Navitas Semiconductor has signed a definitive agreement to acquire Claros in a transaction valued at up to approximately $232.8 million, adding vertical power delivery and integrated voltage regulator technology designed for next-generation AI data centers.
The acquisition is expected to more than double Navitas’ identified 2030 serviceable addressable market to more than $8 billion as the company expands its AI infrastructure strategy from high-voltage grid power down to processor-level power delivery.
Claros develops vertical power delivery, or VPD, and integrated voltage regulator, or IVR, systems for high-performance processors.
Navitas views the technology as the final stage of a broader “grid-to-xPU” power architecture spanning the electricity grid through GPUs, CPUs, TPUs, NPUs and other AI accelerators.
The acquisition would complement Navitas’ existing GaNFast gallium nitride and GeneSiC silicon carbide power semiconductor portfolio.
Navitas said increasingly power-intensive AI processors can require thousands of amps with extremely fast response times, limiting conventional voltage regulator modules that move power laterally across circuit boards.
Claros’ VPD and IVR architecture instead places power conversion directly beneath or inside the chip package or printed circuit board.
That reduces the distance power needs to travel from inches to millimeters and is designed to improve transient response, lower impedance, increase efficiency and enable greater compute density.
The combination would also add capabilities in digital control, passive integration, mixed-signal technology and advanced 2D and 3D packaging.
Navitas expects the Claros acquisition to add at least $3.5 billion of serviceable market opportunity from VPD and IVR technologies.
That would complement approximately $3.5 billion from Navitas’ existing GaN and high-voltage and ultra-high-voltage SiC opportunities and roughly $1 billion from new junction field-effect transistor technology.
Claros’ technologies are expected to become an additional growth driver beginning around 2028 or 2029.
Navitas said its existing path toward profitability and short- to mid-term financial model remain unchanged.
Under the agreement, Navitas will pay approximately $216 million at closing through a combination of cash and Class A common stock.
The remaining consideration will be paid in Navitas shares if Claros achieves certain business milestones during the two years following closing.
Certain continuing Claros employees could also receive approximately $28.9 million of performance-based equity compensation tied to the same business milestones.
The transaction has been unanimously approved by both companies’ boards and is expected to close before the end of 2026, subject to regulatory approvals and customary conditions.
KEY QUOTES:
“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. 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.”
Chris Allexandre, President And CEO Of Navitas Semiconductor
“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.”
Dan Kultran, Co-Founder And CEO Of Claros
