MaxLinear (MXL) Shares Soar 80% Fueled by Surging Data Center Revenue

TLDR

• MXL shares skyrocketed approximately 80% to $61.52 on Friday, marking their largest-ever one-day gain.
• Q1 adjusted earnings per share were $0.22, exceeding the consensus estimate of $0.18.
• Revenue totaled $137.2 million, a 43% increase compared to the previous year.
• Infrastructure revenue expanded by 136% year-over-year, becoming the company’s largest business segment.
• Q2 revenue guidance of $160 million to $170 million far surpassed Wall Street’s expectation of $137.1 million.

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(SeaPRwire) –   MaxLinear experienced a Friday that is the envy of most corporations. Its stock price jumped about 80% to $61.52, setting a course for its record single-day percentage increase and its highest closing price since 2022.

MaxLinear, Inc., MXL

The driving force was a first-quarter earnings report that exceeded forecasts in every category. Adjusted EPS was $0.22, topping the $0.18 analyst consensus. Revenue came in at $137.2 million, a 43% rise from the year-ago quarter.

$MXL Q1’26 EARNINGS HIGHLIGHTS

Revenue: $137.2M (Est. $134.56M)
EPS: $0.22 (Est. $0.18)

Q2 Guide:
Revenue: approx. $160M to $170M
Non-GAAP Gross Margin: approx. 58.0% to 61.0%
Non-GAAP OpEx: approx. $61M to $66M
Non-GAAP Interest & Other Expense: approx.…

— Wall St Engine (@wallstengine) April 23, 2026

However, the figure that truly captured Wall Street’s focus was the 136% annual growth in infrastructure revenue. Fueled by optical data-center platforms, this segment has now surpassed broadband to become the company’s biggest for the first time.

On a Thursday earnings call, CEO Kishore Seendripu stated that the company’s Keystone optical transceiver platform is “ramping at multiple major high-scale customers across both the U.S. and Asia.”

Guidance Blows Past Estimates

For the second quarter, MaxLinear provided net revenue guidance of $160 million to $170 million. This is significantly higher than the $137.1 million Wall Street had anticipated. The management team also increased its full-year 2026 optical data-center revenue forecast by $40 million, now aiming for $150 million to $170 million.

Needham analyst N. Quinn Bolton remarked that the shift toward infrastructure is expected to compel investors to value the stock at a higher multiple. “We expect this gap to widen over the next few years on robust data center demand,” he wrote.

Needham upgraded MXL to a Buy rating with a $60 price target, derived from 25 times its 2028 non-GAAP EPS estimate of $2.35. Susquehanna increased its target to $45 from $30, maintaining a Neutral rating. Stifel reaffirmed its Buy rating and raised its target to $49 from $34.

Susquehanna analyst Christopher Rolland described the report as “the constructive update that many had been hoping for.”

Where the Stock Stands Now

Friday’s surge has propelled MXL shares approximately 250% higher year-to-date and roughly 500% over the last twelve months. The stock is currently trading close to its 52-week peak.

At present prices, MXL is valued at about 43.6 times its projected earnings for the next twelve months. This is double its valuation multiple from a year ago, yet it remains below that of larger competitors such as Lumentum and Ciena.

According to InvestingPro data, ten analysts have raised their earnings estimates for the upcoming period. The consensus now predicts fiscal 2026 EPS of $0.91—a dramatic recovery from a loss of $1.58 per share over the preceding twelve months.

Stifel pointed out that Q1 revenue was 1.6% above its own projection, reinforcing its confidence in the Buy rating.