NEURACAP
Sector ReportSep 28, 2026 · 20 pages · Free to read

Semiconductor Design and IP Sector Outlook — September 2026

NeuraCap's Semiconductor Design and IP sector outlook: who plays, how the market prices them, what has transacted, and what it means for owners, operators and acquirers.

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Key figures

8.0x
Sector median EV/Revenue
12.8x
Premium end EV/Revenue vs 4.4x at the discount end
6
Transactions with disclosed terms

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INFORMATION TECHNOLOGY › SEMICONDUCTORS AND SEMICONDUCTOR EQUIPMENT › SEMICONDUCTOR DESIGN AND IP

Semiconductor Design and IP: Design and IP Businesses Carry Distinct Value Profiles

The report shows how growth, reusable IP economics and ecosystem position distinguish forward pricing across the peer set.

September 2026 · Prepared by NeuraCap AI · Confidential

Market data as of 2026-09-28 · primary valuation basis EV / Revenue (CY2027E)

Semiconductor Design and IP Coverage | September 2026 | Confidential | Not investment advice

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Executive summary

Semiconductor Design and IP contains two distinct models: a broad fabless silicon and accelerator group and a smaller set of adjacent design businesses. Forward pricing is higher for faster-growing names, but the spread also sits alongside differences in recurring license mix, royalty duration, reusable IP and ecosystem position.

Key findings

  • Adjacent Design Models Sit Above Fabless Platforms
  • Faster Growth Travels With Higher Forward Pricing
  • The Premium and Discount Ends Carry a Wide Forward Pricing Gap
  • Revenue Quality Carries More Weight While Earnings Coverage Is Thin

What each page shows

The analyst’s walkthrough of the deck, page by page.

  1. 01

    INFORMATION TECHNOLOGY › SEMICONDUCTORS AND SEMICONDUCTOR EQUIPMENT › SEMICONDUCTOR DESIGN AND IP

    INFORMATION TECHNOLOGY › SEMICONDUCTORS AND SEMICONDUCTOR EQUIPMENT › SEMICONDUCTOR DESIGN AND IP.

    Cover — Semiconductor Design and IP sector insights, September 2026. Prepared by NeuraCap AI; market data as of 2026-09-28; primary valuation basis EV / Revenue (CY2027E). The framing line carries the deck's finding with the figures stripped. 1

    Everything on this page

    INFORMATION TECHNOLOGY › SEMICONDUCTORS AND SEMICONDUCTOR EQUIPMENT › SEMICONDUCTOR DESIGN AND IP Semiconductor Design and IP: Design and IP Businesses Carry Distinct Value Profiles The report shows how growth, reusable IP economics and ecosystem position distinguish forward pricing across the peer set. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / Revenue (CY2027E) Semiconductor Design and IP Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

  2. 02
    CONTENTS

    What This Report Covers

    What This Report Covers.

    Contents — the report runs 5 numbered sections plus the appendix: the bottom line, the landscape, valuation & situations, precedent transactions, strategic implications. The Bottom Line comes first by design: a reader who stops after section 01 still leaves with the whole story. 2

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    CONTENTS What This Report Covers 01 The Bottom Line Two Models Frame Value 02 The Landscape Business Model Shapes the Valuation Context 03 Valuation & Situations Forward Pricing Leaves a Wide Gap 04 Precedent Transactions Precedent Transactions Reward Different Forms of Strategic Fit 05 Strategic Implications Conversion, Reuse and Resilience Frame the Value Agenda 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Semiconductor Design and IP Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

  3. 03
    01 · THE BOTTOM LINE

    Semiconductor Design and IP Splits Between Fabless Platforms and Higher-Priced Adjacent Design Models

    Semiconductor Design and IP Splits Between Fabless Platforms and Higher-Priced Adjacent Design Models.

    Semiconductor Design and IP Splits Between Fabless Platforms and Higher-Priced Adjacent Design Models The full story on one page · figures on EV / Revenue (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / Revenue on CY2027E consensus (9 of 11 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners price this industry on EV / Revenue rather than P / E; validated coverage supports the industry standard (10 of 11 companies), so this report follows it. Qualitative characterisations are NeuraCap views. 3

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    01 · THE BOTTOM LINE Semiconductor Design and IP Splits Between Fabless Platforms and Higher-Priced Adjacent Design Models The full story on one page · figures on EV / Revenue (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / Revenue on CY2027E consensus (9 of 11 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners price this industry on EV / Revenue rather than P / E; validated coverage supports the industry standard (10 of 11 companies), so this report follows it. Qualitative characterisations are NeuraCap views. Semiconductor Design and IP Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 Adjacent Design Models Sit Above Fabless Platforms Across 2 adjacent-model names, the middle of the range is 10.4x. Across 7 rated fabless silicon and accelerator platforms, it is 7.0x. 2 Faster Growth Travels with Higher Forward Pricing Across 5 names at or above 17% growth, the middle of the range is 8.8x. The 4 names below that growth level sit at 6.8x. 3 The Premium and Discount Ends Carry a Wide Forward Pricing Gap Across 3 names at the premium end, the middle of the range is 12.8x. Across 3 names at the discount end, it is 4.4x. 4 Revenue Quality Carries More Weight While Earnings Coverage Is Thin EV / Revenue is available for 9 of 11 companies, or 82%, while 2 of 11 have meaningful forward EBITDA. The revenue lens fits a set where recurring licenses, royalties and incremental margin potential matter before earnings coverage converges. 8.0x Sector median EV/Revenue CY2027E consensus · EV/Revenue is the lens because practitioners price this growth set on revenue 12.8x Premium end EV/Revenue vs 4.4x at the discount end top quartile (n=3) against bottom quartile (n=3) on EV/Revenue — the spread the report explains 6 Transactions with disclosed terms 30 recorded in this tier · 0 told as case studies, the full list in the appendix

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    SECTION 02

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    Section 02 of 06 — Business Model Shapes the Valuation Context. Recurring design workflows and reusable silicon IP create distinct revenue-quality profiles. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 4

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    SECTION 02 02 THE LANDSCAPE Business Model Shapes the Valuation Context Recurring design workflows and reusable silicon IP create distinct revenue-quality profiles. 02 of 06 Semiconductor Design and IP Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

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    02 · MARKET MAP

    Recurring Design Workflows Sit Apart from the Broader Fabless Set

    Recurring Design Workflows Sit Apart from the Broader Fabless Set.

    Recurring Design Workflows Sit Apart from the Broader Fabless Set 11 approved companies grouped by business segment · median EV / Revenue (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. 5

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    02 · MARKET MAP Recurring Design Workflows Sit Apart from the Broader Fabless Set 11 approved companies grouped by business segment · median EV / Revenue (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. Semiconductor Design and IP Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 FABLESS SILICON AND ACCELERATOR PLATFORMS 9 cos median 7.0x Broadcom (AVGO) QUALCOMM (QCOM) Astera Labs, (ALAB) Arteris (AIP) CEVA QuickLogic (QUIK) Atomera (ATOM) Nano Labs (NA) SEALSQ (LAES) This 9-company group spans reusable IP, silicon platforms and accelerator exposure, with value tied to design-win conversion and product longevity. ADJACENT MODELS 2 cos median 10.4x Cadence Design (CDNS) Synopsys (SNPS) These 2 companies bring recurring design workflows and deep customer integration into the sector frame.

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    02 · LANDSCAPE

    Adjacent Design Models Hold the Higher Forward Pricing Position

    Adjacent Design Models Hold the Higher Forward Pricing Position.

    Adjacent Design Models Hold the Higher Forward Pricing Position Segment view of the approved universe · EV / Revenue (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. 6

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    02 · LANDSCAPE Adjacent Design Models Hold the Higher Forward Pricing Position Segment view of the approved universe · EV / Revenue (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. Semiconductor Design and IP Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6 Segment n Share of universe Median EV/Revenue Names to know What they do — and why it matters Fabless silicon and accelerator platforms 9 82% 7.0x Broadcom Inc. (AVGO) · QUALCOMM Incorporated (QCOM) · +7 more Conversion quality separates outcomes. Across 7 rated names, the middle of the range is 7.0x. Design wins, royalty-bearing shipments, process-node portability and customer concentration shape the durability behind that pricing. Adjacent models 2 18% 10.4x Cadence Design Systems, Inc. (CDNS) · Synopsys, Inc. (SNPS) Workflow depth supports durability. Across 2 rated names, the middle of the range is 10.4x. Recurring design activity, verification closure and embedded customer workflows support a different revenue-quality profile.

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    SECTION 03

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    Section 03 of 06 — Forward Pricing Leaves a Wide Gap. Growth is associated with the spread, while conversion visibility and revenue durability remain central. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 7

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    SECTION 03 03 VALUATION & SITUATIONS Forward Pricing Leaves a Wide Gap Growth is associated with the spread, while conversion visibility and revenue durability remain central. 03 of 06 Semiconductor Design and IP Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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    03 · PUBLIC MARKET VALUATION

    Forward Pricing Leaves a Wide Gap Between the Premium and Discount Ends

    Forward Pricing Leaves a Wide Gap Between the Premium and Discount Ends.

    Forward Pricing Leaves a Wide Gap Between the Premium and Discount Ends EV / Revenue (CY2027E) · all 9 rated companies, sorted descending · sector median 8.0x · EV/Revenue is the lens because practitioners price this growth set on revenue · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / Revenue on CY2027E consensus (9 of 11 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners price this industry on EV / Revenue rather than P / E; validated coverage supports the industry standard (10 of 11 companies), so this report follows it. Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / Revenue (CY2027E) basis.

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    03 · PUBLIC MARKET VALUATION Forward Pricing Leaves a Wide Gap Between the Premium and Discount Ends EV / Revenue (CY2027E) · all 9 rated companies, sorted descending · sector median 8.0x · EV/Revenue is the lens because practitioners price this growth set on revenue · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / Revenue on CY2027E consensus (9 of 11 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners price this industry on EV / Revenue rather than P / E; validated coverage supports the industry standard (10 of 11 companies), so this report follows it. Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / Revenue (CY2027E) basis. Panel commentary is a NeuraCap view. Semiconductor Design and IP Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 12.8x CORE · median 8.0x DISCOUNT · median 4.4x Sector median 8.0x WHAT SEPARATES THE TWO ENDS The range stays wide. Across 3 names at either end, the premium-end middle is 12.8x versus 4.4x at the discount end. Growth is already credited. The forward multiple already reflects forecast growth. A spread that remains is consistent with differences in expected durability, conversion visibility and ecosystem position. Revenue quality still matters. Recurring license mix, royalty duration, reusable IP and customer concentration help frame why similar growth profiles can occupy different pricing positions.

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    03 · VALUATION DRIVERS

    Faster Growth Travels with Higher Forward Revenue Multiples

    Faster Growth Travels with Higher Forward Revenue Multiples.

    Faster Growth Travels with Higher Forward Revenue Multiples Median EV / Revenue (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=5; slower n=4; higher-margin n=0; lower-margin n=0). Driver readings are NeuraCap views on the supplied data — association, not causation. 9

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    03 · VALUATION DRIVERS Faster Growth Travels with Higher Forward Revenue Multiples Median EV / Revenue (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=5; slower n=4; higher-margin n=0; lower-margin n=0). Driver readings are NeuraCap views on the supplied data — association, not causation. Semiconductor Design and IP Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/Revenue, median per cohort · growth split at 17% · EBITDA-margin split at n/a The Growth Split Is Visible in Forward Pricing Among 5 names at or above 17% growth, the median EV / Revenue is 8.8x. Among 4 names below that level, it is 6.8x. Profitability Does Not Cleanly Order the Set Among the 4 names with a supplied margin, profitability spans higher and lower pricing positions. The limited base supports a cross-check rather than a broad conclusion. Reusable Economics Sharpen the Revenue Lens Design-win conversion, royalty duration and reuse across programs can distinguish durable revenue from project-led growth. Customer concentration and record-out risk can weaken that profile.

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    03 · SITUATION MAP

    Premium Names Focus on Defence While Discount Names Face Conversion Work

    Premium Names Focus on Defence While Discount Names Face Conversion Work.

    Premium Names Focus on Defence While Discount Names Face Conversion Work Cut on EV / Revenue vs the sector median (8.0x) (rows) and revenue growth vs the covered median (17%) (columns) · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. 10

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    03 · SITUATION MAP Premium Names Focus on Defence While Discount Names Face Conversion Work Cut on EV / Revenue vs the sector median (8.0x) (rows) and revenue growth vs the covered median (17%) (columns) · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. Semiconductor Design and IP Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Growth and Premium Aligned Above-median multiple · above-median revenue growth 3 names Broadcom Inc. (AVGO) · Astera Labs, Inc. Common Stock (ALAB) · Arteris, Inc. (AIP) Across 3 names, Broadcom Inc. (AVGO), Astera Labs, Inc. Common Stock (ALAB) and Arteris, Inc. (AIP) sit above both midpoints. The operating test is whether design-win conversion and product longevity can sustain that position. Premium with Slower Growth Above-median multiple · below-median revenue growth 2 names Cadence Design Systems, Inc. (CDNS) · Synopsys, Inc. (SNPS) Across 2 names, Cadence Design Systems, Inc. (CDNS) and Synopsys, Inc. (SNPS) pair higher pricing with lower growth. Recurring workflows and customer integration become central to defending durability. Growth Awaiting Recognition Below-median multiple · above-median revenue growth 2 names QuickLogic Corporation (QUIK) · SEALSQ Corp (LAES) Across 2 names, QuickLogic Corporation (QUIK) and SEALSQ Corp (LAES) pair higher growth with lower pricing. The key question is whether growth converts into repeatable licenses, royalties and broader customer adoption. Conversion and Value Gap Below-median multiple · below-median revenue growth 2 names QUALCOMM Incorporated (QCOM) · CEVA, Inc. (CEVA) Across 2 names, QUALCOMM Incorporated (QCOM) and CEVA, Inc. (CEVA) sit below both midpoints. Portfolio relevance, customer mix and conversion visibility frame the work needed to strengthen standing.

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    03 · THE AGENDA

    The Value Agenda Turns on Conversion, Reuse and Resilience

    The Value Agenda Turns on Conversion, Reuse and Resilience.

    The Value Agenda Turns on Conversion, Reuse and Resilience NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. 11

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    03 · THE AGENDA The Value Agenda Turns on Conversion, Reuse and Resilience NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. Semiconductor Design and IP Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 Deepen License-to-Royalty Conversion Focus product and customer resources on design wins with clearer record-out paths, longer product lives and visible royalty-bearing shipments. What changes the answer: Conversion improves across multiple customer programs rather than depending on one design win. Expand Reuse Across Programs Prioritize IP cores with process-node portability and application across several products, customers or end markets. What changes the answer: Reuse economics become visible through repeat deployment and lower incremental engineering effort. Strengthen Ecosystem Pull-Through Assess partnerships or build-versus-buy choices that deepen design enablement, verification closure and foundry ecosystem relevance. What changes the answer: Customer adoption broadens alongside deeper integration into design workflows. Reduce Concentration and Execution Exposure Balance customer, program and foundry dependencies while addressing assignment, field-of-use and export-control constraints. What changes the answer: Revenue visibility becomes less dependent on a limited set of programs or counterparties.

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    SECTION 04

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    Section 04 of 06 — Precedent Transactions Reward Different Forms of Strategic Fit. The transaction record spans design infrastructure, programmable silicon and communications assets. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 12

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    SECTION 04 04 PRECEDENT TRANSACTIONS Precedent Transactions Reward Different Forms of Strategic Fit The transaction record spans design infrastructure, programmable silicon and communications assets. 04 of 06 Semiconductor Design and IP Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12

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    04 · DEAL CASE STUDIES

    Precedent Transactions Span Design Infrastructure and Silicon Assets

    Precedent Transactions Span Design Infrastructure and Silicon Assets.

    Precedent Transactions Span Design Infrastructure and Silicon Assets 3 of 6 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 24 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 24 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed.

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    04 · DEAL CASE STUDIES Precedent Transactions Span Design Infrastructure and Silicon Assets 3 of 6 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 24 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 24 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. "Why the deal happened" is a NeuraCap read of the recorded evidence. Semiconductor Design and IP Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13 Aug-2024 n/a Marathon Oil Corporation acquires Tagore Technology Power GaN business EV / LTM revenue n/a EV / LTM EBITDA 3.4x WHY THE DEAL HAPPENED Marathon Oil Corporation moved for Tagore Technology Power GaN business in Aug-2024; the record shows it as announced. HOW THE TARGET WAS VALUED Terms were not fully disclosed; the transaction anchors the reference set rather than the price. Oct-2018 n/a Conexant acquires Globespan Virata EV / LTM revenue 0.7x EV / LTM EBITDA 8.8x WHY THE DEAL HAPPENED Conexant moved for Globespan Virata in Oct-2018; the record shows it as completed. HOW THE TARGET WAS VALUED Terms were not fully disclosed; the transaction anchors the reference set rather than the price. May-2018 n/a Siemens acquires Mentor Graphics EV / LTM revenue n/a EV / LTM EBITDA 23.6x WHY THE DEAL HAPPENED Siemens moved for Mentor Graphics in May-2018; the record shows it as completed. HOW THE TARGET WAS VALUED Terms were not fully disclosed; the transaction anchors the reference set rather than the price.

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    SECTION 05

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    Section 05 of 06 — Conversion, Reuse and Resilience Frame the Value Agenda. Owners can strengthen standing through operating choices that improve revenue quality and portfolio relevance. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 14

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    SECTION 05 05 STRATEGIC IMPLICATIONS Conversion, Reuse and Resilience Frame the Value Agenda Owners can strengthen standing through operating choices that improve revenue quality and portfolio relevance. 05 of 06 Semiconductor Design and IP Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14

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    05 · STRATEGIC IMPLICATIONS

    Owners Can Strengthen Value Through Better Conversion and More Reusable Revenue

    Owners Can Strengthen Value Through Better Conversion and More Reusable Revenue.

    Owners Can Strengthen Value Through Better Conversion and More Reusable Revenue NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. 15

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    05 · STRATEGIC IMPLICATIONS Owners Can Strengthen Value Through Better Conversion and More Reusable Revenue NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. Semiconductor Design and IP Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15 FOR OWNERS Choose Durability over Isolated Growth Direct capital toward reusable IP, recurring licenses and royalty streams with long product lives. Treat services-heavy expansion and concentrated programs as different quality of revenue. FOR MANAGEMENT Turn Design Wins into Repeatable Economics Align engineering capacity, customer selection and product roadmaps around faster conversion, broader reuse and lower dependence on individual record-outs. FOR BOARDS Test Where Ownership Adds Value Frame capital allocation and build-versus-buy decisions around ecosystem position, portfolio gaps, customer concentration and regulatory constraints.

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    SECTION 06

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    Section 06 of 06 — The Full Universe, Methodology and Sources. Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 16

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    SECTION 06 06 APPENDIX The Full Universe, Methodology and Sources Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. 06 of 06 Semiconductor Design and IP Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16

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    06 · PUBLIC COMPARABLES (1 OF 1)

    Public Comparables on EV / Revenue (CY2027E), Grouped by Valuation Tier

    Public Comparables on EV / Revenue (CY2027E), Grouped by Valuation Tier.

    Public Comparables on EV / Revenue (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/Revenue above the sector median (8.0x); amber marks below · 9 rated companies; 2 not rated (no eligible EV/Revenue) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 9 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. 17

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    06 · PUBLIC COMPARABLES (1 OF 1) Public Comparables on EV / Revenue (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/Revenue above the sector median (8.0x); amber marks below · 9 rated companies; 2 not rated (no eligible EV/Revenue) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 9 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. Semiconductor Design and IP Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17 Company Ticker Segment EV EV/Revenue (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥9.2x · median 12.8x · 3 companies Astera Labs, Inc. Common Stock ALAB Fabless silicon and accelerator platforms $59.0B 19.2x 61% 42% 103 Cadence Design Systems, Inc. CDNS Chip design and verification applications $91.8B 12.8x 13% 48% 62 Broadcom Inc. AVGO Fabless silicon and accelerator platforms $1709B 9.2x 59% 68% n/a CORE — 5.5x–9.2x · median 8.0x · 3 companies Arteris, Inc. AIP Fabless silicon and accelerator platforms $1.0B 8.8x 21% n/a 29 Synopsys, Inc. SNPS Semiconductor workflow and design infrastructure $88.3B 8.0x 11% 52% n/a QuickLogic Corporation QUIK Fabless silicon and accelerator platforms $196M 7.0x 17% n/a n/a DISCOUNT — <5.5x · median 4.4x · 3 companies CEVA, Inc. CEVA Fabless silicon and accelerator platforms $773M 5.5x 13% n/a n/a QUALCOMM Incorporated QCOM Fabless silicon and accelerator platforms $204B 4.4x 13% 32% n/a SEALSQ Corp LAES Fabless silicon and accelerator platforms $17M 0.4x 29% n/a n/a

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    06 · PRECEDENT TRANSACTIONS (1 OF 1)

    All Precedent Transactions with Disclosed Terms, Newest First

    All Precedent Transactions with Disclosed Terms, Newest First.

    All Precedent Transactions with Disclosed Terms, Newest First 6 transactions with disclosed terms in this tier (30 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 24 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 24 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. 18

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 1) All Precedent Transactions with Disclosed Terms, Newest First 6 transactions with disclosed terms in this tier (30 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 24 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 24 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. Semiconductor Design and IP Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Nov-2025 n/a → Arteris n/a 8.7x n/a The terminated Arteris transaction was recorded at 8.7x EV / Revenue. It provides a reference for reusable design IP, while its terminated status limits the weight placed on the outcome. Aug-2024 Marathon Oil Corporation → Tagore Technology Power GaN business n/a n/a 3.4x The announced transaction pairs Marathon Oil Corporation with the Tagore Technology Power GaN business at 3.4x EV / EBITDA. The pairing suggests interest in power semiconductor capability beyond conventional sector buyers. Oct-2018 Conexant → Globespan Virata n/a 0.7x 8.8x Conexant completed the acquisition of Globespan Virata at 0.7x EV / Revenue. The transaction shows how mature communications assets can be assessed on both revenue and earnings capacity. May-2018 Siemens → Mentor Graphics n/a n/a 23.6x Siemens completed the acquisition of Mentor Graphics at 23.6x EV / EBITDA. The transaction suggests strategic value in embedded design workflows and customer integration. Jun-2015 Intel Corporation → Altera Corporation n/a 7.7x 35.6x Intel Corporation announced the acquisition of Altera Corporation at 7.7x EV / Revenue and 35.6x EV / EBITDA. The benchmarks suggest value in programmable silicon, ecosystem reach and deeper customer roadmaps. n/a n/a → Arteris n/a 8.7x n/a The announced Arteris precedent reinforces buyer interest in design IP that can be reused across programs. License-to-royalty conversion and customer assignability remain important lenses for that model.

  19. 19
    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    Sources, Assumptions and Data Quality.

    Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. 19

    Everything on this page

    06 · METHODOLOGY Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. Semiconductor Design and IP Coverage | September 2026 | Confidential | Not investment advice 19 VALUATION BASIS Primary valuation basis: EV / Revenue on CY2027E consensus (9 of 11 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners price this industry on EV / Revenue rather than P / E; validated coverage supports the industry standard (10 of 11 companies), so this report follows it. EV / Revenue on CY2027E is the lead convention: it is the sector-appropriate prior for Semiconductor Design and IP and it clears the coverage gate with 9 of 11 companies (82%). EV / EBITDA is carried as a cross-check. A revenue lens is used rather than a profit multiple because the set is not consistently profitable on a forward basis (2 of 11 names with a meaningful EBITDA). DATA QUALITY & EXCLUSIONS 20 records were excluded or quarantined by the platform's validation gates (unit errors, implausible ratios, ineligible securities and classification failures); the full ledger ships in the companion tables and never feeds a statistic in this report. DEFINITIVE VS DIRECTIONAL Definitive content is disclosed or consensus data passed through stated arithmetic. Directional content — tier boundaries, situation cuts, "why it matters" commentary, the agenda pages — is NeuraCap analyst judgment and is labeled as such where it appears. WHAT THIS REPORT IS NOT This report characterises a sector. It does not recommend buying, selling or holding any security, and no statement in it should be read as investment advice or a price target. WHERE THE DATA LIVES 493 registered source documents stand behind the figures in this report. Metric hyperlinks throughout the deck open the specific filing or data record; by publisher: sec.gov (492) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

  20. 20

    In This Peer Set, Higher Forward Pricing Sits with Growth and Durable Revenue Quality.

    In This Peer Set, Higher Forward Pricing Sits with Growth and Durable Revenue Quality..

    Closing — In This Peer Set, Higher Forward Pricing Sits with Growth and Durable Revenue Quality. The companion tables beside this deck carry the full universe, the exclusion ledger and the complete source index for any figure a client wants to trace. 20

    Everything on this page

    In This Peer Set, Higher Forward Pricing Sits with Growth and Durable Revenue Quality. NeuraCap AI — Semiconductor Design and IP Coverage September 2026 · Prepared by NeuraCap AI · Confidential Semiconductor Design and IP Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20

Sources and methodology

This report covers Semiconductor Design and IP (Information Technology › Semiconductors and Semiconductor Equipment › Semiconductor Design and IP) with market data and consensus estimates as of September 28, 2026. The company universe is the 11 listed companies whose core business is Semiconductor Design and IP according to NeuraCap's industry classification of each company's reported business segments (a company is included only when this industry is central to what it does, not merely adjacent to it). Companies in the set: Arteris, Inc. (AIP), Astera Labs, Inc. Common Stock (ALAB), Atomera Incorporated (ATOM), Broadcom Inc. (AVGO), Cadence Design Systems, Inc. (CDNS), CEVA, Inc. (CEVA), SEALSQ Corp (LAES), Nano Labs Ltd (NA), QUALCOMM Incorporated (QCOM), QuickLogic Corporation (QUIK), Synopsys, Inc. (SNPS). The market map groups them by business vertical — Fabless silicon and accelerator platforms: 9 companies (AVGO, QCOM, ALAB, AIP, CEVA, QUIK, ATOM, NA, LAES); Adjacent models: 2 companies (CDNS, SNPS). 9 of the 11 companies carry a valid multiple on the primary valuation basis and form the rated set behind every cohort statistic; the others are shown but do not enter the statistics.

Scope and company universe

This report covers Semiconductor Design and IP (Information Technology › Semiconductors and Semiconductor Equipment › Semiconductor Design and IP) with market data and consensus estimates as of September 28, 2026. The company universe is the 11 listed companies whose core business is Semiconductor Design and IP according to NeuraCap's industry classification of each company's reported business segments (a company is included only when this industry is central to what it does, not merely adjacent to it). Companies in the set: Arteris, Inc. (AIP), Astera Labs, Inc. Common Stock (ALAB), Atomera Incorporated (ATOM), Broadcom Inc. (AVGO), Cadence Design Systems, Inc. (CDNS), CEVA, Inc. (CEVA), SEALSQ Corp (LAES), Nano Labs Ltd (NA), QUALCOMM Incorporated (QCOM), QuickLogic Corporation (QUIK), Synopsys, Inc. (SNPS). The market map groups them by business vertical — Fabless silicon and accelerator platforms: 9 companies (AVGO, QCOM, ALAB, AIP, CEVA, QUIK, ATOM, NA, LAES); Adjacent models: 2 companies (CDNS, SNPS). 9 of the 11 companies carry a valid multiple on the primary valuation basis and form the rated set behind every cohort statistic; the others are shown but do not enter the statistics.

What was excluded and why

20 records failed a validation gate and never feed a statistic in this report (1 excluded from universe; 18 excluded from aggregate; 1 quarantined). Each exclusion, with its reason: ARM — The security name identifies an instrument rather than an operating company (depositary\s+shares?) (effect: excluded from universe) · AIP — EBITDA is non-positive; EV/EBITDA is n/m (effect: excluded from aggregate) · AIP — EBITDA is non-positive; EV/EBITDA is n/m (effect: excluded from aggregate) · AIP — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · AIP — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · AIP — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · ATOM — EBITDA is non-positive; EV/EBITDA is n/m (effect: excluded from aggregate) · ATOM — Implied EBITDA margin -24787.7% outside the plausible band [-100%, 80%] (effect: quarantined) · ATOM — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · ATOM — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · ATOM — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · ATOM — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · CEVA — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · LAES — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · LAES — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · LAES — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · LAES — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · QUIK — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · QUIK — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · QUIK — Non-positive EPS; P/E is n/m (effect: excluded from aggregate)

Primary valuation basis and how it was chosen

Primary valuation basis: EV / Revenue on CY2027E consensus (9 of 11 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners price this industry on EV / Revenue rather than P / E; validated coverage supports the industry standard (10 of 11 companies), so this report follows it. EV / Revenue on CY2027E is the lead convention: it is the sector-appropriate prior for Semiconductor Design and IP and it clears the coverage gate with 9 of 11 companies (82%). EV / EBITDA is carried as a cross-check. A revenue lens is used rather than a profit multiple because the set is not consistently profitable on a forward basis (2 of 11 names with a meaningful EBITDA). The basis is selected in two steps: the industry's customary valuation conventions set the order of preference, and each convention is then tested for coverage — the share of companies with a valid, plausibility-checked multiple on the chosen period. A convention is used only when enough companies carry it; the best-covered convention is used, and disclosed, when none clears the threshold. Coverage measured for this report — EV / EBITDA: 3 of 11 companies; EV / rEVenue: 10 of 11 companies; P/E: 8 of 11 companies. 2 companies show a non-meaningful P / E denominator and are excluded from that statistic.

How the multiples and statistics are computed

Enterprise value (EV) is market capitalisation at the as-of date plus total debt minus cash and equivalents from the latest reported balance sheet, reconciled against the platform's stored value and disclosed where the two differ. Forward multiples divide EV (or the share price for P/E) by the consensus estimate for the stated calendar period; trailing multiples use the last twelve months of reported figures from SEC filings. A multiple with a negative or immaterial denominator is treated as not meaningful and excluded from every statistic. Cohort statistics are medians and quartiles over the rated set only; a group median with fewer than three observations is shown as the single company's figure and labelled as such. Valuation tiers cut the rated set at its quartiles (tiers cut at the rated set's quartiles: Premium ≥9.2x, Core 5.5x–9.2x, Discount <5.5x — NeuraCap groupings). Revenue growth compares consecutive calendar-year consensus revenue; EBITDA margin divides consensus EBITDA by consensus revenue for the same period. Figures shown in this report and the calculation behind each: 8.0x = median(ev_revenue CY2027E) (9 rated companies) · 12.8x = median(ev_revenue CY2027E) within Premium tier (n=3) · 8.0x = median(ev_revenue CY2027E) within Core tier (n=3) · 4.4x = median(ev_revenue CY2027E) within Discount tier (n=3) · 8.8x = median(ev_revenue CY2027E) | growth ≥ 17% (n=5) · 6.8x = median(ev_revenue CY2027E) | growth < 17% (n=4) · 63% = median Rule of 40 score (revenue growth + EBITDA margin) (n=5)

Precedent transactions: what is in the record and why

The precedent record holds the M&A transactions in Semiconductor Design and IP recorded from SEC filings (8-K announcements and the documents they reference), newest first, with each value and multiple linked to the exact passage in the filing that states it. 30 transactions were recorded for this industry; 6 are shown. 24 recorded transactions with neither a disclosed value nor a multiple are omitted because they say nothing about price; they remain in the companion workbook. Deal multiples are enterprise value over the target's last-twelve-month revenue or EBITDA at announcement, as disclosed; they are not restated to the public basis and no spread to the public multiples is claimed. Before a transaction reaches the record it passes a screen for mirrored or duplicate filings of the same deal, for divestitures where the filer is the seller rather than the buyer, for carve-outs recorded under the parent's name, and for values whose citation describes something other than the price paid (a debt raise, a termination fee); such records are corrected or excluded and the correction is noted. Data-quality notes on this record: 8 × no evidence record; 9 × deal value unit unresolved; 4 × duplicate precedent id; 1 × divestiture roles reassigned; 2 × financial target ev not meaningful. Case studies lead with the 0 richest stories — disclosed value, a readable multiple, newest first.

Sources

Company financials and transaction terms come from the companies' own SEC filings on EDGAR (10-K, 10-Q and 8-K documents), linked from each figure in the report. Forward figures are analyst consensus estimates for the calendar periods shown. Share prices and market capitalisations are market data as of September 28, 2026. Treasury yields are published by the U.S. Department of the Treasury. 497 source documents stand behind this report; by publisher domain: sec.gov, home.treasury.gov (1). Every figure on every page is traceable to one of these records; nothing in the report is derived from outside data.

Interpretation and important notice

Tier labels, situation maps, the agenda and the implications pages are NeuraCap analytical views drawn from the recorded evidence and are labelled as such. The report is informational: it is not investment advice, not a recommendation to buy or sell any security, not an opinion of value and not an offer of any kind. Readers should perform their own diligence before acting on anything described here.

This report is published for information only. It is not a recommendation to buy or sell any security, an offer or solicitation, an appraisal or a fairness opinion, and no fiduciary relationship is created by reading it. Multiples that fail NeuraCap’s plausibility gates are excluded and never plotted. See the full methodology and the disclaimer.

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