Navitas Semiconductor

NVIDIA selected Navitas as a power semiconductor partner for its next-generation 800-volt data center architecture, the platform underneath the upcoming Rubin Ultra GPU racks. Each new Kyber rack packs 144 GPUs and pulls so much power that traditional silicon chips cannot keep up. Navitas demoed a working 800-volt to 50-volt all-GaN system at 98.5 percent peak efficiency, which is the kind of number that turns a research project into real hyperscaler purchase orders starting in 2027.

Management walked away from the slow-growth mobile charger business and refocused the entire company on AI data centers, energy and grid infrastructure, and industrial electrification. In the first quarter of 2026 those high-power markets grew about 35 percent year over year and now make up the majority of total revenue, the first sequential top-line growth since the pivot began. The serviceable market they are targeting reaches 3.5 billion dollars by 2030, growing at a 60 percent plus annual rate.

This is not a profitable business yet. Navitas lost 117 million dollars last year on just 46 million dollars in revenue and is still posting operating losses every quarter as the high-power ramp takes time. Cash sits at 221 million dollars after a recent capital raise, which buys runway but not patience. If the 2027 AI data center inflection slips even a few quarters, expect more share dilution.

The big boys of power semiconductors, Infineon, Texas Instruments, ON Semiconductor and STMicro, all have GaN and silicon carbide programs of their own, and any of them has 10 times the research budget and 50 times the market cap of Navitas. If they decide to compete aggressively on price once this market gets real in 2027, a small specialist like Navitas could lose the design wins it needs to scale.