Shawarma Capital

Shawarma Capital

The Epiwafer Monopoly: The Complete Series

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

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Shawarma Capital
May 12, 2026
∙ Paid

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 eve…

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