Public AI Valuation Multiples — October 2026

Last updated on 19 October 2026·Software, AI

Public AI valuations as of October 2026

Here are public AI valuation multiples as of October 2026:

9 hyperscalers and “Big AI” names at the top of the stack trade at median 7.9x forward revenue
Semiconductor supply chain sits at 5.8x
Neoclouds and data centers valued at 7.3x
Networking at 4.9x...
... and server and hardware-assembly layer trades at just 0.6x (a fraction of the rest of the stack)

Neoclouds are the fastest-growing group in the set (median 67% revenue growth). Memory grows at a healthy 54%.

Scroll down for a full valuation list 👇🏻

Hyperscalers and "Big AI" valuation multiples in October 2026

AI conglomerates and hyperscalers are the largest and most diversified beneficiaries of the AI build-out. This space includes chip designers whose compute trains frontier models, and the hyperscalers that monetize AI through cloud, advertising, and software. Their AI exposure sits on top of enormous, cash-generative core franchises.

Because incumbency and balance-sheet strength anchor these names, public markets value them at premium (that is while scrutinizing how durable AI-driven growth really is and how much capital is being committed to compute).

NVIDIA here obviously leads a pack, valued at $4.9T EV, or 7.9x NTM revenue, followed by Alphabet ($3.3T, 5.4x) and Microsoft ($3.9T, 9.2x).

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1	NVIDIANVIDIA is a US semiconductor and accelerated-computing company headquartered in Santa Clara, California. It was founded on 5 April 1993 by Jensen Huang, Chris Malachowsky and Curtis Priem, and Huang remains president and CEO. The company designs GPUs (GeForce, RTX), data-center AI accelerators and networking, system-on-chip processors and the CUDA software platform. For fiscal 2026 (year ended 25 January 2026) it reported revenue of US$215.9 billion, net income of US$120.1 billion and data-center revenue of US$193.7 billion, with about 42,000 employees. It is listed on Nasdaq (NVDA) and on 29 October 2025 became the first company to reach a US$5 trillion market capitalisation. NVIDIA is also an active strategic investor, taking part in 67 venture deals in 2025 against 54 in 2024, while its NVentures fund made 30 deals in 2025. Its largest commitments include up to US$10 billion in Anthropic (November 2025) and participation in funding rounds of OpenAI, xAI, Mistral AI and Cursor.	$4.9T	7.9x	12.0x	72%	149%	$5.1M
2	MicrosoftMicrosoft is an American technology company headquartered in Redmond, Washington that sells software, cloud computing services, devices and games to consumers, businesses and governments. It was founded on 4 April 1975 by Bill Gates and Paul Allen and has been led by chief executive Satya Nadella since February 2014. Its products include the Windows operating system, the Microsoft 365 productivity suite, the Azure cloud platform, the Copilot AI assistant, Xbox consoles and games, the LinkedIn professional network, the GitHub developer platform and the Bing search engine. In the fiscal year to 30 June 2026 revenue rose 18% to $331.8 billion, operating income reached $155.2 billion and net income $133.7 billion; Azure revenue passed $100 billion for the first time and Microsoft 365 Copilot exceeded 30 million paid seats. The company earns money from cloud subscriptions and consumption, software licences, advertising, and hardware and game sales, and employs about 223,000 people. Major acquisitions include LinkedIn for $26.2 billion in 2016 and Activision Blizzard for $68.7 billion in 2023, and it is a major investor in OpenAI under a multi-year, multi-billion-dollar partnership announced in January 2023.	$3.9T	9.2x	14.7x	19%	71%	$1.5M
3	AlphabetAlphabet is a holding company that wholly owns internet giant Google. The California-based company derives slightly less than 90% of its revenue from Google services, the vast majority of which is advertising sales. Alongside online ads, Google services houses sales stemming from Google’s subscription services (YouTube TV and YouTube Music, among others), platforms (sales and in-app purchases on Play Store), and devices (Chromebooks, Pixel smartphones, and smart home products such as Chromecast). Google’s cloud computing platform accounts for roughly 10% of Alphabet’s revenue. The firm’s investments in up-and-coming technologies such as self-driving cars (Waymo), health (Verily), and internet access (Google Fiber) make up the rest.	$3.3T	5.4x	11.5x	27%	70%	$2.1M
4	AmazonAmazon is an American technology and retail company headquartered in Seattle, Washington, with a second headquarters in Arlington County, Virginia. It runs the amazon.com online store and marketplace for third-party sellers, the Amazon Prime subscription programme, which had 200 million subscribers worldwide in 2021, and Amazon Web Services, the cloud computing unit launched in 2002 that rents data storage and computing power to companies. It also sells Echo, Kindle and Fire devices, distributes video, music and audiobooks through Prime Video, MGM+, Amazon Music, Twitch and Audible, and owns the Whole Foods Market grocery chain, Ring, IMDb and the self-driving car developer Zoox. Amazon earns revenue from product sales, seller commissions and fulfilment fees, subscriptions, cloud services and advertising. It reported revenue of US$716.9 billion and net income of US$77.7 billion in 2025 with about 1,576,000 employees, making it the world's largest company by revenue as of 2026 and the second-largest private employer in the United States. Jeff Bezos founded the company as Cadabra on July 5, 1994, in Bellevue, Washington, as an online bookstore and renamed it Amazon that November. Bezos, who owns about 8.8% of the shares, became executive chairman in July 2021, when former AWS chief Andy Jassy became chief executive.	$2.8T	2.9x	10.0x	16%	42%	$455K
5	BroadcomBroadcom is one of the largest semiconductor companies in the world and has also expanded into infrastructure software. Its semiconductors primarily serve computing, wired connectivity, and wireless connectivity. It has a significant position in custom AI chips to train and run inference for large language models. It is primarily a fabless designer but holds some manufacturing in-house. In software, it sells virtualization, infrastructure, and security software to large enterprises, financial institutions, and governments. Broadcom is the product of consolidation. Its businesses are an amalgamation of former companies like legacy Broadcom and Avago Technologies in chips, as well as VMware, Brocade, CA Technologies, and Symantec in software.	$1.6T	9.1x	13.4x	64%	133%	$1.9M
6	AMDAdvanced Micro Devices is a United States semiconductor company founded in 1969 and headquartered in Santa Clara, California. It designs central and graphics processors, data-center accelerators, adaptive computing products and related system-on-chip technology for computer makers, cloud operators, enterprises and embedded-system customers. Revenue comes from sales of chips and computing platforms, intellectual-property arrangements and long-term supply relationships. AMD historically manufactured many of its own processors but later separated fabrication into GlobalFoundries and became primarily a fabless designer. Its products compete in personal computers, gaming consoles, servers, artificial-intelligence infrastructure and industrial applications. Advanced Micro Devices serves B2B and B2C customers through activities spanning Semiconductors, AI Chips & Hardware and Artificial Intelligence.	$815B	9.7x	27.9x	73%	75%	$1.1M
7	OracleOracle is an American multinational technology company headquartered in Austin, Texas, having moved its head office from Redwood Shores, California, in December 2020. It was co-founded on June 16, 1977, in Santa Clara, California, by Larry Ellison, Bob Miner and Ed Oates as Software Development Laboratories, and took its name from its flagship Oracle Database. Oracle sells database software, enterprise applications including enterprise resource planning, human capital management, customer experience and supply chain software, Oracle Cloud Infrastructure and hardware to businesses and governments. It acquired Sun Microsystems and, in June 2022, Cerner for $28.3 billion, which now forms Oracle Health. In January 2025 Oracle joined OpenAI, SoftBank and MGX in the Stargate AI infrastructure venture, and in September 2025 it signed a $300 billion contract with OpenAI for 4.5 gigawatts of capacity over five years. For the quarter ended November 2025 it reported revenue of $14.1 billion, with cloud infrastructure revenue up 68% to $4.1 billion and remaining performance obligations of $130 billion. It employed 141,000 full-time staff in May 2026, and Clay Magouyrk and Mike Sicilia succeeded Safra Catz as co-CEOs, with Ellison as chairman and chief technology officer.	$520B	4.8x	8.5x	40%	74%	$416K
8	Marvell TechnologyMarvell Technology is a fabless chip designer focused on wired networking, where it has the second-highest market share. Marvell serves the data center, carrier, enterprise, and consumer end markets with processors, optical and copper transceivers, switches, and storage controllers.	$178B	10.0x	25.0x	59%	80%	$1.1M
9	Cerebras SystemsCerebras Systems Inc is an AI company. It designs the world's fastest AI infrastructure for training and inference. The company builds the world's largest semiconductor as well as the AI systems to power, cool, and feed the processors data. It develops software to link these systems together into industry-leading supercomputers that are simple to use even for the most complicated AI work, using familiar ML frameworks like PyTorch. Customers use its supercomputers to train industry-leading models. The company uses these supercomputers to run inference at speeds unobtainable from alternative commercial technologies. It delivers these AI capabilities to its customers on-premise and via the cloud. The company generates the majority of its revenue from the USA.	$19.5B	7.4x	19.2x	–	78%	$1.3M
	Median		7.9x	13.4x	50%	75%	$1.3M

Servers and AI infrastructure valuation multiples in October 2026

AI infrastructure companies build and assemble the physical systems AI runs on, so servers, racks, and the manufacturing services behind them.

Hardware assembly is competitive and capex-intensive, that translates to thinner margins than chip designers or software platforms.

They are generally valued bit lower than the broader AI, with valuations sensitive to order backlogs, customer concentration, and the demand - supply risk.

Dell is the highest valued public AI infra company at $293B EV (1.3x NTM revenue), ahead of Flex ($34.9B, 0.8x) and Celestica ($30.1B, 0.8x). Multiples across the group are compressed, consistent with the contract-manufacturing economics for the sector.

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1	DellDell Technologies is a broad information technology vendor, primarily supplying hardware to enterprises. It focuses on premium and commercial personal computers, as well as enterprise on-premises data center hardware. It holds top-three shares in its core markets of personal computers, peripheral displays, mainstream servers, and external storage. Dell has a robust ecosystem of component and assembly partners and also relies heavily on channel partners to fulfill its sales.	$293B	1.3x	10.5x	29%	78%	$1.2M
2	FlexFlex Ltd is an electronics manufacturing services and original design manufacturing company, legally domiciled and headquartered in Singapore with its operational headquarters in Austin, Texas. It traces its origins to Flextronics, founded on September 25, 1969 by Joe and Barbara Ann McKenzie, and operated as Flextronics International before adopting the Flex name. The company designs, builds and supplies products on contract for other brands, reporting through two segments: Flex Agility Solutions, covering communications, enterprise and cloud, lifestyle and consumer devices, and Flex Reliability Solutions, covering automotive, health solutions and industrial markets. It earns revenue from manufacturing, supply-chain and design services for customers that have included Apple, Lenovo, LG Electronics and Huawei. For the fiscal year ended March 31, 2025 Flex reported revenue of $25.81 billion and operating income of $1.17 billion, and it employed about 148,000 people across some 100 locations in more than 30 countries. It ranks as the world's third-largest EMS and ODM company by revenue. Flex bought solar-tracker maker Nextracker in 2015 for $330 million and later separated it as an independently listed company. Flex trades on Nasdaq under the ticker FLEX, is an S&P 500 component and has been led by chief executive Revathi Advaithi since February 2019.	$34.9B	0.8x	8.3x	29%	31%	$189K
3	LenovoLenovo is a global technology hardware company with a leading market share in personal computers. The firm has been actively growing its data center business, which primarily sells network servers to enterprise and hyperscale customers, as well as storage equipment through its mainland China joint venture with NetApp. Server-related revenue contribution has jumped to 13% of overall sales in fiscal 2024, from 6% in 2015.	$33.9B	0.3x	4.0x	23%	29%	$1.2M
4	HPHP (formerly Hewlett-Packard) is a behemoth in the PC and printing markets. It has focused on these markets since it exited IT infrastructure in 2015 with the split from Hewlett Packard Enterprise. HP focuses on the commercial market, but maintains sales of consumer devices and printers. The firm has a broad and global customer base, with only one third of sales coming from the US. HP completely outsources manufacturing and relies heavily on channel partners for its sales and marketing.	$32.1B	0.5x	7.1x	1%	15%	$1.0M
5	JabilJabil Inc. is a U.S based company providing engineering, manufacturing, and supply chain solutions. It provides comprehensive electronics design, production, and product management services to companies in various industries and end markets. It operates through three segments: Regulated Industries, serving automotive, healthcare, and renewables; Intelligent Infrastructure, focused on AI, cloud, data centers, and communications, driving the majority of revenue; and Connected Living and Digital Commerce, specializing in digitalization and automation, such as robotics and warehouse automation. The company operates in the U.S., Mexico, China, Malaysia, Singapore, and several other markets.	$30.4B	0.7x	8.4x	23%	29%	$360M
6	CelesticaCelestica Inc offers supply chain solutions. The company has two operating and reportable segments: Advanced Technology Solutions (ATS) and Connectivity & Cloud Solutions (CCS). The ATS segment consists of the ATS end market and is comprised of the Aerospace and Defense, Industrial, health tech, and Capital Equipment businesses. Its Capital Equipment business is comprised of the semiconductor, display, and robotics equipment businesses, and the CCS segment consists of Communications and Enterprise end markets, The Enterprise end market is comprised of its servers and storage businesses. The company generates a majority of its revenue from the Connectivity & Cloud Solutions segment.	$30.1B	0.8x	8.5x	87%	79%	$419K
7	SupermicroSuper Micro Computer Inc provides high-performance server technology services to cloud computing, data centers, high-performance computing, and the Internet of Things embedded markets. Its solutions include servers, storage systems, modular blade servers, workstations, full-rack scale solutions, networking devices, server sub-systems, and server management. These turn-key solutions are designed, developed, validated, and installed for AI datacenters. The company has one operating segment that develops and provides high-performance server solutions based upon a, modular and open-standard architecture. More than half of the firm's revenue is generated in the United States, with the rest coming from Europe, Asia, and other regions.	$27.1B	0.4x	4.5x	50%	51%	$5.6M
8	SanminaSanmina Corp is a provider of integrated manufacturing solutions, components, and after-market services to original equipment manufacturers in the communications networks, storage, industrial, defense, and aerospace end markets. The operations are managed as two businesses: Integrated Manufacturing Solutions, which consists of printed circuit board assembly and represents a majority of the firm's revenue; and Components, Products, and Services, which includes interconnect systems and mechanical systems. The firm generates revenue mainly in the United States, China, and Mexico, but has a presence around the world.	$9.4B	0.6x	7.0x	17%	61%	$189K
	Median		0.6x	7.7x	26%	41%	$1.1M

Neoclouds and data center valuation multiples in October 2026

These companies own or operate the compute capacity and physical real estate AI workloads depend on, like specialized GPU clouds, colocation and interconnection. The economics are very capex-heavy and financed by long-lived assets.

Investors weigh utilization, contract duration, and the cost of capital as much as headline growth. Established data-center operators trade on stable, recurring cash flows, while newer GPU-cloud operators are valued on growth expectations that carry both higher upside and greater execution and financing risk.

Equinix leads with EV of $123B (10.9x NTM revenue), followed by CoreWeave ($76.3B, 3.1x) and Digital Realty Trust ($91.1B, 11.5x).

Big valuation spread between established colocation operators and newer GPU-cloud entrants (the latter carrying the more premium multiples.)

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1	EquinixEquinix is a global digital-infrastructure company that develops and operates carrier-neutral data centres and interconnection services. Founded in Silicon Valley in 1998, it is headquartered in Redwood City, California, and is publicly listed on Nasdaq. Its International Business Exchange and xScale facilities give enterprises, cloud platforms, network operators, content providers and financial institutions places to deploy computing equipment and exchange data. Customers also use virtual networking, managed infrastructure, security and professional services to connect distributed applications across markets. Equinix earns recurring revenue primarily from colocation space, power, cross-connects and other subscription-like infrastructure services, supplemented by usage and service fees. Its platform spans hundreds of data centres across six continents and links customers to a large ecosystem of cloud and network providers. The company is structured as a real estate investment trust for United States federal income-tax purposes.	$123B	10.9x	21.0x	11%	64%	$672K
2	Digital Realty TrustDigital Realty is a real estate investment trust that owns and operates carrier-neutral data centers, headquartered in Austin, Texas after relocating there in January 2021. It was established in 2004 by GI Partners, which contributed 21 data centers acquired in bankruptcy auctions, and it trades on the New York Stock Exchange as DLR and is a member of the S&P 500. In 2023 it operated over 300 facilities in more than 25 countries, and it reported revenue of US$4.69 billion in 2022 with about 3,450 employees. It earns rent and fees from colocation, interconnection and large-scale space leased to cloud providers, enterprises and carriers. Its large acquisitions include DuPont Fabros Technology in 2017, Ascenty in 2018 for US$1.8 billion, and Interxion, announced in October 2019 at a US$8.4 billion enterprise value and completed on 12 March 2020. Andrew Power is chief executive.	$91.1B	11.5x	21.0x	12%	72%	$1.4M
3	CoreWeaveCoreWeave is a modern cloud infrastructure company that offers Nvidia GPUs and other essential AI hardware with optimized efficiency to handle the most demanding AI training and inference workloads. Its cloud platform supports the development and use of foundational large language models and the delivery of next-generation AI applications to satisfy the growing demand for AI around the world.	$76.3B	3.1x	5.0x	110%	208%	$2.3M
4	IRENIREN Ltd is engaged in data center business powering the future of Bitcoin, AI and beyond utilizing renewable energy. Bitcoin mining operations generate revenue by earning Bitcoin through a combination of Block rewards and transaction fees from the operation of its Bitcoin miners and exchanging these Bitcoin for fiat currencies such as USD or CAD.	$11.6B	2.7x	3.7x	207%	227%	$2.8M
5	DigitalOceanDigitalOcean Holdings Inc is a cloud computing platform offering on-demand infrastructure and platform tools for developers, start-ups, and small and medium-sized businesses. The customers use the platform for a wide range of cases, such as web and mobile applications, website hosting, e-commerce, media and gaming, personal web projects, and managed services, among many others. Geographically, the company generates maximum revenue from North America and also has a presence in Europe, Asia, and the Rest of the world.	$11.3B	6.6x	16.5x	52%	70%	$617K
6	Applied DigitalApplied Digital Corp is a U.S. based designer, developer, owner, and operator of large-scale, purpose-built data centers engineered to support high-performance computing (HPC) workloads, including artificial intelligence (AI), machine learning, and other accelerated-compute applications. It design, build, and operate high-performance, sustainably engineered data centers which it refer to as AI factories and deliver that capacity to investment-grade hyper scalers and other compute customers under long-term lease and hosting arrangements. The company has two segments Data Center Hosting Business, and HPC Hosting Business. The company generates majority of revenue from Data Center Hosting Business segment. Its solutions are Digital Infrastructure, and AI Factories.	$11.1B	8.1x	16.9x	82%	100%	$2.4M
	Median		7.3x	16.7x	67%	86%	$1.9M

Semiconductor supply chain valuation multiples in October 2026

AI picks-and-shovels layer - foundries, equipment makers, materials, packaging, and test that every advanced chip must pass through. These businesses tend to have deep technical moats and extremely high barriers to entry.

That supports durable margins, but the group is cyclical and exposed to the timing of fab investment. The market values critical, hard-to-replicate tooling and leading-edge manufacturing at a premium, while more commoditized or trailing-edge participants trade at a discount.

TSMC dominates the space at $1.8T EV (7.9x NTM revenue), with ASML ($597B, 9.7x) and Intel ($362B, 5.2x) close behind. Biggest premium goes to the "irreplaceable" names owning leading-edge manufacturing.

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1	TSMCTaiwan Semiconductor Manufacturing Co. is the world's largest dedicated chip foundry, with about 70% market share in 2025. TSMC was founded in 1987 as a joint venture of Philips, the government of Taiwan, and private investors. It went public in Taiwan in 1994 and as an ADR in the US in 1997. TSMC's scale and high-quality technology allow the firm to generate solid operating margins, even in the highly competitive foundry business. Furthermore, the shift to the fabless business model has created tailwinds for TSMC. The foundry leader has an illustrious base of customers, including Apple, AMD, and Nvidia, that look to apply its cutting-edge process technologies to their semiconductor designs. TSMC employs more than 83,000 people.	$1.8T	7.9x	10.7x	39%	121%	$1.4M
2	ASMLASML is the leader in lithography systems for manufacturing semiconductors with 90% market share. Lithography is the process in which a light source is used to expose circuit patterns from a photomask onto a semiconductor wafer. Lithography allows chipmakers to increase the number of transistors in the same area of silicon, with lithography historically representing a high portion of the cost of making cutting-edge chips. ASML outsources the manufacturing of most of its parts, acting like an assembler. ASML’s largest clients are TSMC, Samsung, Intel, SK Hynix, and Micron.	$597B	9.7x	20.7x	29%	80%	$826K
3	IntelIntel is a leading digital chipmaker focused on designing and manufacturing microprocessors for the global personal computer and data center markets. Intel pioneered the x86 architecture for microprocessors and led the semiconductor industry down the path of Moore's law for advances in semiconductor manufacturing. Intel remains the market share leader in central processing units in both the PC and server end markets. The company is seeking to reinvigorate its chip manufacturing business, Intel Foundry, while developing leading-edge products in its Intel Products business segment.	$362B	5.2x	14.4x	14%	52%	$621K
4	Applied MaterialsApplied Materials is the largest semiconductor wafer fabrication equipment manufacturer in the world. It has a broad portfolio spanning nearly every corner of the WFE ecosystem. Applied Materials holds leading market share in deposition, which entails the layering of new materials on semiconductor wafers. It is more exposed to general-purpose logic chips made at integrated device manufacturers and foundries. It counts the largest chipmakers in the world as customers, including TSMC, Intel, and Samsung.	$308B	6.6x	17.3x	36%	59%	$777K
5	Lam ResearchLam Research is one of the largest semiconductor wafer fabrication equipment manufacturers in the world. It specializes in deposition and etch, which entail the buildup of layers on a semiconductor and the subsequent selective removal of patterns from each layer. Lam holds the top market share in etch and holds the clear second share in deposition. It is more exposed to memory chipmakers for DRAM and NAND chips. It counts as top customers the largest chipmakers in the world, including TSMC, Samsung, Intel, and Micron.	$296B	7.8x	18.5x	38%	66%	$997K
6	KLAKLA is one of the largest semiconductor wafer fabrication equipment, or WFE, manufacturers in the world. It specializes in the market segment of semiconductor process control, wherein machines inspect semiconductor wafers during research and development and manufacturing for defects and verify precise measurements. In this section of the market, KLA holds a majority share. It also has a small exposure to the etch and deposition segments of the WFE market. It counts as top customers the largest chipmakers in the world, including TSMC and Samsung.	$207B	10.3x	20.8x	31%	67%	$893K
7	Tokyo ElectronTokyo Electron is the fourth-largest wafer fabrication equipment provider globally by revenue, with a market share of 10% as of 2025. Founded in 1963, the company primarily manufactures etching, deposition, coaters and developers, as well as wafer cleaning equipment used in front-end semiconductor manufacturing. Tokyo Electron’s key customers include global semiconductor leaders in foundry and memory, such as TSMC, Intel, Samsung Electronics and SK Hynix. The company mainly manufactures its products across its factories in Yamanashi, Kumamoto, and Miyagi, Japan.	$133B	5.2x	14.8x	32%	67%	$766K
8	ASE GroupASE Technology Holding Co Ltd is a semiconductor assembly and testing firm. The company operates in segments: Packaging, Testing, Electronic Manufacturing Services and others. Of these, Packaging segment contribute the maximum revenue. The packaging segment involves packaging bare semiconductors into completed semiconductors with improved electrical and thermal characteristics. The Testing Segment includes front-end engineering testing, wafer probing, and final testing services. In the EMS segment, the company designs manufactures, and sells electronic components and telecommunication equipment motherboards. The company is based in Taiwan but generates over half its sales from firms in the United States.	$100B	3.0x	11.5x	29%	56%	$174K
9	TeradyneTeradyne provides testing equipment, including automated test equipment for semiconductors, system testing for hard disk drives, circuit boards, and electronics systems, and wireless testing for devices. The firm entered the industrial automation market in 2015 and sells collaborative and autonomous robots for factory applications. Teradyne serves numerous end markets and geographies, directly and indirectly, through its products, but its most significant exposure is to semiconductor testing. Teradyne serves vertically integrated, fabless, and foundry chipmakers with its equipment.	$42.6B	6.7x	18.3x	29%	99%	$483K
10	United MicroelectronicsFounded in 1980, United Microelectronics is the world's third-largest dedicated chip foundry, with 5% market share in 2024 after TSMC and SMIC. UMC’s headquarters are in Hsinchu, Taiwan, and it operates 12 fabs in Taiwan, Mainland China, Japan and Singapore, with additional sales offices in Europe, the US, and South Korea. UMC features a diverse customer base that includes Texas Instruments, MediaTek, Intel, Broadcom, Novatek, and Realtek, supplying a wide range of products applied in communications, display, memory, automotive and more. UMC employs about 19,000 people as of February 2025.	$40.5B	3.9x	8.0x	23%	64%	$384K
11	EntegrisEntegris is a leading supplier of purification solutions and advanced materials. The vast majority of sales are to the semiconductor industry. The majority of revenue comes from semiconductor fabricators, but the company sells to all areas of the semiconductor manufacturing supply chain including equipment and engineering, chemicals and materials, and distributors. Entegris specializes in materials science and materials purity, both of which are crucial in the semiconductor manufacturing process.	$26.6B	6.3x	21.0x	15%	46%	$415K
12	GlobalFoundriesGlobalFoundries is a top-five contract semiconductor manufacturer globally. It was originally the manufacturing arm of Advanced Micro Devices before it was spun out in 2009. The foundry sells chips into a range of end markets including smartphones, PCs, Internet of Things, data centers, automotive, industrial, and so on, but primarily focuses on more mature process technologies. Until 2021, the firm was privately held by Mubadala Investment, the sovereign wealth fund of the United Arab Emirates, which remains its controlling shareholder today. GlobalFoundries merged with Chartered Semiconductor Manufacturing in 2009 and acquired IBM's chipmaking business in 2015. GF is headquartered in Malta, New York, and has about 13,000 staff.	$22.7B	2.8x	8.1x	12%	40%	$522K
13	Tower SemiconductorTower Semiconductor Ltd is a pure-play specialty foundry that manufactures semiconductors. As a pure-play foundry, it focuses on producing integrated circuits (ICs) based on the design specifications of customers. The company's line of integrated circuits is incorporated into markets, including consumer electronics, personal computers, communications, automotive, and industrial and medical device products. It produces ICs alongside wholly-owned subsidiaries through fabrication facilities located in Japan. The company has a geographical presence in the USA, Japan, Asia (other than Japan), and Europe.	$18.9B	7.2x	16.5x	38%	65%	$295K
14	MKSMKS Inc delivers foundational technology solutions for leading edge semiconductor manufacturing, electronics and packaging, and specialty industrial applications. The company provides instruments, components, subsystems, systems, process control solutions, and specialty chemicals technology that improve process performance and optimize productivity. Its solutions address challenges of miniaturization and complexity in device manufacturing, enabling increased power, speed, and feature enhancement. MKS Inc operates through three divisions: Vacuum Solutions Division (VSD), Photonics Solutions Division (PSD), and Materials Solutions Division (MSD). The company operates in the United States, which generates maximum revenue, as well as China and other countries.	$17.2B	2.9x	9.7x	22%	57%	$382K
15	Amkor TechnologyAmkor Technology Inc is a OSAT (outsourced semiconductor assembly and test) service provider. It has pioneered the outsourcing of integrated circuit (IC) packaging and test services and is a strategic manufacturing partner for the semiconductor companies, foundries, and electronics original equipment manufacturers (OEMs). The firm's products are organized into two categories namely advanced products that include flip chip, fine pitch bumping, wafer-level processing, advanced SiPs, power modules, and others, and Mainstream products that includes wirebond packaging and testing. The company derives maximum revenue from the advanced products category. The company derives majority of its revenue from Foreign states.	$10.0B	1.2x	5.8x	13%	33%	$218K
16	Onto InnovationOnto Innovation Inc is engaged in the design, development, manufacture, and support of high-performance control metrology, defect inspection, lithography, and data analysis systems used by microelectronics device manufacturers. The Company and its subsidiaries currently operate in a single operating segment. The company mainly operates in the United States, Southeast Asia, China, Japan, and Europe, with Taiwan and South Korea the sources of total revenue.	$9.5B	5.2x	13.7x	32%	70%	$622K
17	Advanced Energy IndusAdvanced Energy Industries Inc provides precision power conversion, measurement, and control solutions. The company designs, manufactures, sells, and services power electronics conversion products that transform raw electrical power into controllable, usable power for complex equipment. It operates in one reporting segment, Power Electronics Conversion Products, serving the Semiconductor Equipment, Data Center Computing, Industrial and Medical, and Telecom and Networking markets. Its products include Plasma Power Products, AC-DC Power Supply Units, DC-DC Converters, High Voltage solutions, SCR Power Controllers, and Sense and Measurement solutions. The company operates in the United States, Asia, Europe, and other regions.	$8.9B	3.0x	11.7x	26%	58%	$138K
18	CamtekCamtek Ltd is engaged in the manufacturing of metrology and inspection equipment and software solutions for the semiconductor industry. Its systems inspect wafers for various semiconductor market segments, including Advanced Packaging, Heterogenous Integration (HI), Compound Semiconductors, Memory, and foundries among others. Geographically, it derives maximum revenue from China followed by Asia Pacific, Korea, United States, and Europe. The company's products and services include Surface Inspection, Bump Inspection and Metrology, and others.	$5.3B	7.0x	22.1x	31%	49%	$2.9M
	Median		5.8x	14.6x	29%	62%	$572K

Memory and data storage valuation multiples in October 2026

Memory and storage supply the capacity AI’s data-hungry workloads consume, spanning DRAM, NAND flash, hard drives, and storage systems. Historically this has been the most cyclical corner of semiconductors, with commodity-like pricing that swings on supply and demand.

As a result, the market typically applies lower (more volatile) valuation multiples here than to differentiated logic or software.

Samsung is the largest by enterprise value at $951B (1.3x NTM revenue), ahead of Micron ($963B, 3.4x) and SK hynix ($698B, 1.7x).

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1	MicronMicron Technology is a semiconductor manufacturer headquartered in Boise, Idaho. The company designs, develops and manufactures memory and storage technologies used in electronic equipment. Its principal technologies include dynamic random-access memory, NAND flash and NOR memory, which support the storage and retrieval of digital information. Customers use its products in data centres, personal computers, smartphones, vehicles and other connected equipment. Micron earns revenue from sales of memory and storage products to equipment manufacturers and other business customers. Founded in 1978, it developed from a small semiconductor design company into an international manufacturer with fabrication, assembly, testing and research operations. Its manufacturing footprint spans the United States and multiple Asian locations, while design centres and customer laboratories support product development and applications. The company operates under the Micron Technology name and maintains its corporate base in Boise.	$963B	3.4x	3.8x	81%	247%	$2.5M
2	SamsungSamsung Electronics is a South Korean public technology manufacturer incorporated in 1969 and headquartered in Suwon. Its Device eXperience division sells smartphones, televisions, home appliances, computers and network products to consumers and enterprise customers. The Device Solutions division manufactures memory, logic and other semiconductor products, while Samsung Display produces display panels and Harman supplies automotive electronics and connected-audio systems. The company earns revenue from product sales, components, licensing and related services across a worldwide manufacturing and distribution network. Samsung Electronics listed in Korea in 1975 and operates through hundreds of subsidiaries and regional organisations. It also makes strategic and venture investments that support technologies relevant to semiconductors, devices, artificial intelligence, robotics and its broader product ecosystem.	$951B	1.3x	2.1x	46%	177%	$1.9M
3	SK hynixSK Hynix is a semiconductor memory manufacturer with around 60%-70% of its revenue from DRAM and 30%-35% of its revenue from NAND. The company is both the second-largest DRAM and NAND supplier globally, with a 33% and 21% market share, respectively, as of 2024. SK Hynix increased its market position in NAND from fourth to second, after acquiring Intel's NAND business in 2021. SK Square, an investment management company spun off from SK Telecom, is SK Hynix's largest shareholder and currently holds 20% of the company's shares.	$698B	1.7x	2.0x	73%	354%	$2.2M
4	SanDiskSandisk is one of the five largest global suppliers of NAND flash memory semiconductors. Sandisk is vertically integrated, producing all of its flash chips substantially at manufacturing sites across Japan via a joint-venture framework with Kioxia. Sandisk then repackages most of its chips into SSDs for consumer electronics, external storage, or cloud storage. Sandisk was formerly a part of Western Digital for nine years (after being acquired in 2016) and was spun off as an independent company in 2025.	$159B	3.0x	3.7x	77%	149%	$1.8M
5	SeagateSeagate is a data storage company that makes hard disk drives, and together with Western Digital it dominates the global hard drive market. Its parent, Seagate Technology Holdings plc, has been legally domiciled in Dublin, Ireland since 2010, while its operational headquarters is in Fremont, California. The company designs and manufactures hard disk drives, hybrid drives and solid-state drives, as well as LaCie-branded external storage, and sells them mainly to cloud and enterprise data-center operators, PC and device makers, distributors and retailers. Seagate earns its revenue from product sales and reported revenue of $9.10 billion and net income of $1.47 billion for the fiscal year ended June 27, 2025, with about 30,000 employees, nearly half of them at manufacturing and R&D sites in Thailand. It was incorporated on November 1, 1978 as Shugart Technology and began operations in 1979, founded by Al Shugart, Tom Mitchell, Doug Mahon, Finis Conner and Syed Iftikar, and in 1980 introduced the first 5.25-inch hard disk drive, the ST-506. Much of its growth came through acquisitions, including Control Data's Imprimis division in 1989, Conner Peripherals in 1996, Maxtor in 2006 and Samsung's hard drive business in 2011. Its shares trade on Nasdaq under the ticker STX, and Dave Mosley is chairman and chief executive.	$149B	6.5x	11.1x	54%	100%	$407K
6	KIOXIAKioxia Holdings is a Japan-based semiconductor memory manufacturer focusing on NAND memory chips. The company is currently the third-largest NAND supplier globally, with a 14% market share as of 2024. The largest single shareholder of Kioxia is currently Toshiba, which had a 21.9% stake as of November 2025. Kioxia operates nine fabs across Japan: seven in Yokkaichi and two in Kitakami. They are mostly run via a joint venture with Sandisk, Flash Ventures. Flash Ventures is 51% owned by Kioxia. The company’s memory chips are used in various consumer electronics and enterprise infrastructure, such as PCs, smartphones, servers, and USB sticks. Of Kioxia’s revenue, 51% comes from the sales of NAND memory used in solid-state drives, which are used in PCs and servers.	$137B	1.8x	2.1x	76%	360%	$974K
7	Western DigitalWestern Digital is a leading vertically integrated supplier of hard disk drives. The HDD market is a practical duopoly, with Western Digital and Seagate being the two largest players. Western Digital designs and manufactures its HDDs, with much of the manufacturing and workforce located in Asia. The primary consumers of HDDs are data centers.	$137B	5.6x	9.6x	54%	117%	$323K
8	EverpureEverpure Inc is a allows organizations to take control of their data with an industry, ever-evolving storage and data management platform. It helps companies unleash the power of their data by ensuring it is secure, accessible, intelligent, and ready to perform in the AI era. The group makes data management effortless while simultaneously scaling performance and significantly reducing energy consumption. Its solutions are Artificial Intelligence, Cloud, Cyber Resilience, Data Protection, Databases, High-Performance Computing, and Virtualization. The group's platform and products, Enterprise Data Cloud, The Everpure Platform, Evergreen//One, FlashArray, and Others.	$41.5B	6.4x	24.0x	37%	56%	$610K
9	NetAppNetApp Inc is a provider of enterprise data management and storage solutions. The company's segments include Hybrid Cloud and Public Cloud. It generates maximum revenue from the Hybrid Cloud segment. The Hybrid Cloud segment offers a portfolio of storage management and infrastructure solutions that help customers recast their traditional data centers with the power of the cloud. This portfolio is designed to operate with public clouds to unlock the potential of hybrid, multi-cloud operations. Hybrid Cloud is composed of software, hardware, and related support, as well as professional and other services. Geographically, the company generates the majority of its revenue from the United States, Canada and Latin America (Americas).	$38.1B	4.5x	13.7x	12%	43%	$592K
10	Silicon MotionSilicon Motion Technology Corp is engaged in developing NAND flash controllers for SSDs and other solid-state storage devices. Its only operating segment is to develop NAND flash controllers and SSD solutions. The company derives revenue from product categories such as Mobile Storage, Mobile Communications, and others. Silicon's geographical segments are Taiwan, the United States, Korea, China, Singapore, Malaysia, and others. The company's products are used in Personal Computing, Smartphone/Tablet/CE, Flash Card/USB Flash Drive, Industrial and Embedded, Automotive, and Enterprise and Data centers.	$7.4B	2.8x	8.9x	47%	149%	$441K
	Median		3.2x	6.3x	54%	149%	$792K

Networking valuation multiples in October 2026

These companies supply the optical and high-speed connectivity - transceivers, lasers, cabling, fiber, and interconnect. Public markets reward proprietary tech and rising content per system with higher multiples, while more commoditized component suppliers see valuations that track the broader hardware cycle.

Zhongji Innolight tops the group at $90.7B EV (3.0x NTM revenue), followed by Amphenol ($209B, 4.7x) and Corning ($113B, 5.0x).

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1	AmphenolAmphenol is a United States manufacturer of electrical, electronic and fiber-optic interconnect products, sensors and cable systems. Its connector portfolio supports applications involving high-speed data, electrical power, radio-frequency signals and operation in demanding environments. The company also supplies cable assemblies, wiring harnesses, antennas, power distribution components and flexible or rigid printed circuit boards. Its sensors measure conditions such as pressure, temperature, position, moisture and vibration. Customers use these products in automotive systems, industrial equipment, communications networks, computing infrastructure, aerospace and other electronic applications. Revenue comes from sales of components and assemblies to business customers that incorporate them into larger products and systems. Amphenol offers both standard products and customized designs, with manufacturing and technical capabilities supporting customers across international markets.	$209B	4.7x	14.2x	27%	94%	$136K
2	CorningCorning is a United States materials-science and manufacturing company founded in 1851 and headquartered in Corning, New York. Its core technical capabilities span glass science, ceramic science, optical physics and high-precision manufacturing. The company supplies optical fiber, cable and connectivity products for telecommunications networks and data centers. It also produces display glass, cover materials for mobile electronics, automotive emissions products, laboratory consumables and pharmaceutical packaging. Customers include network operators, electronics manufacturers, automakers, pharmaceutical companies, laboratories and other industrial businesses. Revenue is generated through product sales and long-term commercial supply relationships across global markets. Corning is publicly listed on the New York Stock Exchange and has expanded its portfolio through acquisitions, including the 2011 purchase of indoor wireless-systems provider MobileAccess.	$113B	5.0x	16.2x	20%	54%	$233K
3	Zhongji InnolightZhongji Innolight Co Ltd is a China-based company engaged in the research & development, production, and sales of high-end optical communication transceiver modules, 5G wireless networks, telecom transmission, and fixed network access. The company pays attention to technology research and development and promotes products with high speed, Miniaturization, low power consumption, and low cost that are developed to provide cloud data centers of high-speed Optical transceivers for telecom equipment manufacturers 5G Fronthaul, midhaul, and backhaul optical modules are used to transmit optical on metro, backbone, and core networks modules as well as applications for fixed networks.	$90.7B	3.0x	6.8x	106%	225%	$494K
4	LumentumLumentum Holdings Inc is a California-based technology firm. The company provides two types of optical and photonic products: optical components that are used in telecommunications networking equipment, and commercial lasers for manufacturing, inspection, and life-science lab uses. Its segments are Optical Communications and Commercial Lasers. The firm is also expanding into new optical applications, such as 3-D sensing laser diode for consumer electronics. It generates maximum revenue from the OpComms segment. The OpComms segment products include a wide range of components, modules, and subsystems to support customers including carrier networks for access (local), metro (intracity), long-haul, and submarine (undersea) applications.	$75.1B	9.9x	22.3x	83%	10%	$219K
5	Astera LabsAstera Labs Inc designs and delivers semiconductor-based connectivity solutions for cloud and AI infrastructure. Its Intelligent Connectivity Platform integrates semiconductor technology, microcontrollers, sensors, and software to enhance performance, scalability, and data management. The company offers products such as integrated circuits (ICs), boards, and modules, catering to hyperscalers and system OEMs. The company's solutions focus on data, network, and memory management in AI-driven platforms. Geographically, the company operates in Singapore, China, Taiwan, and United States, of which maximum revenue is derived from United States.	$43.6B	15.1x	34.4x	67%	163%	$1.1M
6	CoherentCoherent Corp is a vertically integrated manufacturing company that develops, manufactures, and markets lasers, transceivers, and other optical and optoelectronic devices, modules, and systems, as well as engineered materials, for use in the communications, industrial, instrumentation, and electronics markets. Its reporting segments are Datacenter Communications and Industrial. Its geographic areas are North America, Europe, China, Japan, and the rest of the world.	$43.3B	3.6x	13.1x	44%	62%	$140K
7	EoptolinkEoptolink Technology Inc Ltd is engaged in the research & development, production, and sales of optical modules. The company's main products include point-to-point optical modules; and passive optical network optical modules.	$40.1B	3.0x	6.7x	76%	167%	$716K
8	Credo Technology GroupCredo Technology Group Holding Ltd delivers high-speed solutions to break bandwidth barriers on every wired connection in the data infrastructure market. It provides secure, high-speed connectivity solutions that deliver improved power and cost efficiency as data rates and corresponding bandwidth requirements increase exponentially throughout the data infrastructure market. It has a geographic presence in Hong Kong, the United States, Mainland China, Taiwan, and the Rest of the World.	$27.6B	8.7x	16.1x	66%	153%	$2.1M
9	MACOM Technology SolutionsMACOM Technology Solutions Holdings Inc is a provider of analog, digital, and mixed-signal semiconductor solutions to original equipment manufacturers and distributors. These solutions are found in systems for industrial, medical, scientific, and test and measurement markets. The firm's portfolio of products includes integrated circuits, multichip modules, power pallets and transistors, diodes, amplifiers, switches and switch limiters, passive and active components, and complete subsystems.	$17.6B	9.6x	24.5x	34%	73%	$484K
10	FabrinetFabrinet provides advance-level optical packaging and precision optical, electro-mechanical, and electronic manufacturing services to original equipment manufacturers of complex products, such as optical communication components, modules and sub-systems, industrial lasers, automotive components, medical devices, and sensors. The company offers a broad range of advance optical and electro-mechanical capabilities across the entire manufacturing process, including process design and engineering, supply chain management, manufacturing, complex printed circuit board assembly, advance-level of packaging, integration, final assembly, and testing. The company generates the majority of its revenue from North America and Asia-Pacific, with the rest from Europe.	$10.9B	1.7x	13.0x	27%	28%	$282K
11	Applied OptoelectronicsApplied Optoelectronics Inc is a provider of fiber-optic networking products, for four networking end-markets; internet data center, CATV, telecom, and FTTH. The Company designs and manufactures a wide range of optical communications products at varying levels of integration, from components, subassemblies, and modules to complete turn-key equipment. Through direct sales personnel, and manufacturing teams in the United States, China, and Taiwan, the company coordinates with customers to determine product design, qualifications, and performance. The Company has manufacturing and research and development facilities located in the U.S., Taiwan, and China.	$5.7B	2.1x	14.7x	178%	139%	$138K
12	AXTAXT Inc is a developer and producer of compound and single element semiconductor substrates, also known as wafers. The dominant substrates used in producing semiconductor chips and other electronic circuits are made from silicon. It is engaged in the design, development, manufacture, and distribution of high-performance compound semiconductor substrates and the sale of materials. The company provides alternative or specialty materials in the form of substrates or wafers, including compound and single-element substrates. Its compound substrates combine indium with phosphorous or gallium with arsenic. Geographically firm has its business presence across the region of Europe, Japan, Taiwan, China, North America, and the Asia Pacific from which China derives its maximum revenue to the company.	$3.2B	6.7x	12.8x	125%	209%	$82K
	Median		4.9x	14.5x	66%	117%	$258K

Data and methodology

Underlying data

Public markets data is powered by FactSet (consensus analyst estimates), and Morningstar (historical data). Data points are calendarized to December where relevant: retrieved data on financial year ends (e.g. FY, FY+1 etc.) are mapped to calendar years (2025A, 2026E etc.) before the appropriate month weights are then applied to prior/future fundamentals.

Private transaction data is multi-sourced, aggregated from harvesting public information, 3rd party APIs, and data engineering. All data is verified and provided with an extensive manual process. If data permits, we apply our own logic to get to the EV. For example, for a large M&A deal with available information on the target's net debt, we might adjust a valuation to fully reflect an accurate EV. In all other cases, we take the reported valuation as the numerator. Financials: we source LTM revenue and LTM EBITDA data from company filings, press releases, or other verified sources. If LTM data is unavailable, we take the 'next best-fit' period (run-rate or calendar year), provided it makes sense in a given case. For example, if a deal closed in November 2025, we might take full-year 2025 revenue as a revenue benchmark.

Any raw figures are harmonised to USD for comparison purposes.

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