8-K: Navitas Semiconductor Partners with NVIDIA on Next-Gen AI Data Center Power and Expands At-The-Market Offering

Navitas Semiconductor announced a strategic collaboration with NVIDIA for its 800V HVDC architecture for AI data centers and disclosed an expansion of its at-the-market equity offering to raise an additional $50 million.

Summary

• Navitas Semiconductor Corporation has partnered with NVIDIA Corporation to integrate its GaNFast gallium nitride (GaN) and GeneSiC silicon carbide (SiC) power semiconductors into NVIDIA's next-generation 800V HVDC architecture.
• This collaboration aims to support NVIDIA's Kyber rack-scale systems, powering GPUs like Rubin Ultra, for high-efficiency, scalable power delivery in AI workloads.
• The new 800V HVDC architecture will directly convert 13.8 kV AC grid power to 800V HVDC at the data center perimeter, eliminating several AC/DC and DC/DC conversion steps and reducing copper wire thickness by up to 45%.
• Navitas previously sold Class A common stock with an aggregate sales price of $50,000,000 through an at-the-market (ATM) offering program with Jefferies LLC.
• The company filed a prospectus supplement on May 27, 2025, to sell additional shares of Class A common stock with an aggregate sales price of up to $50,000,000 under the same ATM program.
• Net proceeds from the ATM offering, combined with existing cash, are intended for working capital, general corporate purposes, potential acquisitions, strategic manufacturing investments, minority investments, partnerships, or joint ventures.
• Paul D. Delva, Navitas's Senior Vice President, General Counsel and Secretary, provided a legal opinion confirming the legality of the issuance and sale of the additional shares.

Sentiment

Score: 8

Explanation: The document conveys a strong positive sentiment due to the significant collaboration with NVIDIA, a major player in the AI sector, which validates Navitas's technology and opens up substantial market opportunities. The successful and expanded capital raise provides financial flexibility for future growth and strategic initiatives. While there's potential for dilution from the ATM offering, the overall strategic implications and funding position are highly favorable.

Positives

• Strategic collaboration with NVIDIA, a leader in AI, validates Navitas's GaN and SiC technologies for high-growth AI data center applications.
• NVIDIA's 800V HVDC architecture, enabled by Navitas's technology, is projected to improve end-to-end power efficiency by up to 5%, reduce maintenance costs by 70%, and lower cooling costs.
• The higher voltage 800V HVDC system significantly reduces copper requirements (up to 45% thinner wires), addressing sustainability and physical limits of traditional data center power architectures.
• Navitas's GaNSafe power ICs offer advanced features like short-circuit protection, ESD protection, and programmable slew rate control, enhancing reliability and robustness.
• The company's GeneSiC technology provides world-leading performance over temperature, high-speed, and cool-running operation, with up to 25°C lower case temperature and 3x longer life than competitors.
• Successful initial capital raise of $50 million through the ATM program, with an additional $50 million authorized, provides significant funding for strategic growth initiatives and general corporate purposes.

Risks

• The issuance and sale of additional shares under the ATM program are subject to the continued effectiveness of the Registration Statement, and the Company makes no assurances regarding this.
• The ATM offering could lead to dilution for existing shareholders, depending on the price at which shares are sold.
• The Company has no obligation to sell any shares under the Sale Agreement, meaning the full $50 million may not be raised.
• While the Company intends to use proceeds for potential acquisitions or strategic investments, there are currently no agreements or commitments for such transactions, introducing uncertainty regarding the specific deployment of funds.

Future Outlook

Navitas Semiconductor intends to use the net proceeds from the ATM offering for working capital and other general corporate purposes, including potential acquisitions or strategic manufacturing investments, and may also fund possible investments in and acquisitions of complementary businesses, make minority investments, or enter into partnerships or joint ventures. The collaboration with NVIDIA is focused on establishing high-efficiency, scalable power delivery for next-generation AI workloads, aiming for significant improvements in efficiency, reliability, and reduced infrastructure complexity in future AI data centers.

Management Comments

• "We are proud to be selected by NVIDIA to collaborate on their 800 HVDC architecture initiative. Our latest innovations in high-power GaN and SiC technologies have seen world firsts and have created new inflections into markets such as AI datacenters and electric vehicles," said Gene Sheridan, CEO and co-founder of Navitas.
• "With our wide portfolio range, we can support NVIDIAs 800V HVDC infrastructure, from grid to the GPU. We appreciate that NVIDIA recognizes our technology and commitment to driving the next generation of data center power delivery."

Industry Context

The announcement highlights a critical trend in the AI data center industry: the escalating demand for power and the need for more efficient, scalable power delivery solutions. Traditional 54V in-rack power distribution is reaching physical limits for high-power AI workloads (above 200 kW), necessitating a shift to higher voltage architectures like NVIDIA's 800V HVDC. This transition reduces copper requirements and improves efficiency, aligning with the industry's push for gigawatt-scale AI computation. Navitas's GaN and SiC technologies are positioned as key enablers for this next generation of power infrastructure, offering superior performance compared to legacy silicon solutions.

Comparison to Industry Standards

• Navitas's 3.2 kW CRPS (Common Redundant Power Supply) achieved a 40% smaller size than best-in-class, legacy silicon solutions for AI and Edge computing.
• The company's 4.5 kW CRPS achieved a power density of 137 W/in³, which is described as ground-breaking.
• Navitas released the world's first 8.5 kW AI data center power supply, powered by GaN and SiC, capable of meeting 98% efficiency, complying with Open Compute Project (OCP) and Open Rack v3 (ORv3) specifications.
• Their IntelliWeave digital control technique, combined with GaNSafe and Gen 3-Fast SiC MOSFETs, enables PFC peak efficiencies of 99.3% and reduces power losses by 30% compared to existing solutions.
• GeneSiC G3F SiC MOSFETs deliver high-efficiency with high-speed performance, enabling up to 25°C lower case temperature and up to 3x longer life than SiC products from other vendors.

Stakeholder Impact

• Shareholders: Potential dilution from the ATM offering, but also benefit from strengthened financial position and strategic growth opportunities through the NVIDIA collaboration and potential acquisitions.
• Customers (NVIDIA): Benefit from Navitas's advanced GaN and SiC technologies, enabling more efficient, reliable, and scalable power solutions for their next-generation AI data centers.
• Employees: Potential for growth and expansion of the company, leading to job stability and new opportunities.
• Suppliers: Increased demand for components and materials if Navitas's production scales up due to increased adoption of its technologies.

Next Steps

• Continued sales of Class A common stock under the expanded at-the-market offering program, subject to market conditions and the company's discretion.
• Potential investments in and acquisitions of complementary businesses, strategic manufacturing investments, minority investments, partnerships, or joint ventures using the proceeds from the ATM offering.
• Further development and integration of Navitas's GaN and SiC technologies to support NVIDIA's 800V HVDC architecture for next-generation AI data centers.

Key Dates

Keywords

Navitas Semiconductor, NVIDIA, GaN, SiC, Gallium Nitride, Silicon Carbide, Power Semiconductors, AI Data Centers, 800V HVDC, At-The-Market Offering, ATM, Capital Raise, Power Delivery, High Voltage DC, Semiconductor Industry