TrendForce：英伟达与博通开始量产CPO交换机，光学引擎良率与先进封装产能成为扩产关键瓶颈
TrendForce最新研究显示，英伟达已开始向特定合作伙伴出货下一代Spectrum-X CPO交换机，博通也在推进相关产品。光学引擎良率与先进封装产能成为扩产关键瓶颈。
原文深度解读
TrendForce最新研究显示，英伟达已开始向特定合作伙伴出货下一代Spectrum-X CPO交换机，博通也在推进其51.2T Bailly CPO交换机的量产，标志着共封装光学（CPO）正式进入量产阶段。文章指出，光学引擎、硅光子芯片和先进封装等关键组件的供应能力将成为未来扩产速度的主要决定因素。TrendForce识别出三大供应瓶颈：光学引擎的制造良率与热管理、硅光子晶圆制造与封装的精度和可靠性、以及先进封装与AI芯片和HPC处理器争夺2.5D/3D封装资源。供应链压力导致厂商策略分化：部分云巨头通过长期采购和战略投资锁定供应，英伟达深化与台积电的联盟，谷歌等则自研光学组件。TrendForce认为垂直整合将成为主流，控制硅光子设计、光学引擎制造和先进封装的公司将在2027-2028年CPO交换机放量中占据优势。
- 英伟达已开始向特定合作伙伴出货下一代Spectrum-X CPO交换机，该交换机由英伟达与台积电联合开发，采用台积电的COUPE先进封装技术，交换容量高达400 Tb/s，产能预计在2026年下半年进一步扩大。
- 博通正在继续限量出货其51.2T Bailly CPO交换机，该产品已进入量产阶段，并得到台达电子和Micas Networks的支持；与传统的可插拔光收发器相比，功耗降低高达70%，并已在Meta等超大规模运营商完成部署验证。
- TrendForce指出，光学引擎、硅光子芯片和先进封装等关键组件的供应能力将成为未来生产扩张速度的主要决定因素。
- 光学引擎集成激光器、调制器、光电探测器和光学耦合组件，制造良率和热管理要求高，限制了量产供应商数量。
- 硅光子晶圆制造和先进封装需要极高的精度和可靠性，产能建设周期长，短期内难以灵活增加供应。
- CPO交换机对COUPE等先进封装技术的依赖，使其与AI芯片和高性能计算处理器争夺相同的2.5D/3D封装资源，进一步收紧供应。
供应链影响
- 光学引擎的良率和热管理能力可能成为CPO交换机扩产的关键限制因素，供应商数量有限可能影响整体出货量。
- 硅光子晶圆制造和封装的产能建设周期长，短期内供应弹性可能较低，取决于厂商提前布局的产能。
- 先进封装资源的竞争可能加剧，CPO交换机与AI芯片、HPC处理器争夺2.5D/3D封装产能，可能导致封装产能分配紧张。
- 云超大规模厂商的长期采购协议和战略投资可能改变上游硅光子供应商的客户结构，影响供应链稳定性。
- 垂直整合趋势可能使具备硅光子设计、光学引擎制造和先进封装能力的厂商在2027-2028年市场放量时占据优势，但具体影响取决于技术成熟度和产能扩张速度。
系统解读，仅作为判断线索，不构成备货、出货、涨价或投资建议。
TrendForce对光通信行业的最新研究显示，英伟达已开始向特定合作伙伴出货其下一代Spectrum-X CPO交换机。与此同时，博通正在继续限量出货其51.2T Bailly CPO交换机，标志着共封装光学（CPO）正式进入量产阶段。
包括光学引擎、硅光子芯片和先进封装在内的关键组件的供应能力，预计将成为决定未来生产扩张速度的主要因素。
TrendForce指出，Spectrum-X CPO交换机由英伟达与台积电联合开发，采用台积电的COUPE先进封装技术，交换容量高达400 Tb/s。产能预计将在2026年下半年进一步扩大。
博通的51.2T Bailly CPO交换机已进入量产阶段，并得到台达电子和Micas Networks的支持。与传统的可插拔光收发器相比，该解决方案功耗降低高达70%，并已在Meta等超大规模运营商完成部署验证。
CPO通过将光学组件直接集成在交换机ASIC周围，显著提高了电源效率，已成为下一代高带宽交换机的领先架构。然而，TrendForce识别出三大供应侧瓶颈，可能限制市场扩张。
第一个瓶颈是光学引擎，它将激光器、调制器、光电探测器和光学耦合组件集成到一个高度复杂的模块中。高制造良率和有效的热管理至关重要，这限制了量产供应商的数量。
第二个瓶颈在于硅光子（SiPh），其晶圆制造和先进封装需要极高的精度和可靠性。产能建设周期长，导致短期内增加供应的灵活性很小。
第三个挑战是先进封装。随着CPO交换机越来越依赖COUPE等技术，它们必须与AI芯片和高性能计算（HPC）处理器直接竞争相同的2.5D/3D封装资源，进一步收紧供应。
供应链压力正导致厂商策略明显分化。一些云超大规模厂商通过长期采购协议锁定供应，并对上游硅光子供应商进行战略投资。与此同时，英伟达正在深化与台积电的联盟，后者控制着先进封装产能，以推动垂直整合。其他公司，如谷歌，则转向内部开发光学组件，完全减少对外部供应商的依赖。
TrendForce认为，垂直整合正成为默认策略。能够内部掌控硅光子设计、光学引擎制造和先进封装的厂商，将在2027-2028年CPO交换机市场放量时占据最佳位置。
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TrendForce's latest research on the optical communications industry reveals that NVIDIA has begun shipping its next-generation Spectrum-X CPO switch to select partners. Meanwhile, Broadcom is continuing limited shipments of its 51.2T Bailly CPO switch, marking the official transition of co-packaged optics (CPO) into the mass production phase.
The supply capacity of key components, including optical engines, silicon photonics chips, and advanced packaging, is expected to become the primary factor determining the pace of future production expansion.
TrendForce notes that the Spectrum-X CPO switch—jointly developed by NVIDIA and TSMC—utilizes TSMC's COUPE advanced packaging technology and delivers up to 400 Tb/s of switching capacity. Production capacity is expected to expand further during the second half of 2026.
Broadcom's 51.2T Bailly CPO switch has entered volume manufacturing with support from Delta Electronics and Micas Networks. Compared with conventional pluggable optical transceivers, the solution reduces power consumption by up to 70% and has already completed deployment validation with hyperscale operators such as Meta.
CPO significantly improves power efficiency by integrating optical components directly around the switch ASIC, and has emerged as the leading architecture for next-gen high-bandwidth switches. However, TrendForce identifies three major supply-side bottlenecks that could constrain market expansion.
The first is the optical engine, which integrates lasers, modulators, photodetectors, and optical coupling components into a highly complex module. High manufacturing yields and effective thermal management are essential, limiting mass production to only a small number of suppliers.
The second bottleneck lies in silicon photonics (SiPh), where wafer fabrication and advanced packaging require extremely high levels of precision and reliability. Long capacity build-out cycles leave little flexibility to increase supply in the near term.
The third challenge is advanced packaging. As CPO switches become increasingly dependent on technologies such as COUPE, they must compete directly with AI chips and high-performance computing (HPC) processors for the same 2.5D/3D packaging resources, further tightening supply availability.
Supply chain pressure is driving a clear split in vendor strategy. Some cloud hyperscalers are locking in supply via long-term procurement deals and taking strategic stakes in upstream silicon photonics suppliers. NVIDIA, meanwhile, is deepening its alliance with TSMC, which controls advanced packaging capacity, to push toward vertical integration. Others, like Google, are moving to develop optical components in-house, cutting reliance on outside suppliers altogether.
TrendForce believes vertical integration is becoming the default playbook. Vendors that can control silicon photonics design, optical engine manufacturing, and advanced packaging in-house will be best positioned to lead once the CPO switch market hits its volume ramp in 2027–2028.
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