News: Microelectronics
25 August 2026
Navitas to acquire power management firm Claros
Gallium nitride (GaN) power IC and silicon carbide (SiC) technology firm Navitas Semiconductor Corp of Torrance, CA, USA has signed a definitive agreement to acquire power management solutions company Claros Inc of McLean, VA, USA — which is developing vertical power delivery (VPD) and integrated voltage regulator (IVR) technology for next-generation AI data centers — in a transaction valued at up to about $232.8m, based on the per-share closing price of Navitas’ stock on 21 August.
Claros was founded in 2024 and is backed by Red Cell Partners, General Catalyst, Systemiq Capital, VIPC, and other investors.
The acquisition would extend Navitas’ AI infrastructure portfolio from the grid all the way to the xPU by bringing VPD and IVR capabilities that can directly power the high-current, high-speed processors at the heart of modern AI systems.
Today’s most advanced AI xPUs, GPUs, CPUs, TPUs, NPUs and other accelerators are running into a fundamental limit, notes Navitas. Compute itself is not the bottleneck; it is the power delivery.
Paving the way for accelerated replacement of silicon by GaN and SiC high-power technologies (the core focus of Navitas 2.0), the new 800V high-voltage direct current (HVDC) architecture has started to address this problem, enabling higher-density power architecture and racks. However, on the last step, traditional voltage regulator modules (VRMs) push power sideways across the board and, as xPUs demand thousands of amps and near-instant response times, this lateral approach hits what Navitas refers to as a ‘power wall’. Bandwidth and compute performance are constrained by the limitations of existing power delivery systems.
Through the combination of Navitas and Claros, the firm expects to break through that wall all the way from grid-to-xPU. Claros’ VPD and IVR technologies stack power conversion, drive, control and passives into a single, compact package. By placing this solution directly beneath or inside the chip package or printed circuit board, power travels only millimeters instead of inches. The result is ultra-fast transient response, dramatically lower impedance, higher efficiency at sub-volt levels, and the power density required for the next generation of AI compute, says Navitas.
Navitas reckons that this technology solution will be highly complementary to its GaN and high-voltage and ultra-high voltage SiC portfolio, which enables the new 800V HVDC architecture, extending the high-density AI rack architecture in the first steps of the power conversion all the way to the core.
“The future of AI depends on delivering thousands of amps to increasingly power-hungry processors with unprecedented speed and precision,” says Navitas’ president & CEO Chris Allexandre. “The ‘power wall’ currently restricts next-gen xPUs in megawatt-scale server racks from achieving the next wave of AI performance. Combining Claros’ VPD and IVR technologies with Navitas' GaN and high-voltage and ultra-high-voltage SiC portfolio, we break the AI infrastructure power wall, advancing the entire power chain from grid-to-xPU,” he adds. “This acquisition follows our Navitas 2.0 transformation and significantly expands our addressable market, deepens our engagement with hyperscalers and AI power platform providers, as well as strengthens our leadership in AI infrastructure in terms of both capabilities and product solutions offering. As AI power demand accelerates, we are uniquely positioned to deliver greater value for our customers, while driving sustainable long-term growth,” Allexandre continues.
“Since we launched Claros in 2024, we’ve moved to rapidly redefine the AI data-center power system,” says Claros’ co-founder & CEO Dan Kultran. “Navitas is an ideal partner to enable a complete grid-to-xPU power portfolio, deepen and expand our engagement with leading xPU and power customers, and accelerate our next phase of growth. Our companies share a fast-paced, highly innovative culture and a commitment to advancing breakthrough power technologies for years to come,” he adds. .
“Our integrated voltage regulator technology brings power conversion millimeters from the xPU, reducing board-level distribution losses, lowering heat generation, and improving the efficiency of processor-level power delivery. For AI accelerators and high-performance processors, this close-to-chip approach, with Claros’ IP in VPD array architecture, can enable higher compute density, lower operating costs, and more efficient deployment of next-generation AI infrastructure.”
Together, Claros’ VPD and IVR technologies also broaden Navitas’ technology, engineering and IP capabilities with deep expertise in digital control, passive integration, advanced 2D/3D packaging, and what is claimed to be leading-edge power and analog mixed-signal technologies, while also adding standalone digital and controller solutions that complement Navitas’ GaN portfolio.
When completed, the acquisition is expected to more than double Navitas’ identified 2030 serviceable available market (SAM) to over $8bn, adding at least $3.5bn from the rapidly growing VPD and IVR markets. Combined with Navitas’ existing $3.5bn SAM for GaN and HV/UHV SiC and about $1bn from new junction field-effect transistor (JFET) technology, the acquisition is expected to significantly expand Navitas’ opportunity across the complete grid-to-xPU power chain.
Navitas says that its current short- to mid-term financial model and strategy, under its Navitas 2.0 transformation, remain unchanged. Claros’ VPD and IVR technologies provide an additional growth accelerator from 2028/2029 onward alongside Navitas’ organic 800V HVDC GaN and SiC growth in AI infrastructure. Navitas adds that it remains committed to its path toward profitability and does not expect a material change from its previous timeline.
Transaction structure
The transaction value of up to about $232.8m comprises about $216m to be paid at closing in a combination of cash and shares of Navitas’ Class A common stock, par value $0.0001 per share, with the remainder to be paid in shares of common stock on the achievement of certain business milestones during the two years following the closing date. The value of shares comprising the merger consideration was determined based on the closing share price on 21 August, which was $12.97 (the reference price).
In addition, certain continuing Claros employees will be eligible to receive performance-based compensation under Navitas’ equity incentive plan, payable in shares of common stock, having a value of about $28.9m based on the reference price, and based on the achievement of these same business milestones. The transaction has been unanimously approved by the boards of directors of both companies and is expected to close before year-end, subject to customary closing conditions, including applicable regulatory approvals.
Navitas’ Q2 revenue grows 22% sequentially as high-power sector rises 50% year-on-year
