Mizuho: CPO and 800V Deployment On Track for 2028-2029, Spectrum-X to Ramp in 2027

According to Mizuho Securities research on June 17, concerns about co-packaged optical (CPO) production delays and 800V direct current deployment setbacks are unfounded. Both technology roadmaps are proceeding on schedule, with mass production expected between 2028 and 2029. Mizuho raised optical engine (OE) shipment forecasts driven by Nvidia's CPO switch (3.2T Spectrum-X) demand in 2027.

On technology, Mizuho identified InP DFB lasers as the long-term mainstream direction for CPO, naming SIVE as a key beneficiary. The firm projected 800VDC data center deployments to begin in 2027 with expanded penetration in 2028. Nvidia's senior vice president of networking previously confirmed Spectrum-X production and customer shipments will proceed as scheduled in the second half of 2026.