Navitas Closes $233M Claros Acquisition to Target AI Processor Power Bottlenecks

Navitas Semiconductor ($NVTS) has closed its acquisition of integrated voltage regulator (IVR) specialist Claros in a transaction valued at up to $232.8 million ($216 million upfront in cash and equity, with the remainder tied to performance milestones), aiming to resolve the emerging "power wall" in AI data-center infrastructure.
The deal significantly broadens Navitas's power electronics portfolio:
• "Grid-to-xPU" footprint: Claros designs vertical power delivery (VPD) and integrated voltage regulators positioned directly adjacent to or beneath AI processors. This complements Navitas’s upstream gallium nitride (GaN) and high-voltage silicon carbide (SiC) conversion chips, allowing the company to capture the entire power chain from facility grid entry down to the final millimeter of silicon delivery.
• Market opportunity: Management expects Claros to double Navitas’s serviceable addressable market (SAM) to more than $8 billion by 2030, serving as a primary revenue accelerator beginning in 2028–2029.
• Financial runway & valuation tension: Navitas holds roughly $557 million in cash reserves and negligible debt to absorb ongoing dilution, though Wall Street remains cautious on near-term monetization—with shares trading at steep trailing sales multiples and analysts holding a consensus Hold rating.
Navitas will host a technical webinar detailing Claros's architecture on October 20, 2026, ahead of its Q3 earnings release in early November.