The Epiwafer Monopoly: The Complete Series

Two parts. The only scaled non-TSMC epiwafer supplier for compound semiconductors at MACOM's price

The complete IQE thesis.

IQE (IQEPF) is the world's largest independent epiwafer foundry for compound semiconductors. It is the supplier behind every credible non-TSMC GaAs / InP / VCSEL ramp, the only scaled merchant alternative as MACOM, Broadcom, and Qorvo race to secure capacity. MACOM just paid £45M for a slice of that capacity. This page tracks every post, in order.

Last updated: May 12th, 2026

—

CORE THESIS

Part 1 — The Epiwafer Monopolist Nobody Wanted to Own

The setup. Why every compound-semiconductor program in the West routes through one Welsh fab. Capacity math, customer concentration math, the multiple the market refuses to pay.

Part 2 — MACOM's £45M Buy Tells You What the Market Missed

The Newport facility carve-out, what £45M actually buys, the supply agreement structure, the read-across to the rest of the customer book. Why a buyer who already controls a fab paid this price to lock down more.

Part 3 - The Second Customer to Lock the Foundry

Tower Semiconductor becomes the second anchor to commit, and what the structure of that signing says about a re-rate that is not a recovery.

—

ONGOING COVERAGE

—

PORTFOLIO UPDATES MENTIONING IQE

April 16, 2026 — Portfolio Update

—

Read Part 1 first if you are new.

Read the most recent ongoing coverage post if you are caught up.