MaxLinear, Inc. Q3 2026 Earnings Recap

MaxLinear shares fell 2.8% after earnings, a roughly flat reaction. Revenue growth and a higher full-year optical data-center outlook were offset by the transcript’s lack of detail on Q4 guidance, leaving the near-term outlook difficult to assess from the available remarks.

Key Takeaways

• Q3 revenue grew 72% year over year, according to the CEO, with infrastructure revenue up 210%; infrastructure is now larger than the company’s other revenue categories combined.
• MaxLinear raised its 2026 optical data-server revenue outlook to $250 million–$270 million and cited bookings visibility extending beyond 2027.
• Keystone, its 100G-per-lane PAM4 SerDes, is ramping in high-volume production across multiple hyperscalers. Rushmore qualification programs are advancing toward production deployments in 2027.
• Washington and Anapurna are expected to begin generating revenue in 2027, with a stronger volume ramp in 2028; the XGS-PON inter-data-center design win has completed qualification, with first deployments expected in 2027.
• Panther revenue is expected to roughly double in 2026, with potential for another meaningful increase in 2027.