What Aeluma does

Aeluma, Inc. (Nasdaq: ALMU) is a U.S. semiconductor company headquartered in Goleta, California, founded in 2021 via a reverse merger and uplisted to Nasdaq in March 2025. The company has developed a proprietary heterogeneous integration platform, centered on a "pocket heteroepitaxy" process, that combines high-performance III-V compound semiconductors (InP and GaAs) with large-diameter 12-inch silicon wafers commonly used in mass-market CMOS manufacturing. From this single underlying technology platform, Aeluma derives a portfolio of photonic and electronic devices, including short-wave infrared (SWIR) photodetectors, photodetector arrays, quantum dot lasers, high-speed photodiodes, and III-V image sensors, with the value proposition of enabling up to 16x wafer area and CMOS-scale cost economics relative to conventional 3-6 inch InP processing. The company maintains a 9,000 sq. ft. R&D and manufacturing cleanroom in Goleta, an adjacent 2,400 sq. ft. office facility added in September 2025, and partners with Tower Semiconductor, Sumitomo Chemical Advanced Technology, and AIM Photonics for production-scale fabrication.

Aeluma's business model is currently dominated by non-dilutive U.S. government R&D revenue, with NASA, the U.S. Navy, DARPA, the Department of Energy, and the Office of the Secretary of Defense as disclosed customers, contributing approximately 98% of 9M FY2026 revenue of $3.9M. The company complements this with NRE and engineering sample revenue from prospective commercial customers, distributed via a partnership with Thorlabs and direct enterprise engagement by senior leadership. As of mid-2026, Aeluma is in the pre-commercial stage, with 30+ potential customers testing prototypes, 6 new development contracts totaling $5M in FY2026, and a full-year FY2026 revenue guidance range of $4.2M-$4.6M. Go-to-market is enterprise field sales and event-driven (conferences such as OFC, SPIE, LD Micro, ROTH), supported by 36 issued and pending patents, 7 issued patents, and trade secret protection around the pocket heteroepitaxy process.

Target end markets span AI data center interconnects, mobile and consumer electronics (SWIR sensing, AR/VR, facial recognition), defense and aerospace, automotive LiDAR and robotics, quantum computing, and high-speed datacom/telecom, with the silicon photonics market projected to reach $9.65B by 2030 at 29.5% CAGR per third-party estimates. The company reported a $5.1M net loss for 9M FY2026 versus a $2.2M loss in the prior-year period, with $37.8M in cash and equivalents at March 31, 2026 following a $23.4M follow-on offering, and a $50M ATM facility available for further capital raises. Market capitalization as of April 2026 ranged $230-300M with a 52-week stock range of $5.79-$25.88 and a consensus analyst price target of $25.33, reflecting option-value pricing on commercial conversion rather than current revenue.

Name

Aeluma

Legal name

Aeluma, Inc.

Website

https://aeluma.com

Company type

Public

Founded year

2020

Operating status

Operating

Headcount range

11–50 employees

Short description

Aeluma is a public semiconductor company that integrates InP and GaAs compound semiconductors onto 12-inch silicon wafers using proprietary pocket heteroepitaxy, producing SWIR photodetectors, quantum dot lasers, and photonic devices for AI data center, mobile, defense, and quantum applications.

Ownership category

akta.pro rank

Product category

Compound Semiconductor Devices

NAICS

Semiconductor and Related Device Manufacturing (334413), Semiconductor and Other Electronic Component Manufacturing (33441)

SIC

Semiconductors & Related Devices (3674), Optical Instruments & Lenses (3827)

akta.pro primary industry

Optoelectronic / Photonics Foundries (Silicon Photonics/LED/Laser) (HDAHACAG)

akta.pro secondary industries

Optoelectronic Emitters (LED/Laser/VCSEL) (HDAHALAL), Optoelectronics & Photonics (LED/Laser/Optical ICs) (HDAHAAAH), Compound Semiconductor Wafers & Substrates (SiC/GaN/GaAs/InP/Sapphire) (HDAHAGAB)

Keywords

• Compound semiconductors
• Silicon photonics
• SWIR photodetectors
• Quantum dot lasers
• Heterogeneous integration

Headquarters

HQ city

Goleta

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Personnel, Operations, Supply Chain, Infrastructure, Marketing or Sales

Revenue model

1. Government R&D contracts: Primary revenue stream. Aeluma draws revenue from firm-fixed-price and cost-reimbursement contracts with U.S. government agencies (NASA, U.S. Navy, U.S. Department of Energy, DARPA, Office of the Secretary of Defense) and prime contractors. Revenue is recognized over time as services are performed or at delivery milestones. For 9M FY2026, government contracts contributed approximately $3.8M of $3.9M total revenue (98% mix). Contracts include both R&D services and delivery of materials.
2. Commercial product and service contracts: Revenue from multiple customers for R&D-related services and small-volume orders. Company is beginning to take initial sales orders, receive pricing requests, and engage with over 30 potential customers testing prototypes. Commercial partnership with Thorlabs. Product roadmap targets high-volume mobile, AI infrastructure, defense, aerospace, and quantum markets. Q3 FY2026 commercial revenue was $41K vs $201K prior period.
3. Non-recurring engineering (NRE) and engineering sample evaluations: Revenue from NRE development efforts, engineering sample evaluations, and small-volume wafer/chip deliveries to support customer qualification of Aeluma's compound semiconductor platform prior to volume production.

Pricing tiers

Go-to-market motion4 records

Distribution channels3 records

Marketing channels6 records

Core offering

Aeluma designs and manufactures high-performance compound semiconductor optoelectronic devices — SWIR photodetectors, photodetector arrays, quantum dot lasers, high-speed photodiodes, and III-V image sensors — using its proprietary heterogeneous integration process that bonds III-V materials (InP, GaAs) onto large-diameter (12-inch) silicon CMOS-compatible wafers. The company is fab-light, performing R&D and prototyping in a 9,000 sq. ft. Goleta, California cleanroom and scaling volume production through foundry partners Tower Semiconductor, Sumitomo Chemical Advanced Technology, and AIM Photonics.

Product overview

Aeluma offers a single underlying heterogeneous integration technology platform that combines III-V compound semiconductors with mainstream silicon CMOS manufacturing. From this core platform, Aeluma derives a portfolio of named products including SWIR photodetectors, photodetector arrays, quantum dot lasers, high-speed photodiodes, and III-V image sensors, targeting markets such as mobile, defense, automotive, AI infrastructure, data communications, and sensing/imaging. The platform-plus-derived-devices architecture means the products listed are not independent offerings but variants enabled by the same III-V-on-silicon integration approach.

Differentiator

Problem solved

Functional benefit

Products and services

• Compound Semiconductor Technology Platform Core heterogeneous integration platform that combines III-V compound semiconductors (InP, GaAs) with silicon CMOS manufacturing, enabling Aeluma's portfolio of photodetectors, lasers, and image sensors. Used as the foundation for SWIR sensing and quantum dot laser products targeting mobile, AI data center, defense, automotive, and quantum customers.
• SWIR Photodetectors Short-wave infrared (SWIR) photodetectors built on Aeluma's III-V-on-silicon platform, targeting sensing and imaging applications in mobile devices, defense, aerospace, and high energy physics.
• Photodetector Arrays Array-format photodetectors leveraging Aeluma's heterogeneous integration technology for imaging and sensing systems.
• Quantum Dot Lasers Quantum dot laser devices designed to be integrated with silicon photonics for high-volume laser source production in telecom, data center, and AI infrastructure. NASA awarded Aeluma a contract in April 2026 to advance integrated quantum dot lasers for data communication and sensing.
• High-Speed Photodiodes
• III-V Image Sensors III-V-based image sensors that leverage Aeluma's heterogeneous integration technology, intended for advanced imaging applications.
• Aluminum Gallium Arsenide (AlGaAs) Nonlinear Materials

Quantifiable outcome

• Wafer runs at foundry partners increased nearly fivefold year-over-year
• +7 more outcomes

Named customers7 records

Segments6 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature7 records

Partnerships

Nine partnerships are on record, tiered flagship, minor and core.

• Tower SemiconductorflagshipStrategic or Co-development Partner · 13 May 2026Manufacturing partnership announced in 2026 to enable wafer production and fabrication development. Aeluma's $4M+ U.S. government contracts will fund work with Tower Semiconductor to scale heterogeneous integration platform for quantum materials, lasers, and high-speed datacom. Aeluma relies on Tower for production-scale fabrication of compound semiconductor devices.
• Sumitomo Chemical Advanced TechnologyflagshipStrategic or Co-development Partner · 13 May 2026Manufacturing partnership announced in 2026 alongside Tower Semiconductor. Supports wafer production and fabrication development for Aeluma's heterogeneous integration platform targeting quantum materials, lasers, AI infrastructure, and defense applications.
• Freedom Capital MarketsminorOthers · 31 March 2026Initiated coverage of Aeluma with a buy rating and a price target of $23.00 on March 31, 2026, citing proprietary heteroepitaxy process that enables significant cost reductions for SWIR sensors. Part of Aeluma's sell-side analyst coverage program.
• Benchmark Company (David Williams, semiconductor analyst)minorOthers · 18 December 2025Scheduled fireside chat with Aeluma's CEO and CFO on December 18, 2025 with Benchmark Company semiconductor analyst David Williams. Part of Aeluma's investor relations and analyst coverage program.
• U.S. Department of EnergycoreStrategic or Co-development Partner · 13 February 2024Government R&D partner. Funding award received February 13, 2024 to develop high-sensitivity photodetectors for high energy physics experiments and commercial applications. Aeluma leverages its large-scale semiconductor technology to enhance performance and cost-effectiveness of detectors.
• NASA (National Aeronautics and Space Administration)coreStrategic or Co-development PartnerGovernment R&D partner. NASA award received in April 2026 for integrated quantum dot laser platform for data communication and sensing applications. Provides non-dilutive funding. Aeluma references strategic partnerships with NASA, DARPA, and the Department of Energy on its technology pages.
• DARPA (Defense Advanced Research Projects Agency)coreStrategic or Co-development PartnerGovernment R&D partner. Existing R&D contract remains a significant source of revenue. CEO Jonathan Klamkin previously received DARPA Young Faculty Award and DARPA Director's Fellowship. Strategic partnership referenced on Aeluma website.
• ThorlabscoreChannel Partner/ Reseller/ DistributorCommercial partnership secured to position Aeluma's compound semiconductor technology for distribution into AI, quantum computing, and LiDAR markets. Aeluma has begun taking sales orders and receiving increased pricing requests through this commercial channel.
• AIM PhotonicsminorStrategic or Co-development PartnerTechnology validation partner. Mentioned alongside Tower Semiconductor as part of Aeluma's partnerships that have validated its technology. Provides access to integrated photonics manufacturing capabilities.

Scale indicators13 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Tower Semiconductor: Specialty foundry offering RF, analog, and silicon photonics process platforms. Tower is both Aeluma's manufacturing partner and a peer in offering III-V and silicon photonic integrated circuit manufacturing capabilities to the same customer base.
• IQE plc: Largest global merchant supplier of compound semiconductor wafers (GaAs, InP, GaN, SiC). Directly comparable to Aeluma's upstream compound semiconductor substrate activity, serving wireless, photonics, and sensing end-markets.
• SLD Laser (Kyocera): Developer of GaN-based laser light sources, co-founded by Aeluma director Steven DenBaars and Nobel Laureate Shuji Nakamura. Directly comparable technology heritage and overlap in laser/photonic devices for automotive, LiDAR, and specialty applications.

Broad incumbents

• Coherent Corp: Largest InP and compound semiconductor器件 manufacturer with deep presence in datacom lasers, photodetectors, and 3D sensing. Competes with Aeluma across SWIR sensing, AI datacom, and consumer photonics end-markets but operates a fully vertically integrated InP fab model.
• Lumentum: Leading InP laser and photonic器件 supplier for datacom, 3D sensing, and industrial laser markets. Lumentum serves the same AI datacom and consumer photonics customers as Aeluma with established InP manufacturing scale and OEM relationships.
• Broadcom: Dominant supplier of silicon photonics optical interconnect ICs (DSPs, transceivers) for AI data centers. Competes with Aeluma at the system level for AI datacom optical interconnect dollars, with established hyperscaler design wins.
• GlobalFoundries: Major semiconductor foundry with silicon photonics (GF Fotonix) and RF/compound semiconductor offerings. Competes with Aeluma for photonic integrated circuit manufacturing business and has the customer relationships and scale to absorb large-volume orders.
• Marvell Technology: Through its Inphi acquisition, Marvell is a leading supplier of silicon photonics DSPs and PAM4 optical interconnect solutions for AI/cloud data centers. Competes with Aeluma's quantum dot laser and high-speed photodetector portfolio at the data center interconnect level.

Emerging players

• Akoustis Technologies: Semiconductor company developing RF filter products using proprietary piezoelectric materials. Connected to Aeluma through co-founder/board member Jeffrey Shealy and Steven DenBaars, with similar emerging-public-company profile and government/defense customer mix.
• LightPath Technologies: Manufacturer of optical components and assemblies including infrared optics, lenses, and photonic modules. Comparable as a small-cap photonic components supplier serving defense, industrial sensing, and datacom markets, though focused on optics rather than semiconductor devices.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/Aeluma_Inc
• LinkedInlinkedin.com/company/aeluma
• Instagraminstagram.com/aeluma.inc

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries2 records

Funding overview

Funding rounds5 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Aeluma