TORRANCE, California, May 15, 2026, 11:01 PDT
Navitas Semiconductor Corporation has capitalized on a recent stock surge, raising roughly $122 million from the sale of 6.53 million shares in a new at-the-market offering, according to a May 13 SEC filing. The company’s AI power-chip strategy fueled demand. With pending trades set to close, Navitas has now sold all shares registered under the May 11 ATM prospectus, the filing confirmed.
Navitas didn’t wait. With its stock still riding high—shares last traded at $20.90, off $1.42 on the session—the company seized the moment. Now valued near $4.8 billion, Navitas has emerged as a small-cap favorite among those wagering on power systems for AI data centers.
Navitas opted for an at-the-market offering, a structure that allows shares to be sold at going market prices instead of locking in a single number as in standard follow-ons. The company lined up Craig-Hallum and UBS to handle up to $125 million in Class A common stock, limiting sales-agent fees to no more than 3% of gross proceeds.
Navitas has fresh cash to maneuver as it pivots from lower-margin mobile and consumer segments toward higher-power markets. The company plans to put the proceeds—plus its current cash and trade receivables—toward working capital and general corporate needs. Acquisitions are on the table, although Navitas says there are no deals in the pipeline right now.
Navitas focuses on power semiconductors built with gallium nitride (GaN) and silicon carbide (SiC)—materials that outperform traditional silicon in efficiency and voltage handling. This edge grows increasingly relevant as AI data centers ramp up their energy demands.
Navitas Semiconductor’s latest results highlight the double-edged nature of its recent capital raise. Revenue jumped 18% quarter-on-quarter to $8.6 million, yet that figure remains down sharply from $14.0 million a year ago. GAAP operating loss landed at $27.8 million for the quarter. As of March 31, Navitas reported $221.0 million in cash and equivalents.
Navitas CEO Chris Allexandre described the quarter as a “return to top-line sequential growth,” highlighting the company’s shift toward high-power markets. CFO Tonya Stevens cited “expanded customer engagements and order backlog,” as Navitas projected second-quarter revenue at $10.0 million, give or take $0.5 million. Navitas Semiconductor
Rosenblatt’s Kevin Cassidy bumped his price target on Navitas to $13 from $7, holding firm on his Neutral rating. In a note, Cassidy pointed to “good strides” as Navitas shifts focus away from handset and consumer markets. Still, he cautioned about “many very large competitors” eyeing the same space. TipRanks
Nvidia’s 800-volt direct-current power setup isn’t short on rivals. The list of silicon suppliers—Infineon, Monolithic Power Systems, Texas Instruments, and Navitas—appears right on Nvidia’s own architecture details. Designed to slash conversion losses and reduce copper as AI rack power demands climb, this system is squarely aimed at next-gen heavy loads.
Navitas’ planned $125 million raise comes with strings attached. According to the prospectus, a full sale at the projected $18.20 price means new investors face instant dilution—$16.83 per share. Future offerings could weigh on the stock, too. The company flagged multiple risks tied to its push into high-power: operational, technical, and market hurdles, plus uncertainty over mainstream adoption of 800-volt systems.
Navitas gets a breather, but the bigger question looms: Will projects tied to Nvidia’s power architecture and other high-power design wins actually deliver enough revenue to support a stock price that’s raced well past today’s sales?
