At its recent Capital Market's Day (CMD - see our note from 5th June), Alphawave announced itself as the first company to deliver chiplets leveraging Arm's Neoverse computing technology offering scalable, interchangeable and customisable solutions to its customers. Alphawave has now formally launched this advanced chiplet built on Arm Neoverse Compute Subsystems which is targeted at artificial intelligence/machine learning, high-performance compute, data centre, and 5G/6G networking infrastructure applications. Even allowing for recent consensus downgrades, Alphawave trades at a c60% average discount to peers on EV/revenue and a near 100% discount on EV/EBITDA . While formal revenue guidance only runs to US$450m in 2025, the company believes that it could hit US$1bn of revenue around 2027 which does not appear to be reflected in consensus forecasts. As and when it becomes evident that the company really is flying in a technology sweet spot this level of discount could come to seem like a bargain in hindsight.
