Lightmatter
Fabless design + capital-equipment/IP sales: sells photonic interconnect products (Passage M1000 interposer, L200/L200X CPO engines) and integrated laser/optics to hyperscalers, XPU/switch makers, and AI-accelerator vendors via direct enterprise sales, manufactured through foundry (GlobalFoundries) and OSAT (Amkor) partners.
Chronological priced primary rounds. The Dec 2023 -> Oct 2024 step (~$1.2B -> ~$4.4B, roughly a 4x mark-up in ~10 months) is the load-bearing valuation move; ~$850M cumulative raised through the Series D. The 2021 Series B valuation is an approximate/undisclosed figure and should be treated as low-confidence; the Series C and Series D marks are well-documented.
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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range