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This paper outlines the progress made on the use of subcarrier multiplexing (SCM) for high-speed datacommunications links over multimode fiber. Results include the demonstration of penalty-free transmission of 2.5 Gb/s data over worst case multimode fiber (MMF). A complete link demonstration of an SCM transmission system is reported, based on a quadrature phase-shift keying modulator and demodulator capable of a record 5.1 Gb/s per subcarrier data transmission. Superior performance compared with conventional baseband modulation techniques is shown. It is also demonstrated that when SCM is combined with dense wavelength-division multiplexing (WDM), aggregate data capacity of 200 Gb/s is feasible. Preliminary results demonstrate the possibility of 20-GHz WDM channel spacings, which if scaled show the potential for 1-Tb/s aggregate rates with a bandwidth-length product of 3 Tb/s·km.