Coherent hits its capacity-doubling target ahead of schedule. The 6-inch InP transition is now paying off, fueling 1.6T module and OCS revenue, while CPO developed in deep partnership with NVIDIA starts contributing revenue in late 2026.

Coherent turned "AI scales on optics" into financial results: accelerating revenue, gross margin up in eight of nine quarters, and leverage down to 0.7x. The real variable is not demand but how fast 6-inch InP capacity ramps.