0001736297-25-000003 | 10-K | XBRL Viewer

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-Based Compensation Expense

A summary of stock-based compensation expense recognized in the consolidated statements of operations and comprehensive loss is as follows (in thousands):


	Years Ended December 31,
	2024		2023		2022
Cost of revenue	$	845	$	24	$	10
Research and development	76,427		7,360		11,223
Sales and marketing	95,887		2,067		10,148
General and administrative	61,429		1,228		8,854
Total	$	234,588	$	10,679	$	30,235

Schedule of Estimated Grant Date Fair Values

The estimated grant date fair values of the employee stock options granted during the years ended December 31, 2024, 2023, and 2022 were calculated using the Black-Scholes-Merton Option-pricing model, based on the following minimum and maximum assumptions:


	Years Ended December 31,
	2024		2023		2022
Expected dividend yield	0.0	%	0.0	%	0.0	%
Risk-free interest rate	4.2%		3.9% - 4.7%		1.7% - 2.5%
Expected volatility	52.3%		48.8% - 49.1%		47.5% - 47.8%
Expected term (in years)	6.1		6.1		6.1

Schedule of Stock Option Activity

A summary of stock option activity under the 2018 Plan and 2024 Plan is as follows (in thousands, except years and per share data):


	Number of Shares	Weighted-Average Exercise Price (per share)		Weighted-Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value
Outstanding at December 31, 2023	10,059	$	0.84	7.5	$	175,790
Granted	7	0.01
Exercised	(4,682)	0.87
Cancelled and forfeited	(99)	0.72
Outstanding at December 31, 2024	5,285	$	0.83	6.5	$	695,689
Vested and expected to vest at December 31, 2024	5,285	$	0.83	6.5	$	695,689
Exercisable at December 31, 2024	3,868	$	0.65	6.3	$	509,743

Schedule of Estimated Grant Date Fair Values of ESPP Granted

The estimated grant date fair values of the ESPP granted during the year ended December 31, 2024 was calculated using the Black-Scholes-Merton Option-pricing model, based on the following minimum and maximum assumptions:


	Year Ended December 31, 2024

Expected dividend yield	0.0	%
Risk-free interest rate	4.4% - 5.2%
Expected volatility	46.6% - 70.8%
Expected term (in years)	0.5 - 0.7

Schedule of Restricted Stock Unit Activity

A summary of RSU activity under the 2018 Plan and 2024 Plan is as follows (in thousands, except per share data):


	Number of Restricted Stock Units	Weighted-Average Grant Date Fair Value (per share)
Outstanding at December 31, 2023	8,583	$	13.34
Granted	10,674	39.76
Vested	(5,102)	13.40
Cancelled and forfeited	(535)	26.57
Outstanding at December 31, 2024	13,620	$	33.49

Marketable Securities - Investment by Maturity Dates (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Amortized Cost
Due within one year	$ 425,733	$ 65,816
Due after one year through five years	468,186	39,643
Amortized Cost	893,919	105,459
Fair Value
Due within one year	426,257	65,757
Due after one year through five years	468,088	39,937
Total available-for-sale securities	$ 894,345	$ 105,694

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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+ Details

Commitment and Contingencies

12 Months Ended

Dec. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Purchase Commitments

The Company depends upon third-party subcontractors to manufacture wafers and other inventory parts. The Company’s subcontractor relationships typically allow for the cancellation of outstanding purchase orders but require payment of all expenses incurred through the date of cancellation. As of December 31, 2024 and 2023, the Company did not have any material firm purchase commitments related to these relationships.

The Company’s purchase commitments include payments for software licenses and cloud services when there is a fixed, non-cancellable payment schedule or when minimum payments are due according to a delivery schedule. The Company is committed to make the following minimum payments under its purchase commitments for software licenses and cloud services as of December 31, 2024 (in thousands):


Years ending December 31	Purchase Commitments
2025	$	11,957
2026	7,527
2027	8,000
Total purchase commitments	$	27,484

In January 2025, the Company entered into an agreement for a non-cancellable purchase commitment of $14.9 million with a three years term, which are excluded from the above table.

Legal Proceedings

From time to time, the Company may become subject to legal proceedings, claims and litigation arising in the ordinary course of business. The Company is not currently a party to any material legal proceedings or claims, nor is the Company aware of any other pending or threatened legal proceedings or claims that could reasonably be expected to have a material adverse effect on the Company’s business, operating results, cash flows or financial condition should such legal proceedings or claims be resolved unfavorably.

Indemnifications

In the ordinary course of business, the Company often includes standard indemnification provisions in its arrangements with its members, partners, suppliers and vendors. Pursuant to these provisions, the Company may be obligated to indemnify such parties for losses or claims suffered or incurred in connection with its service, breach of representations or covenants, intellectual property infringement or other claims made against such parties. These provisions may limit the time within which an indemnification claim can be made. It is not possible to determine the maximum potential amount under these indemnification obligations due to the limited history of prior indemnification claims and the unique facts and circumstances involved in each particular agreement. The Company has not in the past incurred significant expense defending its licensees against third party claims, nor has it incurred significant expense under its standard service warranties or arrangements with its members, partners, suppliers, and vendors. Accordingly, the Company had no liabilities recorded for these provisions as of December 31, 2024 and 2023.

Cover - USD ($) $ in Billions	12 Months Ended
Cover - USD ($) $ in Billions	Dec. 31, 2024	Jan. 31, 2025	Jun. 28, 2024
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Document Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-41979
Entity Registrant Name	Astera Labs, Inc.
Entity Incorporation State Country Code	DE
Entity Tax Identification Number	82-3437062
Entity Address, Address Line One	2901 Tasman Drive
Entity Address, Address Line Two	Suite 205
Entity Address City Or Town	Santa Clara
Entity Address State Or Province	CA
Entity Address Postal Zip Code	95054
City Area Code	(408)
Local Phone Number	766-3806
Security 12b Title	Common Stock, par value $0.0001 per share
Trading Symbol	ALAB
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 6.6
Entity Common Stock, Shares Outstanding		162,153,472
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Portions of Part III of this Form 10-K are incorporated by reference from the registrant’s definitive proxy statement for its 2025 annual meeting of shareholders, which will be filed with the Securities and Exchange Commission within 120 days after the end of the fiscal year covered by this Form 10-K. Except with respect to information specifically incorporated by reference in this Form 10-K, the proxy statement is not deemed to be filed as part of this Form 10-K.
Entity Central Index Key	0001736297
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false

Income Taxes - Schedule of Loss Before Income Taxes, Domestic and Foreign (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
United States	$ (83,550)	$ (23,655)	$ (58,059)
International	1,772	707	478
Loss before income taxes	$ (81,778)	$ (22,948)	$ (57,581)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Redeemable convertible preferred stock par value (in dollars per share)	$ 0.0001	$ 0.0001
Redeemable convertible preferred stock, shares authorized (in shares)	0	91,131,000
Redeemable convertible preferred stock, shares issued (in shares)	0	90,891,000
Redeemable convertible preferred stock, shares outstanding (in shares)	0	90,891,000
Redeemable convertible preferred stock, liquidation preference	$ 0	$ 265,699
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	1,000,000,000	162,641,331
Common stock, shares issued (in shares)	162,018,000	42,046,000
Common stock, shares outstanding (in shares)	162,018,000	42,046,000

Stock-Based Compensation - Restricted Stock Units Activity (Details) - Restricted Stock Units (RSUs) shares in Thousands	12 Months Ended
	Dec. 31, 2024 $ / shares shares
Number of Restricted Stock Units
Outstanding beginning balance (in shares) \| shares	8,583
Granted (in shares) \| shares	10,674
Vested (in shares) \| shares	(5,102)
Cancelled and forfeited (in shares) \| shares	(535)
Outstanding ending balance (in shares) \| shares	13,620
Weighted Average Grant Date Fair Value
Outstanding beginning balance, Weighted average grant date fair value (in dollars per share) \| $ / shares	$ 13.34
Granted (in dollars per share) \| $ / shares	39.76
Vested (in dollars per share) \| $ / shares	13.40
Cancelled and forfeited (in dollars per share) \| $ / shares	26.57
Outstanding ending balance, Weighted average grant date fair value (in dollars per share) \| $ / shares	$ 33.49

Consolidated Balance Sheet Components - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Depreciation expense	$ 3,154	$ 1,781	$ 807

Segment and Geographical Information - Narrative (Details) - Property, Plant and Equipment - Geographic Concentration Risk	12 Months Ended
	Dec. 31, 2024
United States
Segment Reporting Information [Line Items]
Concentration risk	17.00%
Taiwan
Segment Reporting Information [Line Items]
Concentration risk	82.00%

Redeemable Convertible Preferred Stock, Undesignated Preferred Stock, and Common Stock (Details)	Mar. 21, 2024 shares	Dec. 31, 2024 vote $ / shares shares	Mar. 22, 2024 $ / shares shares	Jan. 22, 2024 shares	Dec. 31, 2023 $ / shares shares
Equity [Abstract]
Conversion of preferred stock into common stock (in shares)	90,900,000
Conversion of redeemable convertible preferred stock into common stock (in shares)	90,900,000
Preferred stock, convertible, conversion ratio	1
Undesignated preferred stock, authorized (in shares)			100,000,000
Undesignated preferred stock, par value (in dollars per share) \| $ / shares			$ 0.0001
Undesignated preferred stock, issued (in shares)		0
Common stock, shares authorized (in shares)		1,000,000,000	1,000,000,000	163,375,000	162,641,331
Common stock, par value (in dollars per share) \| $ / shares		$ 0.0001			$ 0.0001
Voting right \| vote		1

Segment and Geographical Information - Schedule of Financial Information for Reportable Segments and Reconciliation to Consolidated Financial Results (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Revenue	$ 396,290	$ 115,794	$ 79,872
Less:
Cost of revenue	93,591	35,967	21,191
Stock-based compensation	234,588	10,679	30,235
Consolidated net loss	(83,421)	(26,257)	(58,345)
Reportable Segment
Segment Reporting Information [Line Items]
Revenue	396,290	115,794	79,872
Less:
Cost of revenue	93,591	35,967	21,191
Stock-based compensation	233,743	10,655	30,225
Personnel-related expenses	117,366	65,327	44,168
Other segment items	35,011	30,102	42,633
Consolidated net loss	$ (83,421)	$ (26,257)	$ (58,345)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
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+ Details

Segment and Geographical Information - Revenue by Geographic Location (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Revenue	$ 396,290	$ 115,794	$ 79,872
Taiwan
Segment Reporting Information [Line Items]
Revenue	269,935	72,174	61,776
China
Segment Reporting Information [Line Items]
Revenue	72,672	5,540	1,487
United States
Segment Reporting Information [Line Items]
Revenue	11,296	30,664	4,779
Other
Segment Reporting Information [Line Items]
Revenue	$ 42,387	$ 7,416	$ 11,830

- Definition

+ References

+ Details

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Consolidated Balance Sheet Components - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued compensation and benefits	$ 29,516	$ 14,923
Customer deposits	15,000	0
Accrued software license costs	5,418	3,224
Operating lease liabilities, current	1,286	2,156
Other current liabilities	8,404	8,439
Total accrued expenses and other current liabilities	$ 59,624	$ 28,742
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Total accrued expenses and other current liabilities	Total accrued expenses and other current liabilities

Net Loss per Share

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Net Loss per Share

The following table sets forth the computation of basic and diluted net loss per share attributable to the Company’s common stockholders (in thousands, except per share data):


	Years Ended December 31,
	2024		2023		2022
Numerator:
Net loss attributable to common stockholders	$	(83,421)	$	(26,257)	$	(58,345)
Denominator:
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted	131,262		37,131		34,171
Net loss per share attributable to common stockholders, basic and diluted	$	(0.64)	$	(0.71)	$	(1.71)

As the Company was in a loss position for the years ended December 31, 2024, 2023, and 2022, basic net loss per share is the same as diluted net loss per share as the inclusion of all potential common shares outstanding would have been anti-dilutive. Potentially dilutive securities that were not included in the diluted per share calculations because they would have been anti-dilutive were as follows (in thousands):


	Years Ended December 31,
	2024	2023	2022
Options to purchase common stock	5,233	10,050	12,337
Redeemable convertible preferred stock	—	90,891	90,891
Unvested RSUs	13,620	8,583	5,108
Unvested PSUs	155	—	—
Warrants for common stock	2,442	2,442	1,610
ESPP	60	—	—
Total	21,510	111,966	109,946

Stock-Based Compensation

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Amended and Restated 2018 Equity Incentive Plan

Prior to the IPO, the Company historically granted stock-based compensation awards under its Amended and Restated 2018 Equity Incentive Plan (as amended, “2018 Plan”). The 2018 Plan provided for the grant of incentive and nonqualified stock options and RSUs to qualified employees, nonemployee directors, and consultants. Options granted under the 2018 Plan generally expire within 10 years from the date of grant, vest over four years and are exercisable for shares of the Company’s Common Stock. The RSUs vest upon the satisfaction of both a service condition and a liquidity event condition. The service condition for the RSUs is generally satisfied over a four-year vesting period. The liquidity event vesting condition for the RSUs was satisfied in connection with the IPO.

The 2018 Plan was terminated in March 2024. Any shares of the Company’s Common Stock that would have otherwise returned to the 2018 Plan as a result of forfeiture, expiration, cancellation, termination or net issuances of awards thereunder, including, for the avoidance of doubt, any shares of Common Stock withheld by the Company to satisfy any tax withholding obligations that arose upon vesting or settlement of awards in connection with the IPO were returned to the share reserve under the 2024 Plan. All future equity grants will be made pursuant to the 2024 Plan.

2024 Stock Option and Incentive Plan

In March 2024, the Company’s board of directors adopted, and the Company’s stockholders approved, the 2024 Stock Option and Incentive Plan (“2024 Plan”), which became effective on March 19, 2024, immediately prior to the effectiveness of the registration statement on Form S-1 related to the IPO. Under the 2024 Plan, the Company initially reserved 12,362,662 shares of the Common Stock for issuance thereunder. The 2024 Plan provides for annual automatic increases in the number of shares of the Company’s Common Stock reserved thereunder on January 1, 2025 and each January 1 thereafter, by up to 5% of the issued and outstanding number of shares of Common Stock on the immediately preceding December 31, or such lesser number of shares as determined by the compensation committee of the Company’s board of directors. As of December 31, 2024, 5.4 million shares remained available to be issued under the Plan.

2024 Employee Stock Purchase Plan

In March 2024, the Company’s board of directors adopted, and the Company’s stockholders approved, the 2024 Employee Stock Purchase Plan, which became effective on March 19, 2024, immediately prior to the effectiveness of the registration statement on Form S-1 related to the IPO. The Company initially reserved 3,090,666 shares of the Common Stock for future issuance. The number of shares of the Common Stock reserved for issuance will automatically increase on January 1 of each calendar year, beginning on January 1, 2025 through January 1, 2034, by the lesser of (i) 3,090,666 shares of common stock, (ii) 1% of the number of shares of Common Stock issued and outstanding on the immediately preceding December 31st, or (iii) such number of shares of Common Stock as determined by the compensation committee of the Company’s board of directors.

Under the ESPP, participants can purchase the Company’s Common Stock using payroll deductions, which may not exceed 15% of their salary. Participants will be granted the right to purchase shares of Common Stock at a price per share that is equal to 85% of the lesser of (i) the closing price on the first day of the applicable offering under the ESPP or, for the first offering period, the “Price to Public” set forth on the cover page for the Prospectus or (ii) the closing price on the last day of the applicable offering period under the ESPP. No participant has the right to purchase shares of Common Stock in an amount, when aggregated with purchase rights under all of the Company’s employee stock purchase plans that are also in effect in the same calendar year(s), that has a fair market value of more than $25,000, determined as of the first day of the applicable offering period, for each calendar year in which that right is outstanding. In addition, no participant is permitted to purchase more than 3,000 shares during any applicable offering period. As of December 31, 2024, there was 0.1 million shares issued under the ESPP.

Summary of Stock-Based Compensation Expense

A summary of stock-based compensation expense recognized in the consolidated statements of operations and comprehensive loss is as follows (in thousands):


	Years Ended December 31,
	2024		2023		2022
Cost of revenue	$	845	$	24	$	10
Research and development	76,427		7,360		11,223
Sales and marketing	95,887		2,067		10,148
General and administrative	61,429		1,228		8,854
Total	$	234,588	$	10,679	$	30,235

Stock Option


	Years Ended December 31,
	2024		2023		2022
Expected dividend yield	0.0	%	0.0	%	0.0	%
Risk-free interest rate	4.2%		3.9% - 4.7%		1.7% - 2.5%
Expected volatility	52.3%		48.8% - 49.1%		47.5% - 47.8%
Expected term (in years)	6.1		6.1		6.1

A summary of stock option activity under the 2018 Plan and 2024 Plan is as follows (in thousands, except years and per share data):


	Number of Shares	Weighted-Average Exercise Price (per share)		Weighted-Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value
Outstanding at December 31, 2023	10,059	$	0.84	7.5	$	175,790
Granted	7	0.01
Exercised	(4,682)	0.87
Cancelled and forfeited	(99)	0.72
Outstanding at December 31, 2024	5,285	$	0.83	6.5	$	695,689
Vested and expected to vest at December 31, 2024	5,285	$	0.83	6.5	$	695,689
Exercisable at December 31, 2024	3,868	$	0.65	6.3	$	509,743

The intrinsic value of a stock option is calculated as the difference between the per share exercise price of the underlying stock option award and the estimated per share fair value of the Company’s common stock at the measurement date. The total intrinsic value of options exercised during the years ended December 31, 2024, 2023, and 2022 was $379.3 million, $25.8 million, and $17.6 million, respectively.

The weighted-average grant date fair value of options granted during the years ended December 31, 2024, 2023, and 2022 was $47.04, $15.48, and $8.82 per share, respectively.

As of December 31, 2024, there was approximately $8.9 million of total unrecognized compensation cost, related to unvested options, which is expected to be recognized over a weighted-average remaining requisite service period of 0.8 years, using the straight-line method.

ESPP


	Year Ended December 31, 2024

Expected dividend yield	0.0	%
Risk-free interest rate	4.4% - 5.2%
Expected volatility	46.6% - 70.8%
Expected term (in years)	0.5 - 0.7

During the year ended December 31, 2024, employees purchased 0.1 million shares of common stock through the ESPP at a purchase price of $30.60 per share.

Restricted Stock Units

A summary of RSU activity under the 2018 Plan and 2024 Plan is as follows (in thousands, except per share data):


	Number of Restricted Stock Units	Weighted-Average Grant Date Fair Value (per share)
Outstanding at December 31, 2023	8,583	$	13.34
Granted	10,674	39.76
Vested	(5,102)	13.40
Cancelled and forfeited	(535)	26.57
Outstanding at December 31, 2024	13,620	$	33.49

The aggregate fair value of RSUs that vested and settled during the year ended December 31, 2024 was $241.0 million.

As of December 31, 2024, there was $304.4 million of unrecognized stock-based compensation expense related to all unvested awards, which is expected to be recognized over a weighted-average period of 1.8 years.

Performance Stock Units

During the year ended December 31, 2024, the Company granted 0.2 million shares of PSUs with a weighted-average grant-date fair value of $125.28 per share with vesting based on the achievement of certain product development milestones that must be met over the next six years. The Company has determined that it is not probable that the performance condition will be achieved, and as such, no share-based compensation has been recognized during the year ended December 31, 2024. The Company had $19.5 million of total unrecognized compensation cost related to these PSUs.

Leases - Weighted-average Remaining Lease Term and Discount Rates (Details)	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Weighted average remaining lease term (in years)	3 years 2 months 12 days	1 year 4 months 24 days
Weighted average discount rate	11.10%	10.80%

Income Taxes (Details) - USD ($)	12 Months Ended
Income Taxes (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Taxes [Line Items]
Valuation allowance	$ 168,293,000	$ 39,323,000	$ 21,200,000
Increase valuation allowance	129,000,000.0	18,100,000	9,900,000
Unrecognized tax benefits	23,070,000	3,993,000	3,162,000	$ 2,005,000
Unrecognized tax benefits, accrual for interest and penalties	0	0	0
Unremitted earnings	4,100,000	1,300,000
Federal
Income Taxes [Line Items]
Net operating loss carryforwards	1,800,000	2,000,000.0
Research and development credits	43,600,000	5,600,000	$ 200,000
State
Income Taxes [Line Items]
Net operating loss carryforwards	10,400,000	3,700,000
Research and development credits	33,200,000	7,500,000
Foreign
Income Taxes [Line Items]
Research and development credits	$ 2,000,000.0	$ 900,000

Net Loss per Share - Antidilutive Shares (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares	21,510	111,966	109,946
Options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares	5,233	10,050	12,337
Redeemable convertible preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares	0	90,891	90,891
Unvested RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares	13,620	8,583	5,108
Unvested PSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares	155	0	0
Warrants for common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares	2,442	2,442	1,610
ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares	60	0	0

Marketable Securities - Amortized Cost vs. Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 893,919	$ 105,459
Fair Value	894,345	105,694
Cash equivalents
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	59,595	1,479
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	59,595	1,479
Cash equivalents \| Money market funds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	59,595	757
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	59,595	757
Cash equivalents \| U.S. treasury and agency securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost		472
Gross Unrealized Gains		0
Gross Unrealized Losses		0
Fair Value		472
Cash equivalents \| Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost		250
Gross Unrealized Gains		0
Gross Unrealized Losses		0
Fair Value		250
Marketable securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	834,324	103,980
Gross Unrealized Gains	1,803	321
Gross Unrealized Losses	(1,377)	(86)
Fair Value	834,750	104,215
Marketable securities \| U.S. treasury and agency securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	202,506	59,856
Gross Unrealized Gains	338	211
Gross Unrealized Losses	(375)	(64)
Fair Value	202,469	60,003
Marketable securities \| Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	103,219	8,513
Gross Unrealized Gains	51	0
Gross Unrealized Losses	(37)	(5)
Fair Value	103,233	8,508
Marketable securities \| Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	512,531	23,552
Gross Unrealized Gains	1,351	96
Gross Unrealized Losses	(957)	(9)
Fair Value	512,925	23,639
Marketable securities \| Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	16,068	12,059
Gross Unrealized Gains	63	14
Gross Unrealized Losses	(8)	(8)
Fair Value	$ 16,123	$ 12,065

Nature of Business and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The consolidated financial statements and accompanying notes were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”).
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of Astera Labs, Inc. and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. The Company’s significant estimates include, but are not limited to, revenue recognition, the valuation of deferred tax assets, reserves for uncertain tax positions, the grant date fair value of common stock awards, and the valuation and assumptions underlying stock-based compensation. By their nature, estimates are subject to an inherent degree of uncertainty and actual results could differ from those estimates. The Company assessed certain accounting matters and estimates that generally require consideration of forecasted information using the information reasonably available to the Company. Management is not aware of any specific event or circumstance that would require an update to estimates or judgments or a revision to the carrying value of assets or liabilities. These estimates and judgments may change as new events occur and additional information is obtained, which may result in changes being recognized in the Company’s consolidated financial statements in future periods, and actual results could differ from these estimates.
Reclassifications	Reclassifications Certain prior period balances were reclassified to conform to the current period’s presentation. None of these reclassifications had an impact on reported net loss, balance sheets, or cash flows for any of the periods presented.
Deferred Offering Costs	Deferred Offering Costs The Company capitalized certain legal, accounting, and other fees and costs that were directly associated with in-process equity financings as deferred offering costs until such financings were consummated.
Revenue Recognition	Revenue Recognition The Company recognizes revenue upon transfer of control of promised goods and services in an amount that reflects the consideration it expects to receive in exchange for those goods and services. Under Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers (“ASC 606”), the Company applies the following five step approach: (1) identify the contract with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when, or as, a performance obligation is satisfied. Where an arrangement includes multiple performance obligations, the transaction price is allocated to each performance obligation on a relative standalone selling price (“SSP”) basis. The Company determines the SSP based on an observable standalone selling price when it is available, as well as other factors, including the price charged to customers and the Company’s overall pricing objectives, while maximizing observable inputs. Accounts receivable are recorded when the customer has been billed or the right to consideration is unconditional. The Company records deferred revenue when it has received consideration, or an amount of consideration is due from the customer, and the Company has a future obligation to transfer products or services. As of December 31, 2024 and 2023, the Company had no deferred revenue. From time to time, the Company has contracts with initial terms that include performance obligations that extend beyond one year. As of December 31, 2024, there were no unsatisfied performance obligations for contracts with an original expected term greater than one year. Product Sales The Company transacts with customers primarily pursuant to standard purchase orders for delivery of products and does not allow customers to cancel or change purchase orders within limited notice periods. The Company recognizes product sales when control transfers to the customer, generally at the time of product shipment from its facilities or at the time when products are received by customers depending on the shipping terms with the customers, in an amount that reflects the consideration the Company expects to receive in exchange for those goods, net of estimated sales returns, distributor price adjustments (“DPA”), rebates, and other customer incentives. The Company sells the majority of its products to distributors at a fixed list price. Distributors are authorized to resell its products to their customers at a range of individually negotiated price points based on a variety of factors, including customer, product, quantity, geography, and competitive differentiation. The majority of the distributors’ resales are priced at a discount from list price (the original purchase price). After the resale transaction is completed, the Company issues credit memos to the distributor for the price adjustments. Sales to most distributors are made under programs common in the semiconductor industry whereby distributors receive certain price adjustments, or DPA, to meet individual competitive opportunities. These programs may include credits granted to distributors or price protection credits when the Company’s standard published prices are lowered from the price the distributor paid for product still in its inventory. In determining the transaction price, DPAs are considered variable consideration that reduce the amount of revenue recognized. The Company’s policy is to estimate such price adjustments based on the Company’s historical prices and contractual terms using the expected value method. To date, actual DPAs have been materially consistent with the provisions the Company has made, based on its historical estimates. However, because of the inherent nature of estimates, there is always a risk that there could be significant differences between actual amounts and the Company’s estimates. The Company also considers the constraint on estimates of variable consideration when estimating the total transaction price. The Company’s customer programs involve rebates, which are designed to serve as sales incentives to resellers of the Company’s products in various target markets. The Company accounts for rebates as a reduction to revenue and accrues for estimated rebates based on the amount the Company expects to be claimed by customers. Revenue is recognized net of taxes collected, which are subsequently remitted to governmental authorities. Shipping and handling fees are included in cost of revenue and are recognized as activities to fulfill the promise to transfer the good. Consideration payable includes cash amounts that the Company pays, or expects to pay, to a customer, and is included in accrued expenses and other current liabilities. Consideration payable also includes credits or other items. The Company accounts for consideration payable as a reduction of the transaction price, and therefore, of revenue, unless the payment to the customer is in exchange for a distinct good or service that the customer transfers to the Company. During 2023 and 2022, the Company issued to a customer warrants to purchase shares of the Company’s common stock. The Company accounts for the warrants as consideration payable to a customer as the Company did not receive a distinct good or service in exchange for the warrants. The shares underlying the warrants vest upon the achievement of specified tranches of global payments by the customer and its affiliates. As it becomes probable that the performance-based vesting conditions underlying the warrants will be achieved and the related revenue is recognized, the Company recognizes the related grant date fair value of the warrants as a reduction of revenue for each sales transaction in proportion to total expected cumulative sales volume resulting in achievement of the vesting conditions. See Note 8 Common Stock Warrants. The Company applies the practical expedient to not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less. The Company applies the practical expedient to expense sales commissions when incurred because the amortization period would have been one year or less. Product Warranties The Company’s products are generally subject to a product warranty, which provides for the estimated future costs of replacement upon shipment of the products. The products carry a standard one-year warranty. The warranty accrual is estimated primarily based on historical claims compared to historical revenue and assumes that the Company will have to replace products subject to a claim. Warranty expenses were not material for the years ended December 31, 2024, 2023 and 2022. Accrued warranty was not material as of December 31, 2024, and 2023. The Company does not allow its distributors to return overstocked, obsolete, and discontinued products. Engineering Services Certain revenue contracts may include performance obligations related to engineering services. The Company recognizes revenue allocated to these performance obligations as certain milestones are completed and upon acceptance by the customer of contract deliverables.
Cost of Revenue	Cost of Revenue Cost of revenue, including both cost of product sales revenue and cost of engineering services revenue, includes the purchase price of materials, such as wafers processed by third-party foundries, packaging for finished goods, assembly, shipping, amortization of capitalized production masks, logistics and quality assurance, write-downs for excess and obsolete inventory, royalties on our production products, and personnel costs including salaries, stock-based compensation expense, employee bonus and benefits, and allocation of general corporate expenses including allocated facilities expenses.
Research and Development Expenses	Research and Development Expenses Research and development expenses consist of costs incurred in performing research and development activities and include salaries, stock-based compensation expense, employee bonus and benefits, pre-production engineering mask costs, overhead costs and prototype wafer, packaging and test costs, and allocated facilities expenses. Research and development costs are expensed as incurred.
Sales and Marketing Expenses	Sales and Marketing Expenses Sales and marketing expenses consist of personnel costs including salaries, stock-based compensation expense, employee bonus and benefits, samples to potential customers, product marketing and conferences, travel and entertainment costs, and allocation of general corporate expenses including allocated facilities expenses. Advertising costs are expensed as incurred and were not material for the years ended December 31, 2024, 2023 and 2022.
General and Administrative Expenses	General and Administrative Expenses General and administrative expenses consist primarily of personnel costs including salaries, stock-based compensation, and employee benefits related to corporate, finance, legal and human resource functions, contractor and professional services fees, audit and compliance expenses, insurance costs, and general corporate expenses including allocated facilities expenses.
Stock-Based Compensation	Stock-Based Compensation The Company records stock-based compensation expense for all stock-based awards, including stock options, restricted stock units (“RSUs”), performance stock units (“PSUs”), and purchase rights issued under the Employee Stock Purchase Plan (“ESPP”), made to employees, non-employees, and directors based on the fair value at the date of grant. The fair value of RSUs and PSUs is based on the underlying common stock at the date of grant. The fair value of stock options granted and purchase rights issued under the ESPP for purposes of calculating stock-based compensation expense is estimated on the grant date using the Black-Scholes-Merton pricing model. The Black-Scholes-Merton pricing model requires the Company to make assumptions and judgments about the inputs used in the calculation, including the expected term, the volatility of the Company’s common stock, risk-free interest rate, and expected dividend yield. The expected term represents the period that the Company’s stock options and purchase rights under the ESPP are expected to be outstanding. The expected term assumptions are determined based on the vesting terms, exercise terms, and contractual lives of the options. The expected volatility is based on a blended simple average between historical volatility of a group of comparable publicly traded companies and our common stock price over a period equal to the expected term of the awards. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods corresponding with the expected life of the option. The Company’s expected dividend yield input is zero as it has not historically paid, nor does it expect in the future to pay, cash dividends on its common stock. Stock-based compensation expense for options, service-based RSUs, and purchase rights issued under the ESPP Plan are recognized as expense on a straight-line basis over the requisite service or offering period. Stock-based compensation expense with performance condition are recognized in the period in which vesting becomes probable using the accelerated attribution method over the requisite service period for each separately vesting portion of the award. The Company accounts for forfeitures as they occur.
Cash and Cash Equivalents	Cash and Cash Equivalents As of December 31, 2024 and 2023, cash and cash equivalents consist of cash held in sweep accounts, checking accounts, money market funds, U.S. treasury and agency securities, and commercial paper. The Company considers all highly liquid instruments purchased with an original maturity of three months or less at the date of purchase, to be cash equivalents. Cash equivalents are recorded at fair value.
Marketable Securities	Marketable Securities Marketable securities consist primarily of commercial paper, U.S. treasury and agency securities, corporate debt securities, foreign government bonds, and asset-backed securities. The Company’s investments are all highly liquid and available for use in current operations, including those with maturity dates beyond one year, and therefore the Company classifies these securities within current assets on its consolidated balance sheet. The Company considers its investments with original maturities of three months or less at the date of purchase to be cash equivalents. Investments not considered cash equivalents are classified as marketable securities on the Company’s consolidated balance sheets. The Company classifies and accounts for its marketable securities as available-for-sale, and it carries such securities at fair value with unrealized gains and losses excluded from earnings and reported net of tax as a separate component of stockholders’ deficit in accumulated other comprehensive income until the security is sold or matures. During the years ended December 31, 2024, 2023, and 2022, in connection with its available-for-sale securities, the Company recorded pretax unrealized gain of $0.2 million, gain of $0.5 million, and loss of $0.2 million, respectively, with no associated tax benefit in other comprehensive income or loss. If an available-for-sale debt security’s fair value declines below its amortized cost basis, the Company evaluates whether it intends to sell the security, or whether it more-likely-than-not will be required to sell the security before the recovery of its amortized cost basis. If either condition is met, the Company records an impairment loss on the security. If neither condition is met, the Company evaluates whether the decline is the result of credit-related factors, in which case the Company records the credit-related portion of the impairment loss. There were no impairment charges for the years ended December 31, 2024, 2023, and 2022.
Accounts Receivable, Net	Accounts Receivable, Net Accounts receivable are recorded at the invoiced amount, net of DPAs, and allowance for credit losses. The Company performs periodic credit evaluations of its customers’ financial condition and does not require collateral from them. Amounts considered uncollectible are charged against the allowance account in the period they are deemed uncollectible. As of December 31, 2024 and 2023, the allowance for credit losses was not material to the consolidated financial statements. There was no impairment charges for the years ended December 31, 2024, 2023, and 2022. The Company regularly monitors collections and payments from customers and maintains an allowance for credit losses for estimated losses resulting from the inability of customers to make required payments. Management estimates its allowance for credit losses by considering factors including historical credit loss experience and current conditions, such as the length of time accounts receivable are past due, customer payment histories, any specific customer collection issues identified, current market conditions which may affect customer financial condition, and reasonable and supportable forecasts of future credit losses. The Company writes off accounts receivable that have become uncollectible.
Inventory	Inventory The Company’s inventory, which includes raw materials, work-in-progress, and finished goods, is stated at the lower of cost or net realizable value. Inventory cost, which includes materials purchase cost, inbound freight and capitalized overhead, is computed using standard cost, which approximates actual cost, on a first-in, first-out basis. Net realizable value is the estimated selling price of the Company’s products in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The carrying value of inventory is reduced for estimated excess and obsolete inventory. Excess and obsolete inventory reductions are determined based on assumptions about product expiration, future demand, and market conditions, and are included in cost of revenue in the consolidated statements of operations and comprehensive loss.
Prepaid Expenses and Other Current Assets	Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets included prepayments for technology subscription service, cloud computing arrangements, insurance premiums, restricted cash, and accrued interest income. As of December 31, 2024 and 2023, the Company’s restricted cash balance was not material and is primarily associated with collateral for the Company’s credit card.
Property and Equipment, Net	Property and Equipment, Net Property and equipment is stated at cost, net of accumulated depreciation. Depreciation expense is recorded on a straight-line basis over the estimated useful lives of the assets.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets The Company assesses the impairment of long-lived assets, which consist primarily of property and equipment, whenever events or changes in circumstances indicate that such assets might be impaired and the carrying value may not be recoverable. Events or changes in circumstances that may indicate that an asset is impaired include significant decreases in the market value of an asset, significant underperformance relative to expected historical or projected future results of operations, a change in the extent or manner in which an asset is utilized, significant declines in the estimated fair value of the overall Company for a sustained period, shifts in technology, loss of key management or personnel, changes in the Company’s operating model, or strategy and competitive forces. If events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable and the expected undiscounted future cash flows attributable to the asset are less than the carrying amount of the asset, an impairment loss equal to the excess of the asset’s carrying value over its fair value is recorded. Fair value is generally determined based on the present value of estimated expected future cash flows using a discount rate commensurate with the risk involved, quoted market prices or appraised values, depending on the nature of the asset. There were no impairments charges of long-lived assets for the years ended December 31, 2024, 2023, and 2022.
Leases	Leases The Company determines at contract inception whether an arrangement is a lease based on its ability to control a physically distinct asset and determines the classification of the lease as either operating or finance. For all leases, the Company combines all components of the lease including related non-lease components as a single component. The Company’s operating lease right-of-use (“ROU”) assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments related to the lease. The Company has also elected to utilize the short-term lease recognition exemption and, for those leases that qualify, the Company has not recognized operating lease ROU assets or operating lease liabilities. The Company does not have any finance leases as of December 31, 2024 and 2023. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. Operating lease ROU assets also include any initial direct costs and prepayments less lease incentives. As the Company’s leases do not provide an implicit rate, the Company uses its collateralized incremental borrowing rate based on the information available at the lease commencement date, including lease term, in determining the present value of lease payments. Lease terms may include options to extend or terminate the lease when the Company is reasonably certain that it will exercise the option. Lease expense is recognized on a straight-line basis over the lease term in the consolidated statements of operations and comprehensive loss. Certain lease agreements may contain variable costs such as utilities and common area maintenance. Variable lease costs are expensed when the cost is incurred.
Income Taxes	Income Taxes The Company is subject to income taxes in the United States and certain foreign jurisdictions. Significant judgment is required in determining the Company’s provision for income taxes and income tax assets and liabilities, including evaluating uncertainties in the application of accounting principles and complex tax laws. The Company uses the asset and liability method to account for income taxes. Current income tax expense or benefit represents the amount of income taxes expected to be payable or refundable for the current year. Under this method, deferred income tax assets and liabilities are determined based on differences between the financial statement reporting and tax bases of assets and liabilities and net operating loss and credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates applied to taxable income in the years in which those temporary differences are expected to be recovered or settled. A valuation allowance is established when necessary to reduce deferred tax assets to the amount expected to be realized. The Company accounts for uncertain tax positions in accordance with ASC 740-10, Accounting for Uncertainty in Income Taxes. The Company recognizes the tax effects of an uncertain tax position only if such position is more-likely-than-not to be sustained based solely on its technical merits as of the reporting date and only in an amount more-likely-than-not to be sustained upon review by the tax authorities.
Net Loss per Share	Net Loss per Share The Company follows the two-class method when computing net loss per common share when shares are issued that meet the definition of participating securities. The two-class method determines net income (loss) per share of common stock and participating securities according to dividends declared or accumulated and participation rights in undistributed earnings. The two-class method requires income (loss) available to common stockholders for the period to be allocated between common stock and participating securities based upon their respective rights to receive dividends as if all income (loss) for the period had been distributed. Prior to the automatic conversion into shares of common stock as a result of the Company’s IPO, the Company’s redeemable convertible preferred stock contractually entitled the holders of such shares to participate in dividends, but did not contractually require the holders of such shares to participate in the Company’s losses. Subsequent to the IPO, the Company has no participating securities. Basic net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period, less shares subject to repurchase. The diluted net loss per share is computed by giving effect to all potentially dilutive securities outstanding for the period using the treasury stock method or the if-converted method. For periods in which the Company reports net losses, diluted net loss per common share is the same as basic net loss per common share, because all potentially dilutive securities are anti-dilutive.
Commitments and Contingencies	Commitments and Contingencies Liabilities for loss contingencies arising from claims, assessments, litigation, fines, and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. The Company does not accrue for contingent losses that, in its judgment, are considered to be reasonably possible. However, if the Company determines that a contingent loss is reasonably possible and the loss or range of loss can be estimated, the Company discloses the possible loss in the consolidated financial statements. Legal costs incurred in connection with loss contingencies are expensed as incurred.
Redeemable Convertible Preferred Stock	Redeemable Convertible Preferred Stock The Company records all shares of redeemable convertible preferred shares at their respective fair values less issuance costs on the dates of issuance. The redeemable convertible preferred shares were recorded outside of stockholders’ deficit because, in the event of certain liquidation events, considered not solely within the Company’s control, such as a change in control event and sale of all or substantially all of the Company’s assets, the redeemable convertible preferred shares would become redeemable at the option of the holders.
Foreign Currency Transactions	Foreign Currency Transactions The functional currency of the Company’s foreign subsidiaries is the U.S. dollar. All foreign currency transactions are initially measured and recorded in U.S. dollars using the exchange rate on the date of the transaction. Foreign currency denominated monetary assets and liabilities are remeasured and recorded at the end of each reporting period using the exchange rate at that date. Foreign exchange gains and losses were not material for the years ended December 31, 2024, 2023, and 2022.
Fair Value Measurements	Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. To increase the comparability of fair value measures, the following hierarchy prioritizes the inputs to valuation methodologies used to measure fair value: Level 1. Quoted prices for identical assets and liabilities in active markets. Level 2. Assets and liabilities valued based on observable market data for similar instruments, such as quoted prices for similar assets or liabilities or other inputs that are observable or can be corroborated by observable market data. Level 3. Unobservable inputs reflecting the Company’s assumptions, consistent with reasonably available assumptions made by other market participants. These valuations require significant judgment. The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value. The carrying amount of the Company’s financial instruments, including cash equivalents, accounts receivable, and accounts payable, approximates their respective fair values because of their short maturities.
Concentration of Supply Risk	Concentration of Supply Risk The Company relies on a single manufacturing partner for integrated circuits. The Company also relies on a limited number of other manufacturing partners for its modules, boards, and integrated circuit substrates. While alternative providers could be identified, the Company is subject to supply and pricing risks.
Accounting Pronouncements Recently Adopted and Issued Not Yet Adopted	Accounting Pronouncements Recently Adopted In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 enhances the disclosures required for operating segments in the Company’s annual and interim consolidated financial statements. The disclosures required under ASU 2023-07 are also required for public entities with a single reportable segment. The amendments in ASU 2023-07 improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The Company adopted ASU 2023-07 in the fourth quarter of 2024 and applied the amendments retrospectively to all prior periods presented in the consolidated financial statements (see Note 2 Segment and Geographical Information). The adoption of ASU 2023-07 did not have a material impact on the Company's consolidated financial statements. Recently Issued Accounting Pronouncements Not Yet Adopted In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The ASU is effective for public business entities for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company does not expect a material impact from the adoption of this guidance on its consolidated financial statements and related disclosures. In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosure (“ASU 2024-03”). ASU 2024-03 requires additional disclosures on specific expense categories included in the expense captions presented on the statements of operations. The new standard is effective for annual periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of this new guidance on its consolidated financial statements and related disclosures.

Commitment and Contingencies - Narrative (Details) - USD ($)	1 Months Ended
	Jan. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Estimate of possible loss		$ 0	$ 0
Subsequent Event
Other Commitments [Line Items]
Purchase obligation	$ 14,900,000
Service agreement term	3 years

Nature of Business and Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives of Property and Equipment (Details)	Dec. 31, 2024
Production mask costs
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Estimated Useful Life	5 years
Office furniture
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Estimated Useful Life	5 years
Laboratory equipment
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Estimated Useful Life	3 years
Servers and workstations
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Estimated Useful Life	3 years

Nature of Business and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Nature of Business and Summary of Significant Accounting Policies

Description of Business

Astera Labs, Inc. (the “Company”) offers an Intelligent Connectivity Platform, comprised of semiconductor-based, high-speed, mixed-signal connectivity products that integrate a matrix of microcontrollers and sensors, and COSMOS, the Company’s software suite, which is embedded in its connectivity products and integrated into its customers’ systems.

The Company’s patented software-defined platform approach delivers critical connectivity performance, enables flexibility and customization, and supports observability and predictive analytics. This approach aims to efficiently address the data, network, and memory bottlenecks, scalability, and other unique infrastructure requirements of its hyperscaler and system original equipment manufacturers (“OEMs”).

Basis of Presentation

The consolidated financial statements and accompanying notes were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”).

Principles of Consolidation

The consolidated financial statements include the accounts of Astera Labs, Inc. and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

Use of Estimates

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. The Company’s significant estimates include, but are not limited to, revenue recognition, the valuation of deferred tax assets, reserves for uncertain tax positions, the grant date fair value of common stock awards, and the valuation and assumptions underlying stock-based compensation. By their nature, estimates are subject to an inherent degree of uncertainty and actual results could differ from those estimates.

The Company assessed certain accounting matters and estimates that generally require consideration of forecasted information using the information reasonably available to the Company. Management is not aware of any specific event or circumstance that would require an update to estimates or judgments or a revision to the carrying value of assets or liabilities. These estimates and judgments may change as new events occur and additional information is obtained, which may result in changes being recognized in the Company’s consolidated financial statements in future periods, and actual results could differ from these estimates.

Reclassifications

Certain prior period balances were reclassified to conform to the current period’s presentation. None of these reclassifications had an impact on reported net loss, balance sheets, or cash flows for any of the periods presented.

Initial Public Offering

On March 22, 2024, the Company completed its initial public offering (the “IPO”) of 22,770,000 shares of its common stock, par value $0.0001 per share (the “Common Stock”), at a price to the public of $36.00 per share, which included 19,758,903 shares of Common Stock sold by the Company, inclusive of 2,970,000 shares sold by the Company pursuant to the full exercise of the underwriters’ over-allotment option, as well as 3,011,097 shares of Common Stock sold by certain of the Company’s existing stockholders. The Company received net proceeds of $672.2 million after deducting underwriting discounts and commissions of $39.1 million.

Immediately prior to the closing of the IPO, the Company issued 90,890,650 shares of its Common Stock upon conversion on a one-for-one basis of all outstanding shares of its Series A Preferred Stock, par value $0.0001 per share, Series A-1 Preferred Stock, par value $0.0001 per share, Series B Preferred Stock, par value $0.0001 per share, Series B-1

Preferred Stock, par value $0.0001 per share, Series C Preferred Stock, par value $0.0001 per share, and Series D Preferred Stock, par value $0.0001 per share (collectively, the “Preferred Stock”), and such shares of Preferred Stock were cancelled, retired, and eliminated from the shares that the Company is authorized to issue and may not be reissued by the Company.

Deferred Offering Costs

The Company capitalized certain legal, accounting, and other fees and costs that were directly associated with in-process equity financings as deferred offering costs until such financings were consummated. Upon the consummation of the IPO, $6.2 million of such costs were recorded as a reduction of the proceeds generated from the offering, which was recognized in additional paid-in capital.

Revenue Recognition

The Company recognizes revenue upon transfer of control of promised goods and services in an amount that reflects the consideration it expects to receive in exchange for those goods and services. Under Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers (“ASC 606”), the Company applies the following five step approach: (1) identify the contract with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when, or as, a performance obligation is satisfied.

The following table presents revenue disaggregated by type (in thousands):


	Years Ended December 31,
	2024		2023		2022
Product sales	$	393,115	$	111,889	$	78,234
Engineering services	3,175		3,905		1,638
Total revenue	$	396,290	$	115,794	$	79,872

Where an arrangement includes multiple performance obligations, the transaction price is allocated to each performance obligation on a relative standalone selling price (“SSP”) basis. The Company determines the SSP based on an observable standalone selling price when it is available, as well as other factors, including the price charged to customers and the Company’s overall pricing objectives, while maximizing observable inputs.

Accounts receivable are recorded when the customer has been billed or the right to consideration is unconditional. The Company records deferred revenue when it has received consideration, or an amount of consideration is due from the customer, and the Company has a future obligation to transfer products or services. As of December 31, 2024 and 2023, the Company had no deferred revenue. From time to time, the Company has contracts with initial terms that include performance obligations that extend beyond one year. As of December 31, 2024, there were no unsatisfied performance obligations for contracts with an original expected term greater than one year.

Product Sales

The Company transacts with customers primarily pursuant to standard purchase orders for delivery of products and does not allow customers to cancel or change purchase orders within limited notice periods. The Company recognizes product sales when control transfers to the customer, generally at the time of product shipment from its facilities or at the time when products are received by customers depending on the shipping terms with the customers, in an amount that reflects the consideration the Company expects to receive in exchange for those goods, net of estimated sales returns, distributor price adjustments (“DPA”), rebates, and other customer incentives.

The Company sells the majority of its products to distributors at a fixed list price. Distributors are authorized to resell its products to their customers at a range of individually negotiated price points based on a variety of factors, including customer, product, quantity, geography, and competitive differentiation. The majority of the distributors’ resales are priced at a discount from list price (the original purchase price). After the resale transaction is completed, the Company issues credit memos to the distributor for the price adjustments.

Sales to most distributors are made under programs common in the semiconductor industry whereby distributors receive certain price adjustments, or DPA, to meet individual competitive opportunities. These programs may include

credits granted to distributors or price protection credits when the Company’s standard published prices are lowered from the price the distributor paid for product still in its inventory.

In determining the transaction price, DPAs are considered variable consideration that reduce the amount of revenue recognized. The Company’s policy is to estimate such price adjustments based on the Company’s historical prices and contractual terms using the expected value method. To date, actual DPAs have been materially consistent with the provisions the Company has made, based on its historical estimates. However, because of the inherent nature of estimates, there is always a risk that there could be significant differences between actual amounts and the Company’s estimates. The Company also considers the constraint on estimates of variable consideration when estimating the total transaction price.

The Company’s customer programs involve rebates, which are designed to serve as sales incentives to resellers of the Company’s products in various target markets. The Company accounts for rebates as a reduction to revenue and accrues for estimated rebates based on the amount the Company expects to be claimed by customers.

Revenue is recognized net of taxes collected, which are subsequently remitted to governmental authorities. Shipping and handling fees are included in cost of revenue and are recognized as activities to fulfill the promise to transfer the good.

Consideration payable includes cash amounts that the Company pays, or expects to pay, to a customer, and is included in accrued expenses and other current liabilities. Consideration payable also includes credits or other items. The Company accounts for consideration payable as a reduction of the transaction price, and therefore, of revenue, unless the payment to the customer is in exchange for a distinct good or service that the customer transfers to the Company.

During 2023 and 2022, the Company issued to a customer warrants to purchase shares of the Company’s common stock. The Company accounts for the warrants as consideration payable to a customer as the Company did not receive a distinct good or service in exchange for the warrants. The shares underlying the warrants vest upon the achievement of specified tranches of global payments by the customer and its affiliates. As it becomes probable that the performance-based vesting conditions underlying the warrants will be achieved and the related revenue is recognized, the Company recognizes the related grant date fair value of the warrants as a reduction of revenue for each sales transaction in proportion to total expected cumulative sales volume resulting in achievement of the vesting conditions. See Note 8 Common Stock Warrants.

The Company applies the practical expedient to not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less. The Company applies the practical expedient to expense sales commissions when incurred because the amortization period would have been one year or less.

Product Warranties

The Company’s products are generally subject to a product warranty, which provides for the estimated future costs of replacement upon shipment of the products. The products carry a standard one-year warranty. The warranty accrual is estimated primarily based on historical claims compared to historical revenue and assumes that the Company will have to replace products subject to a claim. Warranty expenses were not material for the years ended December 31, 2024, 2023 and 2022. Accrued warranty was not material as of December 31, 2024, and 2023.

The Company does not allow its distributors to return overstocked, obsolete, and discontinued products.

Engineering Services

Certain revenue contracts may include performance obligations related to engineering services. The Company recognizes revenue allocated to these performance obligations as certain milestones are completed and upon acceptance by the customer of contract deliverables.

Cost of Revenue

Cost of revenue, including both cost of product sales revenue and cost of engineering services revenue, includes the purchase price of materials, such as wafers processed by third-party foundries, packaging for finished goods, assembly, shipping, amortization of capitalized production masks, logistics and quality assurance, write-downs for excess and obsolete inventory, royalties on our production products, and personnel costs including salaries, stock-based compensation expense, employee bonus and benefits, and allocation of general corporate expenses including allocated facilities expenses.

Research and Development Expenses

Research and development expenses consist of costs incurred in performing research and development activities and include salaries, stock-based compensation expense, employee bonus and benefits, pre-production engineering mask costs, overhead costs and prototype wafer, packaging and test costs, and allocated facilities expenses. Research and development costs are expensed as incurred.

Sales and Marketing Expenses

Sales and marketing expenses consist of personnel costs including salaries, stock-based compensation expense, employee bonus and benefits, samples to potential customers, product marketing and conferences, travel and entertainment costs, and allocation of general corporate expenses including allocated facilities expenses. Advertising costs are expensed as incurred and were not material for the years ended December 31, 2024, 2023 and 2022.

General and Administrative Expenses

General and administrative expenses consist primarily of personnel costs including salaries, stock-based compensation, and employee benefits related to corporate, finance, legal and human resource functions, contractor and professional services fees, audit and compliance expenses, insurance costs, and general corporate expenses including allocated facilities expenses.

Stock-Based Compensation

The Company records stock-based compensation expense for all stock-based awards, including stock options, restricted stock units (“RSUs”), performance stock units (“PSUs”), and purchase rights issued under the Employee Stock Purchase Plan (“ESPP”), made to employees, non-employees, and directors based on the fair value at the date of grant. The fair value of RSUs and PSUs is based on the underlying common stock at the date of grant. The fair value of stock options granted and purchase rights issued under the ESPP for purposes of calculating stock-based compensation expense is estimated on the grant date using the Black-Scholes-Merton pricing model.

The Black-Scholes-Merton pricing model requires the Company to make assumptions and judgments about the inputs used in the calculation, including the expected term, the volatility of the Company’s common stock, risk-free interest rate, and expected dividend yield. The expected term represents the period that the Company’s stock options and purchase rights under the ESPP are expected to be outstanding. The expected term assumptions are determined based on the vesting terms, exercise terms, and contractual lives of the options. The expected volatility is based on a blended simple average between historical volatility of a group of comparable publicly traded companies and our common stock price over a period equal to the expected term of the awards. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods corresponding with the expected life of the option. The Company’s expected dividend yield input is zero as it has not historically paid, nor does it expect in the future to pay, cash dividends on its common stock.

Stock-based compensation expense for options, service-based RSUs, and purchase rights issued under the ESPP Plan are recognized as expense on a straight-line basis over the requisite service or offering period. Stock-based compensation expense with performance condition are recognized in the period in which vesting becomes probable using the accelerated attribution method over the requisite service period for each separately vesting portion of the award. The Company accounts for forfeitures as they occur.

Cash and Cash Equivalents

As of December 31, 2024 and 2023, cash and cash equivalents consist of cash held in sweep accounts, checking accounts, money market funds, U.S. treasury and agency securities, and commercial paper.

The Company considers all highly liquid instruments purchased with an original maturity of three months or less at the date of purchase, to be cash equivalents. Cash equivalents are recorded at fair value.

Marketable Securities

Marketable securities consist primarily of commercial paper, U.S. treasury and agency securities, corporate debt securities, foreign government bonds, and asset-backed securities. The Company’s investments are all highly liquid and available for use in current operations, including those with maturity dates beyond one year, and therefore the Company classifies these securities within current assets on its consolidated balance sheet. The Company considers its investments

with original maturities of three months or less at the date of purchase to be cash equivalents. Investments not considered cash equivalents are classified as marketable securities on the Company’s consolidated balance sheets.

The Company classifies and accounts for its marketable securities as available-for-sale, and it carries such securities at fair value with unrealized gains and losses excluded from earnings and reported net of tax as a separate component of stockholders’ deficit in accumulated other comprehensive income until the security is sold or matures. During the years ended December 31, 2024, 2023, and 2022, in connection with its available-for-sale securities, the Company recorded pretax unrealized gain of $0.2 million, gain of $0.5 million, and loss of $0.2 million, respectively, with no associated tax benefit in other comprehensive income or loss.

If an available-for-sale debt security’s fair value declines below its amortized cost basis, the Company evaluates whether it intends to sell the security, or whether it more-likely-than-not will be required to sell the security before the recovery of its amortized cost basis. If either condition is met, the Company records an impairment loss on the security. If neither condition is met, the Company evaluates whether the decline is the result of credit-related factors, in which case the Company records the credit-related portion of the impairment loss. There were no impairment charges for the years ended December 31, 2024, 2023, and 2022.

Accounts Receivable, Net

Accounts receivable are recorded at the invoiced amount, net of DPAs, and allowance for credit losses. The Company performs periodic credit evaluations of its customers’ financial condition and does not require collateral from them. Amounts considered uncollectible are charged against the allowance account in the period they are deemed uncollectible. As of December 31, 2024 and 2023, the allowance for credit losses was not material to the consolidated financial statements. There was no impairment charges for the years ended December 31, 2024, 2023, and 2022.

The Company regularly monitors collections and payments from customers and maintains an allowance for credit losses for estimated losses resulting from the inability of customers to make required payments. Management estimates its allowance for credit losses by considering factors including historical credit loss experience and current conditions, such as the length of time accounts receivable are past due, customer payment histories, any specific customer collection issues identified, current market conditions which may affect customer financial condition, and reasonable and supportable forecasts of future credit losses. The Company writes off accounts receivable that have become uncollectible.

Inventory

The Company’s inventory, which includes raw materials, work-in-progress, and finished goods, is stated at the lower of cost or net realizable value. Inventory cost, which includes materials purchase cost, inbound freight and capitalized overhead, is computed using standard cost, which approximates actual cost, on a first-in, first-out basis. Net realizable value is the estimated selling price of the Company’s products in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The carrying value of inventory is reduced for estimated excess and obsolete inventory. Excess and obsolete inventory reductions are determined based on assumptions about product expiration, future demand, and market conditions, and are included in cost of revenue in the consolidated statements of operations and comprehensive loss.

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets included prepayments for technology subscription service, cloud computing arrangements, insurance premiums, restricted cash, and accrued interest income. As of December 31, 2024 and 2023, the Company’s restricted cash balance was not material and is primarily associated with collateral for the Company’s credit card.

Property and Equipment, Net

Property and equipment is stated at cost, net of accumulated depreciation. Depreciation expense is recorded on a straight-line basis over the estimated useful lives of the assets. The estimated useful lives of the Company’s property and equipment are as follows:


Asset Category			Estimated Useful Life
Production mask costs			5 years
Office furniture			5 years
Laboratory equipment			3 years
Servers and workstations			3 years
Leasehold improvements			Lesser of asset useful life or remaining lease term

Impairment of Long-Lived Assets

The Company assesses the impairment of long-lived assets, which consist primarily of property and equipment, whenever events or changes in circumstances indicate that such assets might be impaired and the carrying value may not be recoverable. Events or changes in circumstances that may indicate that an asset is impaired include significant decreases in the market value of an asset, significant underperformance relative to expected historical or projected future results of operations, a change in the extent or manner in which an asset is utilized, significant declines in the estimated fair value of the overall Company for a sustained period, shifts in technology, loss of key management or personnel, changes in the Company’s operating model, or strategy and competitive forces.

If events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable and the expected undiscounted future cash flows attributable to the asset are less than the carrying amount of the asset, an impairment loss equal to the excess of the asset’s carrying value over its fair value is recorded. Fair value is generally determined based on the present value of estimated expected future cash flows using a discount rate commensurate with the risk involved, quoted market prices or appraised values, depending on the nature of the asset. There were no impairments charges of long-lived assets for the years ended December 31, 2024, 2023, and 2022.

Leases

The Company determines at contract inception whether an arrangement is a lease based on its ability to control a physically distinct asset and determines the classification of the lease as either operating or finance. For all leases, the Company combines all components of the lease including related non-lease components as a single component. The Company’s operating lease right-of-use (“ROU”) assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments related to the lease. The Company has also elected to utilize the short-term lease recognition exemption and, for those leases that qualify, the Company has not recognized operating lease ROU assets or operating lease liabilities. The Company does not have any finance leases as of December 31, 2024 and 2023. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. Operating lease ROU assets also include any initial direct costs and prepayments less lease incentives. As the Company’s leases do not provide an implicit rate, the Company uses its collateralized incremental borrowing rate based on the information available at the lease commencement date, including lease term, in determining the present value of lease payments.

Lease terms may include options to extend or terminate the lease when the Company is reasonably certain that it will exercise the option. Lease expense is recognized on a straight-line basis over the lease term in the consolidated statements of operations and comprehensive loss. Certain lease agreements may contain variable costs such as utilities and common area maintenance. Variable lease costs are expensed when the cost is incurred.

Income Taxes

The Company is subject to income taxes in the United States and certain foreign jurisdictions. Significant judgment is required in determining the Company’s provision for income taxes and income tax assets and liabilities, including evaluating uncertainties in the application of accounting principles and complex tax laws.

The Company uses the asset and liability method to account for income taxes. Current income tax expense or benefit represents the amount of income taxes expected to be payable or refundable for the current year. Under this method, deferred income tax assets and liabilities are determined based on differences between the financial statement reporting and tax bases of assets and liabilities and net operating loss and credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates applied to taxable income in the years in which those temporary differences are expected to be recovered or settled. A valuation allowance is established when necessary to reduce deferred tax assets to the amount expected to be realized.

The Company accounts for uncertain tax positions in accordance with ASC 740-10, Accounting for Uncertainty in Income Taxes. The Company recognizes the tax effects of an uncertain tax position only if such position is more-likely-than-not to be sustained based solely on its technical merits as of the reporting date and only in an amount more-likely-than-not to be sustained upon review by the tax authorities.

Net Loss per Share

The Company follows the two-class method when computing net loss per common share when shares are issued that meet the definition of participating securities. The two-class method determines net income (loss) per share of common stock and participating securities according to dividends declared or accumulated and participation rights in undistributed earnings. The two-class method requires income (loss) available to common stockholders for the period to be allocated between common stock and participating securities based upon their respective rights to receive dividends as if all income (loss) for the period had been distributed. Prior to the automatic conversion into shares of common stock as a result of the Company’s IPO, the Company’s redeemable convertible preferred stock contractually entitled the holders of such shares to participate in dividends, but did not contractually require the holders of such shares to participate in the Company’s losses. Subsequent to the IPO, the Company has no participating securities.

Basic net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period, less shares subject to repurchase. The diluted net loss per share is computed by giving effect to all potentially dilutive securities outstanding for the period using the treasury stock method or the if-converted method. For periods in which the Company reports net losses, diluted net loss per common share is the same as basic net loss per common share, because all potentially dilutive securities are anti-dilutive.

Commitments and Contingencies

Liabilities for loss contingencies arising from claims, assessments, litigation, fines, and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. The Company does not accrue for contingent losses that, in its judgment, are considered to be reasonably possible. However, if the Company determines that a contingent loss is reasonably possible and the loss or range of loss can be estimated, the Company discloses the possible loss in the consolidated financial statements. Legal costs incurred in connection with loss contingencies are expensed as incurred.

Redeemable Convertible Preferred Stock

The Company records all shares of redeemable convertible preferred shares at their respective fair values less issuance costs on the dates of issuance. The redeemable convertible preferred shares were recorded outside of stockholders’ deficit because, in the event of certain liquidation events, considered not solely within the Company’s control, such as a change in control event and sale of all or substantially all of the Company’s assets, the redeemable convertible preferred shares would become redeemable at the option of the holders.

Foreign Currency Transactions

The functional currency of the Company’s foreign subsidiaries is the U.S. dollar. All foreign currency transactions are initially measured and recorded in U.S. dollars using the exchange rate on the date of the transaction. Foreign currency denominated monetary assets and liabilities are remeasured and recorded at the end of each reporting period using the exchange rate at that date. Foreign exchange gains and losses were not material for the years ended December 31, 2024, 2023, and 2022.

Fair Value Measurements

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. To increase the comparability of fair value measures, the following hierarchy prioritizes the inputs to valuation methodologies used to measure fair value:

Level 1. Quoted prices for identical assets and liabilities in active markets.

Level 2. Assets and liabilities valued based on observable market data for similar instruments, such as quoted prices for similar assets or liabilities or other inputs that are observable or can be corroborated by observable market data.

Level 3. Unobservable inputs reflecting the Company’s assumptions, consistent with reasonably available assumptions made by other market participants. These valuations require significant judgment.

The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value.

The carrying amount of the Company’s financial instruments, including cash equivalents, accounts receivable, and accounts payable, approximates their respective fair values because of their short maturities.

Concentrations of Credit Risk and Major Customers

Revenue by location is determined by the billing address of the Company’s customers, which include distributors who purchase the Company’s products and resell them. The Company had the following customers that individually comprised 10% or more of its revenue:


	Years Ended December 31,
	2024		2023		2022
Customer A	36	%	24	%	*
Customer B	24	%	37	%	82	%
Customer C	11	%	*		*
Customer D	*		18	%	*
Customer E	*		*		14	%

*Less than 10% of total revenue

The Company had the following customers that individually comprised 10% or more of its accounts receivable, net:


	As of
	December 31, 2024		December 31, 2023
Customer A	24	%	39	%
Customer B	13	%	27	%
Customer C	22	%	*
Customer F	31	%	*

*Less than 10% of total accounts receivable, net

Concentration of Supply Risk

The Company relies on a single manufacturing partner for integrated circuits. The Company also relies on a limited number of other manufacturing partners for its modules, boards, and integrated circuit substrates. While alternative providers could be identified, the Company is subject to supply and pricing risks.

Accounting Pronouncements Recently Adopted

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 enhances the disclosures required for operating segments in the Company’s annual and interim consolidated financial statements. The disclosures required under ASU 2023-07 are also required for public entities with a single reportable segment. The amendments in ASU 2023-07 improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The Company adopted ASU 2023-07 in the fourth quarter of 2024 and applied the amendments retrospectively to all prior periods presented in the consolidated financial statements (see Note 2 Segment and Geographical Information). The adoption of ASU 2023-07 did not have a material impact on the Company's consolidated financial statements.

Recently Issued Accounting Pronouncements Not Yet Adopted

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The ASU is effective for public business entities for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company does not expect a material impact from the adoption of this guidance on its consolidated financial statements and related disclosures.

In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosure (“ASU 2024-03”). ASU 2024-03 requires additional disclosures on specific expense categories

included in the expense captions presented on the statements of operations. The new standard is effective for annual periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of this new guidance on its consolidated financial statements and related disclosures.

Consolidated Balance Sheet Components

12 Months Ended

Dec. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Consolidated Balance Sheet Components

Inventory

Inventory consists of the following (in thousands):


	As of December 31,
	2024		2023
Raw materials	$	229	$	2,247
Work-in-progress	26,695		11,780
Finished goods	16,291		10,068
Total inventory	$	43,215	$	24,095

Property and Equipment, Net

Property and equipment, net consists of the following (in thousands):


	As of December 31,
	2024		2023
Construction in progress	$	29,064	$	—

Laboratory equipment	10,467		6,470
Office furniture	353		242
Leasehold improvements	1,159		437
Servers and workstations	441		242
Property and equipment, gross	41,484		7,391
Less: accumulated depreciation	(5,833)		(2,679)
Total property and equipment, net	$	35,651	$	4,712

Depreciation expense of $3.2 million, $1.8 million, and $0.8 million was recognized during the years ended December 31, 2024, 2023 and 2022, respectively. Construction in progress primarily includes production mask costs capitalized relating to the Company’s products and will be placed in service and begin to depreciate when related manufacturing commences.

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consists of the following (in thousands):


	As of December 31,
	2024		2023
Accrued compensation and benefits	$	29,516	$	14,923

Customer deposits	15,000		—

Accrued software license costs	5,418		3,224
Operating lease liabilities, current	1,286		2,156
Other current liabilities	8,404		8,439
Total accrued expenses and other current liabilities	$	59,624	$	28,742

Leases - Future Minimum Operating Lease Payment (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Operating Leases
2025	$ 1,527
2026	642
2027	567
2028	517
2029	431
Total future minimum lease payment	3,684
Less: Imputed interest	(610)
Total operating lease liabilities	$ 3,074	$ 2,934

Income Taxes

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

The U.S. and non-U.S. components of loss before income taxes consist of the following (in thousands):


	Years Ended December 31,
	2024		2023		2022
United States	$	(83,550)	$	(23,655)	$	(58,059)
International	1,772		707		478
Loss before incomes taxes	$	(81,778)	$	(22,948)	$	(57,581)

The provision for income taxes consists of the following (in thousands):


	Years Ended December 31,
	2024		2023		2022
Current
U.S. Federal	$	1,141	$	3,144	$	666
State	(8)		206		6
International	510		(41)		92
Total current tax expense	1,643		3,309		764
Deferred
U.S. Federal	—		—		—
State	—		—		—
International	—		—		—
Total deferred tax expense	—		—		—
Total income tax expense	$	1,643	$	3,309	$	764

The effective tax rate differs from the U.S. federal statutory rate as follows:


	Years Ended December 31,
	2024		2023		2022
Federal statutory tax	21.0	%	21.0	%	21.0	%
State taxes	19.3		7.7		2.3
Change in valuation allowance	(157.2)		(78.9)		(17.2)
General business credits	46.2		13.0		2.6
Stock-based compensation (1)	61.4		19.3		(10.0)
Foreign-derived intangible income	6.8		—		—
Foreign taxes	0.9		—		—
Other	(0.4)		3.4		—
Effective tax rate	(2.0)	%	(14.5)	%	(1.3)	%

__________________

(1) Includes stock-based compensation and stock-based compensation related to secondary transactions and Section 83(b) elections

Deferred income taxes reflect the net effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The tax effects of the temporary differences and carryforwards that give rise to deferred tax assets and liabilities consist of the following (in thousands):


	As of December 31,
	2024		2023
Deferred tax assets
Net operating losses	$	1,115	$	678
General business credits	48,512		4,291
Intangibles (2)	98,754		30,806
Stock-based compensation	14,874		2,727


Other	7,040		3,297
Total deferred tax assets before valuation allowance	170,295		41,799
Deferred tax liabilities
Stock-based compensation – Section 83(b) elections	(502)		(1,145)
ROU assets	(179)		(500)
Fixed assets	(1,206)		(831)
Others	(115)		—
Total deferred tax liabilities	(2,002)		(2,476)
Less: valuation allowance	(168,293)		(39,323)
Net deferred tax assets after valuation allowance	$	—	$	—

__________

(2) Primarily relates to capitalized R&D. Beginning January 1, 2022, the Tax Cuts and Jobs Act, (the “Tax Act”), eliminated the option to deduct research and development expenditures in the current year and requires taxpayers to capitalize such expenses pursuant to Internal Revenue Code Section 174. The capitalized expenses are amortized over a 5-year period for domestic expenses and a 15-year period for foreign expenses.

In determining the need for a valuation allowance, the Company reviewed both positive and negative evidence pursuant to the requirements of ASC 740, Income Taxes, including current and historical results of operations, future income projections, and potential tax planning strategies. A significant piece of objective negative evidence evaluated was the cumulative loss incurred over the 3-year period ended December 31, 2024. Such objective evidence limits the ability to consider other subjective evidence such as its projections for future growth. On the basis of this evaluation, as of December 31, 2024, a valuation allowance of $168.3 million has been recorded, which reflects an increase in the valuation allowance of $129.0 million for the year ended December 31, 2024. As of December 31, 2023, a valuation allowance of $39.3 million has been recorded, which reflects an increase in the valuation allowance of $18.1 million for the year ended December 31, 2023. As of December 31, 2022, a valuation allowance of $21.2 million has been recorded, which reflects an increase in the valuation allowance of $9.9 million for the year ended December 31, 2022.

As of December 31, 2024 and 2023, the Company had gross federal net operating loss carryforwards of approximately $1.8 million and $2.0 million, respectively, which can be carried forward indefinitely, and state net operating loss carryforwards of $10.4 million and $3.7 million, respectively, which begin to expire in 2039. In addition, as of December 31, 2024 and 2023 the Company had federal research credit carryforwards of approximately $43.6 million and $5.6 million, respectively, which begin to expire in 2039, California research credit carryforwards of $33.2 million and $7.5 million, respectively, which can be carried forward indefinitely, and Canadian research credit carryforwards of $2.0 million and $0.9 million, respectively, which begin to expire in 2042. Net operating losses and tax credit carryforwards may become subject to an annual limitation in the event of certain cumulative changes in the ownership interest of significant shareholders over a three-year period in excess of 50%, as defined under Sections 382 and 383 of the Internal Revenue Code, respectively, as well as similar state provisions. This could limit the amount of tax attributes that can be utilized annually to offset future taxable income or tax liabilities. The amount of the annual limitation is determined based on the value of the Company immediately prior to the ownership change. Subsequent ownership changes may further affect the limitation in future years. The Company has performed a preliminary Section 382 analysis through December 31, 2022 and based on this analysis, approximately $0.2 million of its federal R&D credits will expire unutilized and has therefore removed them from the deferred tax asset and related carryforward disclosures as of December 31, 2022. No further Section 382 analysis was performed for 2023 and 2024 as the Company does not expect any limitation relating to ownership change due to the increased valuation of the Company.

The Company evaluated the provisions of ASC 740 related to the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. ASC 740 prescribes a comprehensive model for how a company should recognize, present, and disclose uncertain positions that the Company has taken or expects to take in its tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. Differences between tax positions taken or expected to be taken in a tax return and the net benefit recognized and measured pursuant to the interpretation are referred to as “unrecognized tax benefits.” A liability is recognized (or amount of the tax attribute carry forward reduced) for unrecognized tax benefit because it represents an enterprise’s potential future obligation to the taxing authority for a tax position that was not recognized as a result of applying the provisions of ASC 740.

The Company had approximately $23.1 million and $4.0 million unrecognized tax benefits as of December 31, 2024 and 2023, respectively. The unrecognized tax benefits, if recognized, would not have an impact on the Company’s effective tax rate due to the valuation allowance position.

A reconciliation of the beginning and ending amount of the Company’s unrecognized tax benefits is as follows (in thousands):


	Years Ended December 31,
	2024		2023		2022
Balance, beginning of period	$	3,993	$	3,162	$	2,005
Decreases related to prior year tax positions	—		(1,024)		(844)
Increases related to current year tax positions	18,608		1,855		2,001
Increases related to prior year tax positions	469		—		—
Balance, end of period	$	23,070	$	3,993	$	3,162

It is the Company’s policy to include penalties and interest expense related to income taxes as a component of income tax expense. The Company determined that no interest and penalties related to unrecognized tax benefits was required as of December 31, 2024 and 2023, respectively.

The Company is not currently under examination by the United States Internal Revenue Service or any other state, city, local or foreign jurisdiction. The Company’s tax years from inception are subject to examination by the Internal Revenue Service and state taxing authorities. The Company does not anticipate any significant changes to its unrecognized tax positions within the next twelve months.

Deferred income taxes have not been provided for undistributed earnings of the Company’s consolidated foreign subsidiaries because of the Company’s intent to reinvest such earnings indefinitely in active foreign operations. The Company believes that future domestic cash generation will be sufficient to meet future domestic cash needs. The Company has not recorded a deferred tax liability on the undistributed earnings of non-U.S. subsidiaries. The foreign withholding taxes would not have a material impact on the Company’s financial position and results of operation. As of December 31, 2024 and 2023, the Company had $4.1 million and $1.3 million in unremitted earnings that were indefinitely reinvested related to its consolidated foreign subsidiaries.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Leases - Supplemental Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Assets
Operating lease ROU assets, net	$ 2,983	$ 2,869
Liabilities
Operating lease liabilities, current	1,286	2,156
Operating lease liabilities, noncurrent	1,788	778
Total lease liabilities	$ 3,074	$ 2,934
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other liabilities
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities

Income Taxes - Schedule of Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current
U.S. Federal	$ 1,141	$ 3,144	$ 666
State	(8)	206	6
International	510	(41)	92
Total current tax expense	1,643	3,309	764
Deferred
U.S. Federal	0	0	0
State	0	0	0
International	0	0	0
Total deferred tax expense	0	0	0
Total income tax expense	$ 1,643	$ 3,309	$ 764

Income Taxes - Schedule of Effective Income Tax Rate (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Federal statutory tax	21.00%	21.00%	21.00%
State taxes	19.30%	7.70%	2.30%
Change in valuation allowance	(157.20%)	(78.90%)	(17.20%)
General business credits	46.20%	13.00%	2.60%
Stock-based compensation	61.40%	19.30%	(10.00%)
Foreign-derived intangible income	6.80%	0.00%	0.00%
Foreign taxes	0.90%	0.00%	0.00%
Other	(0.40%)	3.40%	0.00%
Effective tax rate	(2.00%)	(14.50%)	(1.30%)

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Revenue	$ 396,290	$ 115,794	$ 79,872
Cost of revenue	93,591	35,967	21,191
Gross profit	302,699	79,827	58,681
Operating expenses
Research and development	200,830	73,407	73,711
Sales and marketing	123,652	19,992	24,407
General and administrative	94,283	15,925	20,757
Total operating expenses	418,765	109,324	118,875
Operating loss	(116,066)	(29,497)	(60,194)
Interest income	34,288	6,549	2,613
Loss before income taxes	(81,778)	(22,948)	(57,581)
Income tax provision	1,643	3,309	764
Net loss	$ (83,421)	$ (26,257)	$ (58,345)
Net loss per share attributable to common stockholders:
Basic (in dollars per share)	$ (0.64)	$ (0.71)	$ (1.71)
Diluted (in dollars per share)	$ (0.64)	$ (0.71)	$ (1.71)
Weighted-average shares used in calculating net loss per share attributable to common stockholders:
Basic (in shares)	131,262	37,131	34,171
Diluted (in shares)	131,262	37,131	34,171
Other comprehensive income (loss)
Unrealized gain (loss) on marketable securities, net of taxes	$ 167	$ 488	$ (229)
Total other comprehensive income (loss)	167	488	(229)
Total comprehensive loss	$ (83,254)	$ (25,769)	$ (58,574)

Leases - Narrative (Details) $ in Millions	Dec. 31, 2024 USD ($)
Leases [Abstract]
Non-cancelable operating lease with undiscounted future	$ 36.8
Operating lease, not yet commenced, term	7 years 6 months

Stock-Based Compensation - Stock Option Fair Value Assumption (Details ) - Stock option	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Expected dividend yield	0.00%	0.00%	0.00%
Risk-free interest rate	4.20%
Risk- free interest rate, minimum		3.90%	1.70%
Risk- free interest rate, maximum		4.70%	2.50%
Expected volatility	52.30%
Expected volatility, minimum		48.80%	47.50%
Expected volatility, maximum		49.10%	47.80%
Expected term (in years)	6 years 1 month 6 days	6 years 1 month 6 days	6 years 1 month 6 days

Income Taxes - Schedule of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Unrecognized Tax Benefits [Roll Forward]
Balance, beginning of period	$ 3,993	$ 3,162	$ 2,005
Decreases related to prior year tax positions	0	(1,024)	(844)
Increases related to current year tax positions	18,608	1,855	2,001
Increases related to prior year tax positions	469	0	0
Balance, end of period	$ 23,070	$ 3,993	$ 3,162

Marketable Securities (Tables)

12 Months Ended

Dec. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of Debt Securities, Available-for-Sale

The amortized cost, gross unrealized gains and losses, and fair value of available-for-sale debt securities by major security type are as follows (in thousands):


	As of December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Cash equivalents
Money market funds	$	59,595	$	—	$	—	$	59,595



Total cash equivalents	$	59,595	$	—	$	—	$	59,595
Marketable securities
U.S. treasury and agency securities	$	202,506	$	338	$	(375)	$	202,469
Commercial paper	103,219		51		(37)		103,233
Corporate debt securities	512,531		1,351		(957)		512,925

Asset-backed securities	16,068		63		(8)		16,123
Total marketable securities	$	834,324	$	1,803	$	(1,377)	$	834,750


	As of December 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Cash equivalents
Money market funds	$	757	$	—	$	—	$	757
U.S. treasury and agency securities	472		—		—		472
Commercial paper	250		—		—		250
Total cash equivalents	$	1,479	$	—	$	—	$	1,479

Marketable securities
U.S. treasury and agency securities	$	59,856	$	211	$	(64)	$	60,003
Commercial paper	8,513		—		(5)		8,508
Corporate debt securities	23,552		96		(9)		23,639

Asset-backed securities	12,059		14		(8)		12,065
Total marketable securities	$	103,980	$	321	$	(86)	$	104,215

Schedule of Investments Classified by Contractual Maturity Date

The contractual maturities of cash equivalents and marketable securities classified as available-for-sale are as follows (in thousands):


	As of December 31, 2024				As of December 31, 2023
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due within one year	$	425,733	$	426,257	$	65,816	$	65,757
Due after one year through five years	468,186		468,088		39,643		39,937
Total available-for-sale securities	$	893,919	$	894,345	$	105,459	$	105,694

Schedule of Fair Value, Assets Measured on Recurring Basis

The following table presents information about the Company’s financial assets measured at fair value on a recurring basis based on the fair value hierarchy as follows (in thousands):


	As of December 31, 2024
	Level 1		Level 2		Total Fair Value
Cash equivalents
Money market funds	$	59,595	$	—	$	59,595



Total cash equivalents	$	59,595	$	—	$	59,595
Marketable securities
U.S. treasury and agency securities	$	—	$	202,469	$	202,469
Commercial paper	—		103,233		103,233
Corporate debt securities	—		512,925		512,925

Asset-backed securities	—		16,123		16,123
Total marketable securities	$	—	$	834,750	$	834,750


	As of December 31, 2023
	Level 1		Level 2		Total Fair Value
Cash equivalents
Money market funds	$	757	$	—	$	757
U.S. treasury and agency securities	—		472		472
Commercial paper	—		250		250
Total cash equivalents	$	757	$	722	$	1,479
Marketable securities
U.S. treasury and agency securities	$	—	$	60,003	$	60,003
Commercial paper	—		8,508		8,508
Corporate debt securities	—		23,639		23,639

Asset-backed securities	—		12,065		12,065
Total marketable securities	$	—	$	104,215	$	104,215

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

Stock-Based Compensation - Narrative (Details) - USD ($)	1 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
2024 Equity Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Capital shares reserved for future issuance (in shares)	12,362,662	5,400,000
Annual automatic increases in the number of shares	5.00%
Options to purchase common stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total intrinsic value		$ 379,300,000	$ 25,800,000	$ 17,600,000
Weighted average granted fair value (in dollars per share)		$ 47.04	$ 15.48	$ 8.82
Unrecognized stock based compensation		$ 8,900,000
Unrecognized stock based compensation expense, recognition period		9 months 18 days
Options to purchase common stock \| 2018 Equity Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expiration period		10 years
Vesting period		4 years
Restricted Stock Units (RSUs)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized stock based compensation expense, recognition period		1 year 9 months 18 days
Fair value of RSUs vested		$ 241,000,000.0
Unrecognized stock based compensation expenses		$ 304,400,000
Granted (in shares)		10,674,000
Granted (in dollars per share)		$ 39.76
Restricted Stock Units (RSUs) \| 2018 Equity Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period		4 years
ESPP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares issued under employee stock purchase plan (in shares)		100,000
Sale of stock, price (in dollars per share)		$ 30.60
ESPP \| 2024 Employee Stock Purchase Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Capital shares reserved for future issuance (in shares)	3,090,666
Number of additional shares allowable under the plan (in shares)	3,090,666
Percent of outstanding shares	1.00%
Maximum employee subscription amount, percent of salary		15.00%
ESPP purchase price of common stock, percent of market price		85.00%
Maximum contribution amount		$ 25,000
Maximum number of shares per employee (in shares)		3,000
ESPP shares purchased during the period (in shares)		100,000
Performance Shares Units (RSUs)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized stock based compensation expenses		$ 19,500,000
Granted (in shares)		200,000
Granted (in dollars per share)		$ 125.28

Common Stock Warrants (Tables)

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Schedule of Grant Date Fair Values of Customer Warrant and 2023 Warrant

The per share grant date fair values of the Customer Warrant and 2023 Warrant were estimated using the following assumptions:


	Customer Warrant			2023 Warrant
Expected dividend yield	0.0 %			0.0 %
Risk-free interest rate	4.2		%	4.9		%
Expected volatility	55.0		%	60.0		%
Expected term (in years)	7.0			6.0
Per share fair value of common stock	$	10.64		$	17.62

Segment and Geographical Information (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Schedule of Financial Information for Reportable Segments and Reconciliation to Consolidated Financial Results

The following table includes the significant expense categories and amounts that are regularly provided to the CODM (in thousands):


	Years Ended December 31,
	2024		2023		2022
Revenue	$	396,290	$	115,794	$	79,872
Less:
Cost of revenue	93,591		35,967		21,191
Stock-based compensation (1)	233,743		10,655		30,225
Personnel-related expenses (1)	117,366		65,327		44,168


Other segment items (2)	35,011		30,102		42,633


Consolidated net loss	$	(83,421)	$	(26,257)	$	(58,345)

(1) Stock-based compensation and personnel-related expenses presented in the above table are related to operating expenses and exclude amounts included in the cost of revenue.

(2) Other segment items included primarily related to interest income, income tax provision, software licenses and cloud hosting services, and professional and consulting services fees.

Schedule of Revenue from External Customers by Geographic Areas

The following table sets forth revenue by geographic area (in thousands):


	Years Ended December 31,
	2024		2023		2022
Taiwan	$	269,935	$	72,174	$	61,776
China	72,672		5,540		1,487
United States	11,296		30,664		4,779
Other	42,387		7,416		11,830
Total	$	396,290	$	115,794	$	79,872

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Cash flows from operating activities

Net loss

$ (83,421)

$ (26,257)

$ (58,345)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities

Stock-based compensation

234,588

10,679

30,235

Depreciation

3,154

1,781

807

Non-cash operating lease expense

2,428

1,232

1,448

Warrants contra revenue

1,395

805

343

Inventory write-downs

168

10,343

110

Accretion of discounts on marketable securities and other

(8,341)

(1,624)

(525)

Changes in operating assets and liabilities

Accounts receivable, net

(30,480)

2,386

(6,037)

Inventory

(19,287)

(5,564)

(19,358)

Prepaid expenses and other assets

(13,031)

(720)

(1,332)

Accounts payable

20,887

(4,264)

2,126

Accrued expenses and other liabilities

31,018

(167)

15,950

Operating lease liability

(2,402)

(1,346)

(1,320)

Net cash provided by (used in) operating activities

136,676

(12,716)

(35,898)

Cash flows from investing activities

Purchases of property and equipment

(34,245)

(2,761)

(3,873)

Purchases of marketable securities

(930,575)

(126,225)

(88,713)

Sales and maturities of marketable securities

208,665

111,214

1,996

Other investing activities

(1,413)

Net cash used in investing activities

(757,568)

(17,772)

(90,590)

Cash flows from financing activities

Proceeds from issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions

672,198

Payment of deferred offering costs

(4,801)

(1,407)

Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs

149,866

Proceeds from exercises of stock options

5,458

1,115

2,115

Proceeds from employee stock purchase plan

4,160

Tax withholding related to net share settlements of restricted stock units

(20,111)

Repurchase of common stock upon termination

(1,066)

(210)

(313)

Net cash provided by (used in) financing activities

655,838

(502)

151,668

Net increase (decrease) in cash, cash equivalents, and restricted cash

^[1]

34,946

(30,990)

25,180

Cash, cash equivalents, and restricted cash

Beginning of the year

^[1]

45,098

76,088

50,908

End of the year

^[1]

80,044

45,098

76,088

Supplemental cash flow information:

Conversion of redeemable convertible preferred stock into common stock in connection with initial public offering

255,127

Exchange of common stock to Series D redeemable convertible preferred stock

18,572

Income taxes paid

$ 7,793

$ 2,477

$ 0

[1]	Restricted cash was not material and is included in Prepaid expenses and other current assets

Marketable Securities

12 Months Ended

Dec. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

The amortized cost, gross unrealized gains and losses, and fair value of available-for-sale debt securities by major security type are as follows (in thousands):


	As of December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Cash equivalents
Money market funds	$	59,595	$	—	$	—	$	59,595



Total cash equivalents	$	59,595	$	—	$	—	$	59,595
Marketable securities
U.S. treasury and agency securities	$	202,506	$	338	$	(375)	$	202,469
Commercial paper	103,219		51		(37)		103,233
Corporate debt securities	512,531		1,351		(957)		512,925

Asset-backed securities	16,068		63		(8)		16,123
Total marketable securities	$	834,324	$	1,803	$	(1,377)	$	834,750


	As of December 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Cash equivalents
Money market funds	$	757	$	—	$	—	$	757
U.S. treasury and agency securities	472		—		—		472
Commercial paper	250		—		—		250
Total cash equivalents	$	1,479	$	—	$	—	$	1,479

Marketable securities
U.S. treasury and agency securities	$	59,856	$	211	$	(64)	$	60,003
Commercial paper	8,513		—		(5)		8,508
Corporate debt securities	23,552		96		(9)		23,639

Asset-backed securities	12,059		14		(8)		12,065
Total marketable securities	$	103,980	$	321	$	(86)	$	104,215

As of December 31, 2024 and 2023, the Company’s marketable securities that were in a continuous loss position for 12 months or more, as well as the unrealized losses on those marketable securities, were not material.

The contractual maturities of cash equivalents and marketable securities classified as available-for-sale are as follows (in thousands):


	As of December 31, 2024				As of December 31, 2023
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due within one year	$	425,733	$	426,257	$	65,816	$	65,757
Due after one year through five years	468,186		468,088		39,643		39,937
Total available-for-sale securities	$	893,919	$	894,345	$	105,459	$	105,694

Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

The Company did not recognize any allowance for credit losses as of December 31, 2024 and 2023 or impairment charges for the years ended December 31, 2024, 2023 and 2022.

There were no material realized gains or losses from available-for-sale securities that were reclassified out of accumulated other comprehensive income (loss) for the years ended December 31, 2024, 2023, and 2022.

Fair Value of Assets and Liabilities

The following table presents information about the Company’s financial assets measured at fair value on a recurring basis based on the fair value hierarchy as follows (in thousands):


	As of December 31, 2024
	Level 1		Level 2		Total Fair Value
Cash equivalents
Money market funds	$	59,595	$	—	$	59,595



Total cash equivalents	$	59,595	$	—	$	59,595
Marketable securities
U.S. treasury and agency securities	$	—	$	202,469	$	202,469
Commercial paper	—		103,233		103,233
Corporate debt securities	—		512,925		512,925

Asset-backed securities	—		16,123		16,123
Total marketable securities	$	—	$	834,750	$	834,750


	As of December 31, 2023
	Level 1		Level 2		Total Fair Value
Cash equivalents
Money market funds	$	757	$	—	$	757
U.S. treasury and agency securities	—		472		472
Commercial paper	—		250		250
Total cash equivalents	$	757	$	722	$	1,479
Marketable securities
U.S. treasury and agency securities	$	—	$	60,003	$	60,003
Commercial paper	—		8,508		8,508
Corporate debt securities	—		23,639		23,639

Asset-backed securities	—		12,065		12,065
Total marketable securities	$	—	$	104,215	$	104,215

As of December 31, 2024 and 2023, there was no marketable securities with level 3 fair value hierarchy measurement.

Marketable Securities - Fair Value Measurement (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	$ 894,345	$ 105,694
Cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	59,595	1,479
Cash equivalents \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	59,595	757
Cash equivalents \| U.S. treasury and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities		472
Cash equivalents \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities		250
Cash equivalents \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	59,595	757
Cash equivalents \| Level 1 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	59,595	757
Cash equivalents \| Level 1 \| U.S. treasury and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities		0
Cash equivalents \| Level 1 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities		0
Cash equivalents \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0	722
Cash equivalents \| Level 2 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0	0
Cash equivalents \| Level 2 \| U.S. treasury and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities		472
Cash equivalents \| Level 2 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities		250
Marketable securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	834,750	104,215
Marketable securities \| U.S. treasury and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	202,469	60,003
Marketable securities \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	103,233	8,508
Marketable securities \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	512,925	23,639
Marketable securities \| Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	16,123	12,065
Marketable securities \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0	0
Marketable securities \| Level 1 \| U.S. treasury and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0	0
Marketable securities \| Level 1 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0	0
Marketable securities \| Level 1 \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0	0
Marketable securities \| Level 1 \| Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0	0
Marketable securities \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	834,750	104,215
Marketable securities \| Level 2 \| U.S. treasury and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	202,469	60,003
Marketable securities \| Level 2 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	103,233	8,508
Marketable securities \| Level 2 \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	512,925	23,639
Marketable securities \| Level 2 \| Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	$ 16,123	$ 12,065

Common Stock Warrants - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Oct. 31, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Oct. 31, 2023
Class of Warrant or Right [Line Items]
Warrants contra revenue		$ 1,395	$ 805	$ 343
Customer Warrant
Class of Warrant or Right [Line Items]
Number of shares issuable by warrant (in shares)	1,484,230
Class of warrant or right, exercise price (in dollars per share)	$ 20.34
Warrant exercisable term	7 years
Warrant shares issuable vested (in shares)	14,844
Class of warrants, grant date fair value (in dollars per share)	$ 4.78
Class of warrants, grant date fair value	$ 7,100
2023 Warrant
Class of Warrant or Right [Line Items]
Number of shares issuable by warrant (in shares)					831,945
Class of warrant or right, exercise price (in dollars per share)					$ 20.34
Class of warrants, grant date fair value (in dollars per share)					$ 10.04
Class of warrants, grant date fair value					$ 8,400
Warrants
Class of Warrant or Right [Line Items]
Warrants issuable (in shares)		474,029	198,518
Warrant eligible for vesting (in shares)		50,439	34,090
Warrants contra revenue		$ 1,400	$ 800	$ 300

Commitment and Contingencies - Purchase Commitments (Details) - License $ in Thousands	Dec. 31, 2024 USD ($)
Other Commitments [Line Items]
2025	$ 11,957
2026	7,527
2027	8,000
Total purchase commitments	$ 27,484

Leases (Tables)

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Schedule of Supplemental Balance Sheet Information

Supplemental balance sheet information related to the Company’s operating leases is as follows (in thousands):


	As of December 31,
	2024		2023
Assets
Operating lease ROU assets, net	$	2,983	$	2,869
Liabilities
Operating lease liabilities, current	$	1,286	$	2,156
Operating lease liabilities, noncurrent	1,788		778
Total lease liabilities	$	3,074	$	2,934

Schedule of Lease Cost

The components of lease expense, included in operating expenses, were as follows (in thousands):


	Years Ended December 31,
	2024		2023		2022
Operating lease expense	$	2,633	$	1,640	$	1,448
Short-term lease expense	229		200		602
Variable lease expense	284		310		89
Total lease expense	$	3,146	$	2,150	$	2,139

The weighted-average remaining lease term and discount rates were as follows:


	As of December 31,
	2024		2023
Weighted average remaining lease term (in years)	3.2		1.4
Weighted average discount rate	11.1	%	10.8	%

Other information related to operating leases were as follows (in thousands):


	Years Ended December 31,
	2024		2023		2022

Operating cash flows from operating leases	$	2,402	$	1,346	$	1,320
ROU assets obtained in exchange for lease obligations	$	2,542	$	2,336	$	2,018

Schedule of Future Minimum Operating Lease Payment

The future minimum operating lease payments for each of the next five years and thereafter are as follows as of December 31, 2024 (in thousands):


Years ending December 31	Operating Leases
2025	$	1,527
2026	642
2027	567
2028	517
2029	431

Total future minimum lease payment	3,684
Less: Imputed interest	(610)
Total operating lease liabilities	$	3,074

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease expense	$ 2,633	$ 1,640	$ 1,448
Short-term lease expense	229	200	602
Variable lease expense	284	310	89
Total lease expense	$ 3,146	$ 2,150	$ 2,139

Nature of Business and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Revenue Disaggregated

The following table presents revenue disaggregated by type (in thousands):


	Years Ended December 31,
	2024		2023		2022
Product sales	$	393,115	$	111,889	$	78,234
Engineering services	3,175		3,905		1,638
Total revenue	$	396,290	$	115,794	$	79,872

Schedule of Estimated Useful Lives of Property and Equipment

The estimated useful lives of the Company’s property and equipment are as follows:


Asset Category			Estimated Useful Life
Production mask costs			5 years
Office furniture			5 years
Laboratory equipment			3 years
Servers and workstations			3 years
Leasehold improvements			Lesser of asset useful life or remaining lease term

Property and equipment, net consists of the following (in thousands):


	As of December 31,
	2024		2023
Construction in progress	$	29,064	$	—

Laboratory equipment	10,467		6,470
Office furniture	353		242
Leasehold improvements	1,159		437
Servers and workstations	441		242
Property and equipment, gross	41,484		7,391
Less: accumulated depreciation	(5,833)		(2,679)
Total property and equipment, net	$	35,651	$	4,712

Schedules of Concentration of Risk, by Risk Factor

The Company had the following customers that individually comprised 10% or more of its revenue:


	Years Ended December 31,
	2024		2023		2022
Customer A	36	%	24	%	*
Customer B	24	%	37	%	82	%
Customer C	11	%	*		*
Customer D	*		18	%	*
Customer E	*		*		14	%

*Less than 10% of total revenue

The Company had the following customers that individually comprised 10% or more of its accounts receivable, net:


	As of
	December 31, 2024		December 31, 2023
Customer A	24	%	39	%
Customer B	13	%	27	%
Customer C	22	%	*
Customer F	31	%	*

*Less than 10% of total accounts receivable, net

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net loss attributable to common stockholders	$ (83,421)	$ (26,257)	$ (58,345)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Redeemable Convertible Preferred Stock, Undesignated Preferred Stock, and Common Stock	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Redeemable Convertible Preferred Stock, Undesignated Preferred Stock, and Common Stock	Redeemable Convertible Preferred Stock, Undesignated Preferred Stock, and Common Stock Redeemable Convertible Preferred Stock The Company has previously issued shares of Preferred Stock. Immediately prior to the consummation of the IPO, all of the then outstanding 90.9 million shares of the Company’s convertible Preferred Stock were automatically converted into an aggregate 90.9 million shares of Common Stock on a one-for-one basis, and such shares of Preferred Stock were cancelled, retired, and eliminated from the shares of stock that the Company is authorized to issue and shall not be reissued by the Company. Undesignated Preferred Stock On March 22, 2024, in connection with the consummation of the IPO, the Company filed an Amended and Restated Certificate of Incorporation with the Secretary of State of the State of Delaware, which authorized 100,000,000 shares of undesignated preferred stock with a par value of $0.0001 per share, with rights and preferences, including voting rights, designated from time to time by the Company’s Board of Directors. As of December 31, 2024, no undesignated preferred stock has been issued. Common Stock On January 22, 2024, the Company filed an Amended and Restated Certificate of Incorporation with the Secretary of State of the State of Delaware which resulted in an increase to the authorized shares of the Company’s Common Stock from 162,641,331 shares to 163,375,000 shares. On March 22, 2024, in connection with the consummation of the IPO, the Company filed an Amended and Restated Certificate of Incorporation with the Secretary of State of the State of Delaware that resulted in an increase to the authorized shares of the Company’s Common Stock from 163,375,000 shares to 1,000,000,000 shares. As of December 31, 2024 and 2023, the Company had authorized 1.0 billion and 162.6 million shares, respectively, of Common Stock with a $0.0001 per share par value. Common stockholders are entitled to one vote for each share held.

Nature of Business and Summary of Significant Accounting Policies - Narrative (Details) $ / shares in Units, $ in Millions			12 Months Ended
	Mar. 22, 2024 USD ($) $ / shares shares	Mar. 21, 2024 $ / shares shares	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares	Dec. 31, 2022 USD ($)
Subsidiary, Sale of Stock [Line Items]
Common stock, par value (in dollars per share)			$ 0.0001	$ 0.0001
Underwriting discounts and commissions \| $	$ 39.1
Conversion of redeemable convertible preferred stock into common stock in connection with initial public offering (in shares) \| shares		90,900,000
Preferred stock, convertible, conversion ratio		1
Undesignated preferred stock, par value (in dollars per share)	$ 0.0001
Issuance costs recognized in additional paid in capital \| $	$ 6.2
Product warranty period			1 year
Pretax unrealized gain (loss) \| $			$ 0.2	$ 0.5	$ (0.2)
Series A Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Undesignated preferred stock, par value (in dollars per share)		$ 0.0001
Series A-1 Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Undesignated preferred stock, par value (in dollars per share)		0.0001
Series B Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Undesignated preferred stock, par value (in dollars per share)		0.0001
Series B-1 Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Undesignated preferred stock, par value (in dollars per share)		0.0001
Series C Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Undesignated preferred stock, par value (in dollars per share)		0.0001
Series D Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Undesignated preferred stock, par value (in dollars per share)		$ 0.0001
Common Stock
Subsidiary, Sale of Stock [Line Items]
Conversion of redeemable convertible preferred stock into common stock in connection with initial public offering (in shares) \| shares		90,890,650	90,891,000
IPO
Subsidiary, Sale of Stock [Line Items]
Number of shares issued (in shares) \| shares	22,770,000
Common stock, par value (in dollars per share)	$ 0.0001
Sale of stock, price (in dollars per share)	$ 36.00
Consideration received on transaction \| $	$ 672.2
IPO, Including Over-Allotment
Subsidiary, Sale of Stock [Line Items]
Number of shares issued (in shares) \| shares	19,758,903
Over-Allotment Option
Subsidiary, Sale of Stock [Line Items]
Number of shares issued (in shares) \| shares	2,970,000
Public Stock Offering - Shares From Existing Shareholders
Subsidiary, Sale of Stock [Line Items]
Number of shares issued (in shares) \| shares	3,011,097

Consolidated Balance Sheet Components (Tables)

12 Months Ended

Dec. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Inventory

Inventory consists of the following (in thousands):


	As of December 31,
	2024		2023
Raw materials	$	229	$	2,247
Work-in-progress	26,695		11,780
Finished goods	16,291		10,068
Total inventory	$	43,215	$	24,095

Schedule of Property and Equipment, Net

The estimated useful lives of the Company’s property and equipment are as follows:


Asset Category			Estimated Useful Life
Production mask costs			5 years
Office furniture			5 years
Laboratory equipment			3 years
Servers and workstations			3 years
Leasehold improvements			Lesser of asset useful life or remaining lease term

Property and equipment, net consists of the following (in thousands):


	As of December 31,
	2024		2023
Construction in progress	$	29,064	$	—

Laboratory equipment	10,467		6,470
Office furniture	353		242
Leasehold improvements	1,159		437
Servers and workstations	441		242
Property and equipment, gross	41,484		7,391
Less: accumulated depreciation	(5,833)		(2,679)
Total property and equipment, net	$	35,651	$	4,712

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consists of the following (in thousands):


	As of December 31,
	2024		2023
Accrued compensation and benefits	$	29,516	$	14,923

Customer deposits	15,000		—

Accrued software license costs	5,418		3,224
Operating lease liabilities, current	1,286		2,156
Other current liabilities	8,404		8,439
Total accrued expenses and other current liabilities	$	59,624	$	28,742

Consolidated Balance Sheet Components - Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 41,484	$ 7,391
Less: accumulated depreciation	(5,833)	(2,679)
Total property and equipment, net	35,651	4,712
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	29,064	0
Laboratory equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	10,467	6,470
Office furniture
Property, Plant and Equipment [Line Items]
Property and equipment, gross	353	242
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,159	437
Servers and workstations
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 441	$ 242

Leases

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Leases

The Company has operating leases for corporate offices in the U.S., Canada, China, India, Israel, and Taiwan. The Company’s lease payments consist primarily of fixed rental payments for the right to use the underlying leased assets over the lease terms for all leases.

Supplemental balance sheet information related to the Company’s operating leases is as follows (in thousands):


	As of December 31,
	2024		2023
Assets
Operating lease ROU assets, net	$	2,983	$	2,869
Liabilities
Operating lease liabilities, current	$	1,286	$	2,156
Operating lease liabilities, noncurrent	1,788		778
Total lease liabilities	$	3,074	$	2,934

Operating lease ROU assets, net are included in other assets; operating lease liabilities, current are included in accrued expenses and other current liabilities; and operating lease liabilities, non-current are included in other liabilities, on the consolidated balance sheets.

The components of lease expense, included in operating expenses, were as follows (in thousands):


	Years Ended December 31,
	2024		2023		2022
Operating lease expense	$	2,633	$	1,640	$	1,448
Short-term lease expense	229		200		602
Variable lease expense	284		310		89
Total lease expense	$	3,146	$	2,150	$	2,139

The weighted-average remaining lease term and discount rates were as follows:


	As of December 31,
	2024		2023
Weighted average remaining lease term (in years)	3.2		1.4
Weighted average discount rate	11.1	%	10.8	%

Other information related to operating leases were as follows (in thousands):


	Years Ended December 31,
	2024		2023		2022

Operating cash flows from operating leases	$	2,402	$	1,346	$	1,320
ROU assets obtained in exchange for lease obligations	$	2,542	$	2,336	$	2,018

The future minimum operating lease payments for each of the next five years and thereafter are as follows as of December 31, 2024 (in thousands):


Years ending December 31	Operating Leases
2025	$	1,527
2026	642
2027	567
2028	517
2029	431

Total future minimum lease payment	3,684
Less: Imputed interest	(610)
Total operating lease liabilities	$	3,074

As of December 31, 2024, the Company has entered into a non-cancelable operating lease with undiscounted future minimum payments of $36.8 million, which are excluded from the above table. This operating lease will commence in April 2025 with a lease term of approximately 7.5 years.

Common Stock Warrants

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Common Stock Warrants

In October 2022, the Company issued a warrant to a customer (“Holder”) to purchase an aggregate of up to 1,484,230 shares of Common Stock at an exercise price of $20.34 per share (the “Customer Warrant”). The exercise period of the Customer Warrant is through the seventh anniversary of the issue date. Upon issuance of the Customer Warrant, 14,844 shares issuable underlying the Customer Warrant were immediately vested and exercisable. The remainder of the shares underlying the Customer Warrant may vest and become exercisable over the contract term, contingent upon the achievement of performance conditions, comprised of specified tranches of global payments by the Holder and its affiliates to the Company.

In October 2023, the Company amended the warrant agreement and issued an additional warrant to the Holder to purchase an aggregate of up to 831,945 shares of Common Stock at an exercise price of $20.34 per share (the “2023 Warrant”, and together with the Customer Warrant, the “Warrants”), with the same exercise period as the Customer Warrant. The 2023 Warrant will vest and become exercisable over the contract term, contingent upon the achievement of performance conditions, comprised of specified tranches of payments by the Holder and its affiliates to the Company. As of December 31, 2024 and 2023, an aggregate of 474,029 shares and 198,518 shares, respectively, underlying the Warrants vested and are exercisable. Additionally, an aggregate of 50,439 and 34,090 shares were probable of vesting as of December 31, 2024 and 2023, respectively.

The grant date fair values of the Customer Warrant and the 2023 Warrant were determined to be $4.78 and $10.04 per share, respectively, using the Black-Scholes-Merton option pricing model, for maximum total Customer Warrant and 2023 Warrant fair values of $7.1 million and $8.4 million, respectively. The per share grant date fair values of the Customer Warrant and 2023 Warrant were estimated using the following assumptions:


	Customer Warrant			2023 Warrant
Expected dividend yield	0.0 %			0.0 %
Risk-free interest rate	4.2		%	4.9		%
Expected volatility	55.0		%	60.0		%
Expected term (in years)	7.0			6.0
Per share fair value of common stock	$	10.64		$	17.62

The Company recognized $1.4 million, $0.8 million and $0.3 million for the years ended December 31, 2024, 2023 and 2022, respectively, as a reduction of revenue in the consolidated statements of operations and comprehensive loss related to the Warrants. The remaining grant date fair values of the Warrants that are probable of vesting will be recognized as a reduction of revenue in proportion to the amount of related product sales, which could occur until October 14, 2029.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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+ Details

Commitment and Contingencies (Tables)

12 Months Ended

Dec. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Purchase Commitments

The Company is committed to make the following minimum payments under its purchase commitments for software licenses and cloud services as of December 31, 2024 (in thousands):


Years ending December 31	Purchase Commitments
2025	$	11,957
2026	7,527
2027	8,000
Total purchase commitments	$	27,484

Stock-Based Compensation - ESPP Fair Value Assumption (Details ) - ESPP	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Expected dividend yield	0.00%
Risk- free interest rate, minimum	4.40%
Risk- free interest rate, maximum	5.20%
Expected volatility, minimum	46.60%
Expected volatility, maximum	70.80%
Minimum
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Expected term (in years)	6 months
Maximum
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Expected term (in years)	8 months 12 days

Nature of Business and Summary of Significant Accounting Policies - Schedule of Revenue Concentration Risk (Details) - Customer Concentration Risk	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Customer A \| Revenue
Segment Reporting Information [Line Items]
Concentration risk	36.00%	24.00%
Customer A \| Accounts Receivable
Segment Reporting Information [Line Items]
Concentration risk	24.00%	39.00%
Customer B \| Revenue
Segment Reporting Information [Line Items]
Concentration risk	24.00%	37.00%	82.00%
Customer B \| Accounts Receivable
Segment Reporting Information [Line Items]
Concentration risk	13.00%	27.00%
Customer C \| Revenue
Segment Reporting Information [Line Items]
Concentration risk	11.00%
Customer C \| Accounts Receivable
Segment Reporting Information [Line Items]
Concentration risk	22.00%
Customer D \| Revenue
Segment Reporting Information [Line Items]
Concentration risk		18.00%
Customer E \| Revenue
Segment Reporting Information [Line Items]
Concentration risk			14.00%
Customer F \| Accounts Receivable
Segment Reporting Information [Line Items]
Concentration risk	31.00%

Net Loss per Share - Schedule of Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Numerator:
Net loss attributable to common stockholders	$ (83,421)	$ (26,257)	$ (58,345)
Denominator:
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (in shares)	131,262	37,131	34,171
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (in shares)	131,262	37,131	34,171
Net loss per share attributable to common stockholders, basic (in dollars per share)	$ (0.64)	$ (0.71)	$ (1.71)
Net loss per share attributable to common stockholders, diluted (in dollars per share)	$ (0.64)	$ (0.71)	$ (1.71)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Consolidated Balance Sheet Components - Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Raw materials	$ 229	$ 2,247
Work-in-progress	26,695	11,780
Finished goods	16,291	10,068
Total inventory	$ 43,215	$ 24,095

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2024
Audit Information [Abstract]
Auditor Firm ID	238
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Seattle, Washington

Insider Trading Arrangements

3 Months Ended

12 Months Ended

Dec. 31, 2024

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

Name

Title

Action

Date Adopted

Character of Trading Arrangement (1)

Aggregate Number of Shares of Common Stock to be Purchased or Sold Pursuant to a Trading Arrangement

Expiration Date (2)

Jitendra Mohan(3)

CEO, Director

Adoption

12/2/2024

Rule 10b5-1 Trading Arrangement

900,000(4)

3/16/2026

Sanjay Gajendra(5)

President, COO, Director

Adoption

11/30/2024

Rule 10b5-1 Trading Arrangement

940,000(4)

12/31/2025

Bethany Mayer

Director

Adoption

11/25/2024

Rule 10b5-1 Trading Arrangement

1,372(4)

11/6/2026

Philip Mazzara

General Counsel

Adoption

11/21/2024

Rule 10b5-1 Trading Arrangement

75,000(4)

11/21/2025

(1) Except as indicated by footnote, each trading arrangement marked as a “Rule 10b5-1 Trading Arrangement” is intended to satisfy the affirmative defense of Rule 10b5-1(c) of the Exchange Act, as amended (the Rule).

(2) Except as indicated by footnote, each trading arrangement permitted or permits transactions through and including the earlier to occur of (a) the completion of sales or (b) the date listed in the table. Each trading arrangement marked as a “Rule 10b5-1 Trading Arrangement” only permits transactions upon expiration of the applicable mandatory cooling-off period under the Rule and is scheduled to terminate on the earlier of the expiration date or when all shares are sold under such plan, subject to early termination for certain specified events set forth therein.

(3) The shares covered by this trading arrangement include certain shares that are held by trusts and may be deemed to be indirectly beneficially owned by Jitendra Mohan.

(4) The shares subject to this trading arrangement also include certain shares subject to time-based RSUs that will be sold to satisfy applicable tax withholding and remittance obligations upon vesting of the RSUs during the applicable period. The total number of such shares that may be sold pursuant to such arrangement is not currently determinable, as the number of shares required to be sold will vary based on, among other things, the market price of our common stock at the time of settlement, the applicable withholding taxes at the time of settlement, and the potential future grant of additional equity awards subject to this arrangement. This trading arrangement, which also applies to RSUs held by the individual, provides for the automatic sale of shares that would otherwise be issuable on each settlement date of a covered RSU in an amount sufficient to satisfy the applicable withholding obligation with the proceeds of the sale delivered to the Company in satisfaction of the applicable withholding obligation, in accordance with the Company’s mandatory sell to cover policy.

(5) The shares covered by this trading arrangement include certain shares that are held by trusts and may be deemed to be indirectly beneficially owned by Sanjay Gajendra.

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

Jitendra Mohan [Member]

Trading Arrangements, by Individual

Name

Jitendra Mohan(3)

Title

CEO, Director

Rule 10b5-1 Arrangement Adopted

true

12/2/2024

3/16/2026

469 days

900,000

Sanjay Gajendra [Member]

Trading Arrangements, by Individual

Name

Sanjay Gajendra(5)

Title

President, COO, Director

Rule 10b5-1 Arrangement Adopted

true

11/30/2024

12/31/2025

396 days

940,000

Bethany Mayer [Member]

Trading Arrangements, by Individual

Name

Bethany Mayer

Title

Director

Rule 10b5-1 Arrangement Adopted

true

11/25/2024

11/6/2026

711 days

1,372

Philip Mazzara [Member]

Trading Arrangements, by Individual

Name

Philip Mazzara

Title

General Counsel

Rule 10b5-1 Arrangement Adopted

true

11/21/2024

11/21/2025

365 days

75,000

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 79,551	$ 45,098
Marketable securities	834,750	104,215
Accounts receivable, net	38,811	8,335
Inventory	43,215	24,095
Prepaid expenses and other current assets	16,652	4,064
Total current assets	1,012,979	185,807
Property and equipment, net	35,651	4,712
Other assets	5,878	5,773
Total assets	1,054,508	196,292
Current liabilities
Accounts payable	26,918	6,337
Accrued expenses and other current liabilities	59,624	28,742
Total current liabilities	86,542	35,079
Other liabilities	3,167	3,787
Total liabilities	89,709	38,866
Commitments and contingencies (Note 6)
Redeemable convertible preferred stock, $0.0001 par value; 0 and 91,131 shares authorized as of December 31, 2024 and 2023, respectively; 0 and 90,891 shares issued and outstanding as of December 31, 2024 and 2023, respectively; liquidation preference of $0 and $265,699 as of December 31, 2024 and 2023, respectively	0	255,127
Stockholders’ equity (deficit)
Common stock, $0.0001 par value; 1,000,000 and 162,641 shares authorized as of December 31, 2024 and 2023, respectively; 162,018 and 42,046 shares issued and outstanding as of December 31, 2024 and 2023, respectively	16	4
Additional paid-in capital	1,173,153	27,411
Accumulated other comprehensive income	426	259
Accumulated deficit	(208,796)	(125,375)
Total stockholders’ equity (deficit)	964,799	(97,701)
Total liabilities, redeemable convertible preferred stock and stockholders’ equity (deficit)	$ 1,054,508	$ 196,292

Income Taxes - Schedule of Temporary Differences and Carryforwards Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets
Net operating losses	$ 1,115	$ 678
General business credits	48,512	4,291
Intangibles	98,754	30,806
Stock-based compensation	14,874	2,727
Other	7,040	3,297
Total deferred tax assets before valuation allowance	170,295	41,799
Deferred tax liabilities
Stock-based compensation – Section 83(b) elections	(502)	(1,145)
ROU assets	(179)	(500)
Fixed assets	(1,206)	(831)
Deferred Tax Liabilities, Other	(115)	0
Total deferred tax liabilities	(2,002)	(2,476)
Less: valuation allowance	(168,293)	(39,323)	$ (21,200)
Net deferred tax assets after valuation allowance	$ 0	$ 0
Domestic Expenses
Deferred tax liabilities
Amortized capitalized expenses period	5 years
Foreign
Deferred tax liabilities
Amortized capitalized expenses period	15 years

Leases - Other Information Related to Operating Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating cash flows from operating leases	$ 2,402	$ 1,346	$ 1,320
ROU assets obtained in exchange for lease obligations	$ 2,542	$ 2,336	$ 2,018

Common Stock Warrants - Schedule of Grant Date Fair Values of Customer Warrant and 2023 Warrant (Details)	Oct. 31, 2023	Oct. 31, 2022
Customer Warrant \| Expected dividend yield
Class of Warrant or Right [Line Items]
Warrants		0
Customer Warrant \| Risk-free interest rate
Class of Warrant or Right [Line Items]
Warrants		0.042
Customer Warrant \| Expected volatility
Class of Warrant or Right [Line Items]
Warrants		0.550
Customer Warrant \| Expected term (in years)
Class of Warrant or Right [Line Items]
Warrants		7.0
Customer Warrant \| Per share fair value of common stock
Class of Warrant or Right [Line Items]
Warrants		10.64
2023 Warrant \| Expected dividend yield
Class of Warrant or Right [Line Items]
Warrants	0
2023 Warrant \| Risk-free interest rate
Class of Warrant or Right [Line Items]
Warrants	0.049
2023 Warrant \| Expected volatility
Class of Warrant or Right [Line Items]
Warrants	0.600
2023 Warrant \| Expected term (in years)
Class of Warrant or Right [Line Items]
Warrants	6.0
2023 Warrant \| Per share fair value of common stock
Class of Warrant or Right [Line Items]
Warrants	17.62

Segment and Geographical Information

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segment and Geographical Information

The Company’s chief operating decision maker (“CODM”) is its Chief Executive Officer (“CEO”), who reviews financial information presented on a consolidated basis for purposes of making operating decisions, assessing financial performance, and allocating resources. The CODM uses net income or loss to evaluate the return on assets and to determine investment opportunities related to product development, platform enhancements, and new technologies. The CODM also uses net income or loss to monitor budget versus actual results. The Company manages its operations and allocates resources as a single operating segment.

The following table includes the significant expense categories and amounts that are regularly provided to the CODM (in thousands):


	Years Ended December 31,
	2024		2023		2022
Revenue	$	396,290	$	115,794	$	79,872
Less:
Cost of revenue	93,591		35,967		21,191
Stock-based compensation (1)	233,743		10,655		30,225
Personnel-related expenses (1)	117,366		65,327		44,168


Other segment items (2)	35,011		30,102		42,633


Consolidated net loss	$	(83,421)	$	(26,257)	$	(58,345)

(1) Stock-based compensation and personnel-related expenses presented in the above table are related to operating expenses and exclude amounts included in the cost of revenue.

(2) Other segment items included primarily related to interest income, income tax provision, software licenses and cloud hosting services, and professional and consulting services fees.

Revenue by location is determined by the billing address of the customers, who include distributors who purchase the Company’s products and resell them. The following table sets forth revenue by geographic area (in thousands):


	Years Ended December 31,
	2024		2023		2022
Taiwan	$	269,935	$	72,174	$	61,776
China	72,672		5,540		1,487
United States	11,296		30,664		4,779
Other	42,387		7,416		11,830
Total	$	396,290	$	115,794	$	79,872

Property and equipment by geographic location is based on the location of the asset. As of December 31, 2024,17% and 82% of the Company’s property and equipment was located in the United States and Taiwan, respectively. As of December 31, 2023 and 2022, substantially all of the Company’s property and equipment was located in the United States.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Nature of Business and Summary of Significant Accounting Policies - Schedule of Revenue Disaggregated (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenue	$ 396,290	$ 115,794	$ 79,872
Product sales
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenue	393,115	111,889	78,234
Engineering services
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenue	$ 3,175	$ 3,905	$ 1,638

- Definition

+ References

+ Details

Net Loss per Share (Tables)

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table sets forth the computation of basic and diluted net loss per share attributable to the Company’s common stockholders (in thousands, except per share data):


	Years Ended December 31,
	2024		2023		2022
Numerator:
Net loss attributable to common stockholders	$	(83,421)	$	(26,257)	$	(58,345)
Denominator:
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted	131,262		37,131		34,171
Net loss per share attributable to common stockholders, basic and diluted	$	(0.64)	$	(0.71)	$	(1.71)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

Potentially dilutive securities that were not included in the diluted per share calculations because they would have been anti-dilutive were as follows (in thousands):


	Years Ended December 31,
	2024	2023	2022
Options to purchase common stock	5,233	10,050	12,337
Redeemable convertible preferred stock	—	90,891	90,891
Unvested RSUs	13,620	8,583	5,108
Unvested PSUs	155	—	—
Warrants for common stock	2,442	2,442	1,610
ESPP	60	—	—
Total	21,510	111,966	109,946

CONSOLIDATED STATEMENTS OF CHANGES IN REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive (Loss) Income	Accumulated Deficit	Redeemable Convertible Preferred Stock
Beginning balance, Redeemable Convertible Preferred Stock (in shares) at Dec. 31, 2021						82,603
Beginning balance, Redeemable Convertible Preferred Stock at Dec. 31, 2021						$ 86,689
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of Series D preferred stock, net of issuance costs (in shares)						7,375
Issuance of Series D preferred stock, net of issuance costs						$ 149,866
Exchange of common stock to Series D preferred stock (in shares)						913
Exchange of common stock to Series D preferred stock						$ 18,572
Ending balance, Redeemable Convertible Preferred Stock (in shares) at Dec. 31, 2022						90,891
Ending balance, Redeemable Convertible Preferred Stock at Dec. 31, 2022						$ 255,127
Beginning balance, shares outstanding (in shares) at Dec. 31, 2021		39,572
Beginning balance at Dec. 31, 2021	$ (39,763)	$ 4	$ 1,006	$ 0	$ (40,773)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options and vesting of early exercised stock options (in shares)		2,041
Issuance of common stock upon exercise of stock options and vesting of early exercised stock options	1,341		1,341
Repurchase of common stock upon termination (in shares)		(71)
Repurchase of common stock upon termination	(303)		(303)
Exchange of common stock to Series D preferred stock (in shares)		(913)
Exchange of common stock to Series D preferred stock	(18,572)		(18,572)
Stock-based compensation	30,235		30,235
Warrants contra revenue	344		344
Unrealized (losses) gains on marketable securities	(229)			(229)
Net loss	(58,345)				(58,345)
Ending balance, shares outstanding (in shares) at Dec. 31, 2022		40,629
Ending balance at Dec. 31, 2022	$ (85,292)	$ 4	14,051	(229)	(99,118)
Ending balance, Redeemable Convertible Preferred Stock (in shares) at Dec. 31, 2023	90,891					90,891
Ending balance, Redeemable Convertible Preferred Stock at Dec. 31, 2023	$ 255,127					$ 255,127
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options and vesting of early exercised stock options (in shares)		1,624
Issuance of common stock upon exercise of stock options and vesting of early exercised stock options	2,050		2,050
Repurchase of common stock upon termination (in shares)		(207)
Repurchase of common stock upon termination	(174)		(174)
Stock-based compensation	10,679		10,679
Warrants contra revenue	805		805
Unrealized (losses) gains on marketable securities	488			488
Net loss	$ (26,257)				(26,257)
Ending balance, shares outstanding (in shares) at Dec. 31, 2023	42,046	42,046
Ending balance at Dec. 31, 2023	$ (97,701)	$ 4	27,411	259	(125,375)
Increase (Decrease) in Temporary Equity [Roll Forward]
Conversion of redeemable convertible preferred stock into common stock in connection with initial public offering (in shares)						(90,891)
Conversion of redeemable convertible preferred stock into common stock in connection with initial public offering						$ (255,127)
Ending balance, Redeemable Convertible Preferred Stock (in shares) at Dec. 31, 2024	0					0
Ending balance, Redeemable Convertible Preferred Stock at Dec. 31, 2024	$ 0					$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of redeemable convertible preferred stock into common stock in connection with initial public offering (in shares)		90,891
Conversion of redeemable convertible preferred stock into common stock in connection with initial public offering	255,127	$ 9	255,118
Issuance of common stock in connection with initial public offering, net of offering costs, underwriting discounts and commissions (in shares)		19,759
Issuance of common stock in connection with initial public offering, net of offering costs, underwriting discounts and commissions	$ 665,990	$ 2	665,988
Issuance of common stock upon exercise of stock options and vesting of early exercised stock options (in shares)	4,682	4,682
Issuance of common stock upon exercise of stock options and vesting of early exercised stock options	$ 5,670		5,670
Issuance of common stock upon vesting of restricted stock units (in shares)		5,103
Issuance of common stock upon vesting of restricted stock units	1	$ 1
Shares issued under employee stock purchase plan (in shares)		136
Shares issued under employee stock purchase plan	4,160		4,160
Shares of common stock withheld related to net settlement of restricted stock units (in shares)		(559)
Shares of common stock withheld related to net settlement of restricted stock units	(20,111)		(20,111)
Repurchase of common stock upon termination (in shares)		(40)
Repurchase of common stock upon termination	(1,066)		(1,066)
Stock-based compensation	234,588		234,588
Warrants contra revenue	1,395		1,395
Unrealized (losses) gains on marketable securities	167			167
Net loss	$ (83,421)				(83,421)
Ending balance, shares outstanding (in shares) at Dec. 31, 2024	162,018	162,018
Ending balance at Dec. 31, 2024	$ 964,799	$ 16	$ 1,173,153	$ 426	$ (208,796)

Stock-Based Compensation - Stock Options Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Number of Shares
Outstanding beginning balance (in shares)	10,059
Granted (in shares)	7
Exercised (in shares)	(4,682)
Cancelled and forfeited (in shares)	(99)
Outstanding ending balance (in shares)	5,285	10,059
Weighted-Average Exercise Price (per share)
Outstanding beginning balance, Weighted average exercise price (in dollars per share)	$ 0.83	$ 0.84
Granted (in dollars per share)	0.01
Exercised (in dollars per share)	0.87
Cancelled and forfeited (in dollars per share)	0.72
Outstanding ending balance, Weighted average exercise price (in dollars per share)	$ 0.84
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures [Abstract]
Weighted-average remaining contractual term	6 years 6 months	7 years 6 months
Aggregate intrinsic value	$ 695,689	$ 175,790
Vested and expected to vest (in shares)	5,285
Exercisable (in shares)	3,868
Vested and expected to vest (in dollars per share)	$ 0.83
Exercisable (in dollars per share)	$ 0.65
Vested and expected to vest, weighted-average remaining contractual term	6 years 6 months
Exercisable, weighted-average remaining contractual term	6 years 3 months 18 days
Vested and expected to vest, aggregate intrinsic value	$ 695,689
Exercisable, aggregate intrinsic value	$ 509,743

Stock-Based Compensation - Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	$ 234,588	$ 10,679	$ 30,235
Cost of revenue
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	845	24	10
Research and development
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	76,427	7,360	11,223
Sales and marketing
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	95,887	2,067	10,148
General and administrative
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	$ 61,429	$ 1,228	$ 8,854

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Loss Before Income Taxes, Domestic and Foreign

The U.S. and non-U.S. components of loss before income taxes consist of the following (in thousands):


	Years Ended December 31,
	2024		2023		2022
United States	$	(83,550)	$	(23,655)	$	(58,059)
International	1,772		707		478
Loss before incomes taxes	$	(81,778)	$	(22,948)	$	(57,581)

Schedule of Provision for Income Taxes

The provision for income taxes consists of the following (in thousands):


	Years Ended December 31,
	2024		2023		2022
Current
U.S. Federal	$	1,141	$	3,144	$	666
State	(8)		206		6
International	510		(41)		92
Total current tax expense	1,643		3,309		764
Deferred
U.S. Federal	—		—		—
State	—		—		—
International	—		—		—
Total deferred tax expense	—		—		—
Total income tax expense	$	1,643	$	3,309	$	764

Schedule of Effective Income Tax Rate

The effective tax rate differs from the U.S. federal statutory rate as follows:


	Years Ended December 31,
	2024		2023		2022
Federal statutory tax	21.0	%	21.0	%	21.0	%
State taxes	19.3		7.7		2.3
Change in valuation allowance	(157.2)		(78.9)		(17.2)
General business credits	46.2		13.0		2.6
Stock-based compensation (1)	61.4		19.3		(10.0)
Foreign-derived intangible income	6.8		—		—
Foreign taxes	0.9		—		—
Other	(0.4)		3.4		—
Effective tax rate	(2.0)	%	(14.5)	%	(1.3)	%

Schedule of Temporary Differences and Carryforwards Deferred Tax Assets and Liabilities

The tax effects of the temporary differences and carryforwards that give rise to deferred tax assets and liabilities consist of the following (in thousands):


	As of December 31,
	2024		2023
Deferred tax assets
Net operating losses	$	1,115	$	678
General business credits	48,512		4,291
Intangibles (2)	98,754		30,806
Stock-based compensation	14,874		2,727


Other	7,040		3,297
Total deferred tax assets before valuation allowance	170,295		41,799
Deferred tax liabilities
Stock-based compensation – Section 83(b) elections	(502)		(1,145)
ROU assets	(179)		(500)
Fixed assets	(1,206)		(831)
Others	(115)		—
Total deferred tax liabilities	(2,002)		(2,476)
Less: valuation allowance	(168,293)		(39,323)
Net deferred tax assets after valuation allowance	$	—	$	—

__________

Schedule of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of the Company’s unrecognized tax benefits is as follows (in thousands):


	Years Ended December 31,
	2024		2023		2022
Balance, beginning of period	$	3,993	$	3,162	$	2,005
Decreases related to prior year tax positions	—		(1,024)		(844)
Increases related to current year tax positions	18,608		1,855		2,001
Increases related to prior year tax positions	469		—		—
Balance, end of period	$	23,070	$	3,993	$	3,162