Even a halved transceiver ramp still leaves enterprise value above today's level.

Management is targeting 471 million dollars of monthly transceiver revenue by mid-2027 and about 5.6 billion dollars of FY28 sales. A blended 9.8x sales multiple (Lumentum at 13x on roughly 20 percent of mix, Innolight and Eoptolink at about 9x on the remaining 80 percent) implies roughly 55 billion dollars of enterprise value if those forecasts hold, about 5.5x today's EV, before any ELSFP contribution of 200 million dollars per month from FY28. Halving both the ramp and the multiple still produces about 2.8 billion dollars of revenue, an 83 percent CAGR from FY25, and roughly 13.7 billion dollars of EV, which remains above the current valuation. Demand is not the bottleneck; the constraint is manufacturing toward 930,000 modules per month by FY27, and soft 800G prints through mid-2026 are already in the stated timeline.