ON Semiconductor expects 12% to 14% revenue CAGR through 2030

ON Semiconductor just told Wall Street it plans to grow faster than it previously promised. At its Investor/Analyst Day on September 16, 2026, the company raised its long-term revenue growth target to a 12%-14% compound annual rate through 2030. The old range was 10%-12%. The new numbers Under the revised model, onsemi (NASDAQ: ON) is aiming for approximately $11 billion in total revenue by 2030. The headline act is the company’s AI data center business. Onsemi projects that segment’s revenue will exceed $500 million in 2026 and surpass $2.5 billion by 2030. That works out to a CAGR of over 50%. The company says that pace would substantially outrun growth in the broader AI data center market. Onsemi forecasts that semiconductor content per AI rack will climb from about $15,000 today to more than $115,000 by 2030, driven by the industry’s shift toward higher-voltage architectures. Not just an AI story Onsemi expects its automotive segment to grow at approximately 9% annually and industrial at approximately 10%. Onsemi also targets a total addressable market, or TAM, of $213 billion for its core power business by 2030. That figure could expand further with the company’s ongoing Synap...