Thin copper pairs
Narrow-gauge copper keeps the cable light and bendable, but at hundreds of gigabits per second the signal fades and blurs within a couple of metres.
Plug chips
Retimers in each connector
A chip at each end rebuilds the signal: it recovers the bits, fixes errors and resends them cleanly, stretching reach to about 7 m.
Telemetry
PILOT watches every link
Credo's PILOT software reads health data from the cable chips so operators can spot weak links before they drop.
Active copper cables, optical transceivers, SerDes
Credo makes the high-speed links that tie AI servers and switches together: copper cables with chips in their plugs, optical transceivers, and the signal-processing chips inside them. Revenue tripled to $1.3B in its fiscal 2026 on AI data-centre demand.
FY2026 revenue was $1.335B, up from $437M; Q4 alone matched the whole prior year.
Guides FY2027 growth above 80%, with over $600M from optical products.
Bought Israeli silicon-photonics firm DustPhotonics for about $750M plus shares, closed May 2026.