MaxLinear’s infrastructure revenue climbed 210% year over year in Q3 2026 as AI data center customers expanded adoption of its optical connectivity silicon. Total revenue reached $218.1 million, up 72% annually and 29% sequentially, with the Keystone PAM4 DSP production ramp driving optical growth.

The company reported GAAP diluted EPS of $0.30 and non-GAAP EPS of $0.62. GAAP gross margin reached 58.7%, while non-GAAP operating margin rose to 29.5%, from 22.3% in Q2. Management also highlighted customer activity around its Rushmore and Annapurna optical and electrical connectivity families.

For Q4, MaxLinear projects revenue of $240–260 million and non-GAAP gross margin of 59–62%. The $250 million revenue midpoint implies approximately 15% sequential growth. Separately, the company increased its revolving credit facility by $70 million to $200 million.

“Strong momentum in our optical AI data center business reflects the volume ramp of our Keystone PAM4 DSP platform,” said Kishore Seendripu, Chairman and CEO.

Analysis

MaxLinear’s connectivity strategy spans both optical links and copper connections within AI systems. Annapurna is a 224G Scale Up retimer designed to extend electrical connectivity, complementing the optical DSP portfolio. The editorial implication is broader participation across interconnect functions as AI architectures evolve. For the optical business, the next milestone remains converting Rushmore customer qualifications into production revenue; the Q3 release identifies customer activity without quantifying Rushmore sales.