Credo Technology Group Holding Ltd (Credo) provides various high-speed connectivity solutions for optical and electrical Ethernet, and PCIe applications in the United States, Taiwan, Mainland China, Hong Kong, and internationally.
The company is committed to enabling faster, more reliable, more energy-efficient, and scalable solutions that support the ever-expanding demands of AI, cloud computing, and hyperscale networks.
The company’s connectivity solutions are optimized for optical and elect...
Credo Technology Group Holding Ltd (Credo) provides various high-speed connectivity solutions for optical and electrical Ethernet, and PCIe applications in the United States, Taiwan, Mainland China, Hong Kong, and internationally.
The company is committed to enabling faster, more reliable, more energy-efficient, and scalable solutions that support the ever-expanding demands of AI, cloud computing, and hyperscale networks.
The company’s connectivity solutions are optimized for optical and electrical Ethernet and PCIe applications, including the 100G (or Gigabits per second), 200G, 400G, 800G and emerging 1.6T (or Terabits per second) ethernet markets and the 32G PCIe5 and upcoming 64G PCIe6 markets. The company’s products are based on its Serializer/Deserializer (SerDes) and Digital Signal Processor (DSP) technologies. The company’s product families include integrated circuits (ICs), Active Electrical Cables (AECs) and SerDes Chiplets. Its intellectual property (IP) solutions primarily consist of SerDes IP licensing.
The company partners with Microsoft on its HiWire Switch AEC and open-source implementation that helps realize Microsoft’s vision for a highly reliable network-managed dual-Top-of-Rack (ToR) architecture (a network architecture design in which computing equipment located within the same or an adjacent rack are, for redundancy, connected to two in-rack network switches, which are, in turn, connected to aggregation switches via fiber optic cables), overcome complex and slow legacy enterprise approaches, simplify deployment and improve connection reliability in the data center.
The multibillion-dollar data infrastructure market that the company serves is driven largely by hyperscale data centers (hyperscalers), as well as general compute, AI/ML infrastructure, multi-service operators (MSOs), and mobile network operators (MNOs).
The company designs, markets and sells both product and IP solutions. The company helps define industry conventions and standards within the markets it targets by collaborating with technology leaders and standards bodies. The company contracts with a variety of manufacturing partners to build its products based on its proprietary SerDes and DSP technologies. The company develops standard solutions it can sell broadly to its end markets and also develop tailored solutions designed to address specific customer needs. Once developed, these tailored solutions can generally be broadly leveraged across the company’s portfolio, and it is able to sell the part or license the IP to the broader market.
The company has global sales, marketing and business development teams responsible for identifying and building its customer relationships. The company sells its products to hyperscalers and cloud infrastructure providers, as well as MNO, MSO, 5G wireless, enterprise networking, and high-performance computing (HPC) customers. The company engages with all of the major hyperscalers, and its customer base includes over 20 blue chip clients, including a broad mix of original equipment manufacturers (OEMs), original design manufacturers (ODMs), optical module manufacturers, and other leading enterprises.
The company’s purpose-built mixed-signal and DSP architectures are the foundation of its high-performance, and power-efficient connectivity solutions. The company’s extensive solutions portfolio includes HiWire AECs, Optical PAM4 DSPs, PCIe retimers, Line Card PHYs, SerDes Chiplets for Multi-Chip Module (MCM) package integration and SerDes IP licensing. The company’s products and technologies address its customers’ various bandwidth, power, security, reliability and end-to-end signal integrity requirements.
Growth Strategy
The key elements of the company’s strategy are to extend its leadership in SerDes technologies; broaden its portfolio of products and IP solutions; attract and acquire new customers; and extend and deepen relationships with existing customers.
Products and Solutions
The company is pioneering comprehensive Ethernet connectivity solutions that deliver high bandwidth, scalability, and end-to-end signal integrity for next-generation platforms. The company offers the following products and solutions: HiWire AECs, Optical PAM4 DSPs, Line Card PHYs, SerDes Chiplets and SerDes IP.
HiWire AECs: Credo’s distinctive purple HiWire Active Electrical Cables (AECs) are plug-and-play copper interconnect cables designed for affordable, lossless operation at 100G, 200G, 400G,800G and emerging 1.6T data speeds. AECs offer a high-performance alternative to short, thick DACs and high power, high-cost AOCs for data center compute and AI applications. The applications for AECs in the data center can be categorized into Servers-TOR Racks and Leaf-Spine-Router Racks. Credo offers AEC cables up to 7m to enable reliable links from GPU to network switch for AI racks with liquid cooling. The HiWire AEC solutions include CLOS, SPAN, SHIFT and SWITCH family of cables.
Credo HiWire CLOS AECs are specifically designed for high density in-rack or HPC rack-to-rack interconnect to support CLOS architectures, a type of non-blocking, multistage switching architecture that reduces the number of ports required in an interconnected fabric. With up to 50% less power than optical solutions and up to 75% less volume than DACs, these AECs enable CLOS cabling densities up to 1,000 cables per rack.
Credo HiWire SPAN AECs are a plug and play replacement of AOC for high-speed interconnects. Intended for rack-to-rack connectivity, these cables support up to 7-meter reach, consume up to 50% less power than AOCs, cost less than AOCs and offer a 10-year service life.
Credo’s HiWire SHIFT AECs provide breakout functionality to enable a single high-speed port to connect to two or four lower-speed ports. In some cases, this involves speed shifting functionality where lane speeds are changed (e.g., one lane of 112G becomes 2 lanes of 56G), modulation schemes are changed (e.g., PAM4 symbol becomes two non-return-to-zero (NRZ) symbols) and forward error correction is terminated and/or generated to ensure a plug and play bridge between two different speed hosts.
Credo HiWire SWITCH AECs enable a NIC to connect to two ToRs in an Active/Standby configuration for sub-millisecond failover that is fully network operating system managed. This enables the simplicity of a single NIC-ToR connector for the server and user with reliability and convergence times that are superior to legacy link aggregation structures.
Optical DSPs: Credo optical digital signal processors (DSPs) are a key building block inside optical transceivers that are used in AI clusters, hyperscale data centers, service provider networks, enterprise networks and 5G wireless infrastructure. Optical transceivers and active optical cables (AOCs) based on Credo DSPs provide Ethernet connectivity from 5m up to 10km+ and span rates from 50Gb/s to 800Gb/s and beyond.
Now in their fifth generation, Credo DSPs operating at 50G/lane and 100G/lane PAM4 offer an exceptional combination of performance, energy efficiency and value by integrating such features as laser drivers, DSP based signal equalization, non-linear distortion compensation, transmitter signal conditioning and long reach capable host side SerDes.
The Credo Seagull family of DSPs operate at 50G/lane. This comprehensive product family includes 1x50G, 2x50G, 4x50G and 8x50G product variants that enable transceivers and AOCs from 50Gb/s to 400Gb/s. Also included in the Seagull family is a unique product optimized for 64G Fibre Channel, used in storage networks.
The Credo Dove family of DSPs operate at 100G/lane. This product family includes 4x100G and 8x100G DSPs each with a range of integrated laser driver options for silicon photonics, EMLs and VCSELs. The range of laser drivers makes these DSPs suitable for both multi-mode and single-mode fiber applications operating at either 400Gb/s or 800Gb/s. The Dove 850 is the industry's first unidirectional 8x100G DSP specifically for Linear Receive Optics (LRO). LRO is an innovative new concept that removes DSP functionality from the module receiver to dramatically improve energy efficiency in high volume AI deployments.
In April of 2025, Credo introduced its Lark family of DSPs. The Lark 800 is a high-performance, high-reliability, low-power DSP designed to enable a new generation of full retimed 800G transceivers destined for deployment in the exceedingly challenging power and cooling envelopes of the world’s largest and most dense AI data centers. The Lark 850 is specifically designed for 800G LROs, with power consumption under 10W.
Line Card PHYs: The company is enabling data connectivity and security in hyperscale and enterprise data centers with leading edge, low-power line card PHY solutions. The company’s Retimers, Gearboxes and MACsec devices facilitate PAM4/NRZ backplane and line card connectivity at up to 112G per lane. The company’s components enable platforms with capabilities reaching 52.1 Terabits per second (Tbps), featuring 800G ports. Dedicated and multi-function Retimers, Gearboxes and MACsec PHYs, each built around its low-power, high-performance SerDes IP, enable its customers to meet performance, power and price objectives.
The company’s Line Card PHY product families include its Bald Eagle, Black Hawk and Screaming Eagle products for Retimer and Gearboxes, as well as its Owl and Osprey products for MACsec applications.
SerDes Chiplets: SerDes technology enables data transmission at high rates while minimizing the number of interconnects required. As the bandwidth of interconnects increase, the complexity of the design for signal transmission increases. The company’s SerDes architecture has made it possible to deliver cost- and power-effective SerDes solutions in mature process nodes and make them available in chiplet form (multiple SerDes lanes in a single die) for integration with MCM, System-on-Chips (SoCs), overcoming the need for matching core logic and SerDes IP in the same process node. The company’s SerDes Chiplets are designed for high performance and low power from mature processes, allowing customers to fabricate their core logic in advanced processes and combine them in their MCM SoC.
SerDes IP: SerDes IP is designed for the easy SoC integration of tens to hundreds of SerDes lanes. The IP range in performance from 1G to 112G per lane. Additionally, the company developed USB4 Version 2 SerDes IP which has been adopted by a major OEM.
The company designed its SerDes IP to optimally balance performance, power and manufacturing process costs and risks. The company’s patented mixed signal and DSP architectures are the foundation of its high-performance and low-power SerDes technology. The company’s architectural approach enables design in a mature fabrication process while delivering leading-edge performance and power efficiency, which has led to its more than 50 IP licensing engagements. Nevertheless, as part of its commitment to long-term innovation, the company continuously develop technology in cutting-edge fabrication processes such as 3nm in order to enhance its competitive position, and to serve the market of IP licensing customers whose logic requires cutting-edge fabrication processes.
PCIe Retimers: Toucan PCI Express (PCIs) Gen6.x/CXL 3.x retimers, powered by Credo’s low latency, low-power DSPs and SerDes technology, are designed to extend PCIe trace lengths between root-complex and endpoint devices such as GPUs, SMART NICs, NVMe SSDs, and CXL memory. Built using the 7nm process node, these retimers are optimized for cost-efficient production while delivering the highest performance, supporting cloud-scale datacenters and the growing demands of modern infrastructure with low latency and best-in-class signal integrity.
The company's PCIe Retimer devices are designed with its low power, industry-leading SerDes IP, which has been optimized for low-latency PCIe.
Built using the 7nm process node, these retimers are optimized for cost-efficient production while delivering the highest performance, supporting cloud-scale datacenters and the growing demands of modern infrastructure with low latency and best-in-class signal integrity.
Enabled by the company’s Toucan family of retimers, Credo’s OSFP-XD PCIe AECs provide extended range up to 7m with lossless end-to-end x16 Gen6 PCIe connectivity, allowing for transfer rates of up to 1Tb/sec.
PILOT Software Platform: Credo’s proprietary Predictive Integrity, Link Optimization and Telemetry (PILOT) software empowers network administrators to detect, diagnose, and resolve signal degradation before it impacts workloads—dramatically reducing link flaps and minimizing costly system maintenance and down-time. PILOT was released for evaluation on Credo’s Toucan PCIe retimers in the first quarter of fiscal 2026 and Credo expects to make PILOT available across Credo’s SerDes, retimers and system level AECs during fiscal year 2026.
Customers
The company sells its products to hyperscalers, OEMs, ODMs and optical module manufacturers, as well as into the enterprise and HPC markets. The company works closely and has engagements with industry-leading companies across these segments.
The company relies and expects to continue to rely on a limited number of customers for a significant part of its revenue. In fiscal 2025, sales to the company’s top 10 customers accounted for approximately 90% of its total revenue. Furthermore, the company had one customer that accounted for 10% or more of its total fiscal 2025 (such one customer accounting for 67% of total fiscal 2025 revenue).
Sales and Marketing
The company employs a two-pronged sales strategy targeting both the end users of its products, as well as the suppliers of its end users. By engaging directly with the end user, the company is able to better understand the needs of its customers and caters its solutions to their most pressing connectivity requirements.
This strategy has enabled the company to become the preferred vendor to a number of its customers across the world who, in turn, require their suppliers, OEMs, ODMs and optical module manufacturers to utilize the company’s solutions.
The company sells its solutions worldwide through its direct sales force. The company has a sales presence in North America, Asia and Europe. The company’s direct sales force is supported by marketing, business development and Field Application Engineer teams across its regions. These teams are organized to align with its product verticals.
Manufacturing and Suppliers
The company utilizes a fabless business model, working with a network of third parties to manufacture, assemble and test its connectivity products.
The company subjects its third-party manufacturing contractors to qualification requirements to meet the high quality and reliability standards required of its products. The company qualifies its contractors and their processes before applying technology to its products. Its engineers work closely with its third-party foundry vendor and other contractors to increase yield and improve product quality.
Wafer Fabrication: The company utilizes a wide range of semiconductor process generations to develop and manufacture its products. In fiscal year 2025, the company exclusively used Taiwan Semiconductor Manufacturing Company Limited (TSMC) for semiconductor wafer production.
Package, Assembly and Testing: Upon the completion of processing at the foundry, the company uses third-party contractors for packaging, assembly and testing, including Amkor Technology Inc. (Amkor) and Advanced Semiconductor Engineering, Inc. (ASE) for packaging its IC products; King Yuan Electronics Company (KYEC) and Sigurd Microelectronics Corp. (Sigurd) for testing its IC products; and BizLink Technology, Inc. (BizLink) for manufacturing the company’s AEC products.
Research and Development
The company’s research and development expenses were $146.0 million for the year ended May 3, 2025 (fiscal 2025).
Intellectual Property
As of May 3, 2025, the company owned 78 issued patents and 21 pending patent applications in the United States, and 48 issued patents and 22 pending patent applications in mainland China. The company's patent and patent application portfolio primarily relate to four main areas: Ethernet standards, network cable technology, chip manufacturing, and MCM and SerDes cores. These issued patents, and any patents granted from such applications, are expected to expire between 2029 and 2045, without taking potential patent term extensions or adjustments into account.
Competition
The company’s principal competitors with respect to its products include Broadcom Ltd. (Broadcom), Marvell Technology, Inc. (Marvell) and Astera Labs, Inc. (Astera).
History
Credo Technology Group Holding Ltd was founded in 2008.
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