Corning Incorporated (NYSE: GLW) announced an expansion of its Springboard growth plan, projecting annual sales to reach $35 billion by 2030, according to a company statement released during an investor event at the New York Stock Exchange.

The company expects to achieve its previously announced target of $20 billion in annualized sales by the end of 2026, representing a 15% compound annual growth rate from the fourth quarter of 2023. Starting in 2027, Corning projects accelerated growth with a 19% compound annual growth rate through the fourth quarter of 2030.

Corning upgraded its 2028 targets, now projecting a high-confidence plan to reach $27 billion in annualized sales, compared to its previous internal goal. The company also outlined an internal target of $30 billion for 2028 and extended projections through 2030 with a high-confidence target of $35 billion and an internal goal of $40 billion.

"As we enter a new phase of accelerating growth in 2027, we expect important contributions and milestones in each of our Market-Access Platforms," said Wendell P. Weeks, chairman, chief executive officer, and president.

The growth strategy focuses on Market-Access Platforms including Enterprise Networks and a new Photonics division. Weeks stated the company plans to build a $10 billion revenue stream from its Photonics platform by 2030, supported by increased demand for AI data center infrastructure.

Corning referenced a partnership with NVIDIA to strengthen U.S. manufacturing for AI infrastructure as part of its growth strategy in serving artificial intelligence original equipment manufacturer customers.

Executive Vice President and Chief Financial Officer Ed Schlesinger noted that the company plans to continue growing free cash flow while making investments to capture growth opportunities through long-term customer agreements.