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Lumentum

EMLs, CPO laser sources and 1.6T transceivers

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Where it fits in an AI server rack

Lumentum’s FY2026 10-K describes it as a leading provider of high-speed optical transceivers and optical components for AI and cloud computing, including laser transmitters, PICs, photodiodes and high-power laser sources for co-packaged optics; its data-center line lists 100G/200G EMLs, CW lasers and ELSFP laser modules. FY2026 revenue was $3.01 billion (FY2025: $1.65 billion). NVIDIA invested $2 billion (Mar 2, 2026) with a multibillion-dollar purchase commitment and capacity rights for advanced laser components.

What the evidence establishes

AI-rack evidence

Disclosed: Lumentum’s FY2026 10-K and product pages describe its AI transceivers and lasers; NVIDIA’s release announces the $2 billion investment and laser purchase commitment.

An explicit AI-server or AI-rack product, design-in, supply role, program, reference design or partnership, such as a part named for rack-scale AI systems or a product sold for AI data centers. For a rack builder, it means the company’s own AI servers or racks. This does not establish revenue, market share, volumes or future sourcing.

Component roleEMLs, CPO laser sources and 1.6T transceivers
EvidenceDisclosed: Lumentum’s FY2026 10-K and product pages describe its AI transceivers and lasers; NVIDIA’s release announces the $2 billion investment and laser purchase commitment.
How we knowDisclosed The company’s own filing, release, annual report, product page or investor record describes the AI-server or AI-rack role. Where customers are unnamed, the listing says so.
Primary sourceLumentum — supporting disclosure
Company or official disclosure; vendor claims are attributed to their source.
Checked. This is the research review date, not the source publication or quote time.

Keep in perspective

Its two largest end customers (26.6% and 15.0% of FY2026 revenue) are unnamed. NVIDIA’s agreement is non-exclusive, and the purchase commitment has no disclosed value or schedule.

Specialist business exposure. This describes the breadth or role of the business; it is not an investment rating. An AI-server product, design-in or partnership does not by itself establish material AI-rack revenue, market share, or future returns.

Connections to the assembly

These links explain the technology relationship. The model is illustrative and does not represent an actual manufacturer’s bill of materials.

Optical transceivers

Pluggable 800G and 1.6T modules that convert electrical signals to light and back for links that leave the rack.

Scope of the company links: 800G and 1.6T pluggable modules (OSFP) for the rack’s scale-out links. NVIDIA names Coherent, Eoptolink, Fabrinet and Innolight as pluggable-transceiver leaders (Mar 18, 2025). Innolight, Eoptolink and Accelink list 1.6T OSFP modules in their 2025 annual reports, Coherent and Lumentum describe 800G/1.6T modules in their 10-Ks, and AOI has a first 1.6T volume order of over $200 million from an unnamed hyperscaler. Fabrinet is a contract manufacturer (NVIDIA was 16.3% of FY2026 revenue), not a module brand. NVIDIA sells LinkX-branded optical transceivers without naming their makers. TFC supplies optical engines and passive parts that go inside modules, and Credo sells ZeroFlap optical transceivers. None of these sources gives volumes or says which system a given module ships into. Cisco ships 1.6T OSFP and 800G linear-drive optics with its Silicon One systems, and Luxshare lists 800G and 1.6T optical modules in small-batch supply.

Lasers & photonics

Electro-absorption modulated or continuous-wave lasers, and silicon-photonics chips, that turn the signal into light inside the transceiver.

Scope of the company links: InP lasers (EML, CW, VCSEL) and silicon-photonics chips inside modules and co-packaged engines. Lumentum and Coherent make EMLs and CW/high-power lasers and hold NVIDIA purchase commitments for lasers (Mar 2, 2026); Mitsubishi Electric estimates it led data-center EML chips in FY25 and plans over 3x EML capacity by FY30; Sumitomo Electric makes EMLs and CW lasers for AI data centers; Broadcom runs in-house InP/GaAs laser fabs and sells a pluggable laser source for its CPO switches. TSMC provides the silicon photonics in NVIDIA’s CPO switches, Tower runs silicon-photonics foundry platforms for 400G–1.6T modules, TFC makes external-laser-source modules, Furukawa sells CW-DFB chips for silicon photonics, Marvell includes silicon photonics in its interconnect portfolio and MACOM sells lasers and photodetectors. AXT supplies InP substrates upstream. AOI makes laser chips only for its own modules and is mapped under transceivers. TrendForce (reported, context only) puts combined EML and CW-DFB capacity near 50.7 million units a month in 2026.

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