Navitas Completes Acquisition of IVR Developer Claros — A GaN and SiC Power Company Moves to Power Delivery Beneath the Processor, Lifting 2030 SAM Above $8 Billion
On October 6, 2026, Navitas Semiconductor completed its acquisition of Claros, Inc., a developer of integrated voltage regulators (IVR) for AI data centers. The merger agreement had been signed on August 24. Navitas, which has worked upstream in power conversion with GaN and high-voltage SiC, is extending its reach to the voltage conversion right before the processor (xPU).
One day earlier, on October 5, Infineon also completed its acquisition of C2i Semiconductors, announced in August. C2i makes software-defined multiphase controllers and smart power stages, and Infineon is pursuing "grid-to-core" power delivery that includes future substrate-integrated voltage regulators (SIVR). That makes two acquisitions targeting power delivery near the processor completed in the same week.
Consideration: just over half in cash
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01
Total
About $232.8 million (based on the August 21, 2026 closing price of $12.97).
02
Cash
About $126.4 million paid at closing.
03
Stock
About $89.7 million, or about 6.9 million shares, issued at closing.
04
Earnout
About $16.7 million, payable in stock on meeting business milestones over two years after closing (up to about 1.28 million shares).
In addition, Navitas will grant about $28.9 million of performance stock units (PSUs), tied to business milestones, to Claros employees who stay with Navitas. Paying nearly half of the consideration in stock and earnout limits cash outflow, while milestone-linked equity awards are used to retain engineers.
Technology: moving voltage conversion beneath the processor
As Navitas describes it, conventional voltage regulator modules (VRMs) send power sideways across the board, which hits a limit with xPUs that need thousands of amps and instantaneous response. Navitas calls this the "power wall." Placing the IVR directly beneath or inside the chip package or board shrinks the distance power travels from inches to millimetres, lowering impedance and speeding up response.
At the rack level, the move to 800 VDC is underway and the number of upstream conversion stages is falling. Even so, the final stage that delivers large currents to the processor remains a separate challenge. The two acquisitions can be read as power companies bringing that final stage into their own product range.
Navitas's outlook: SAM more than doubles
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Navitas expects Claros to add at least $3.5 billion to its identified 2030 serviceable available market (SAM), more than doubling the total to over $8 billion. The breakdown is $3.5 billion from existing GaN and high-voltage/ultra-high-voltage SiC and about $1 billion from new JFET technology. All of these are company estimates, not revenue forecasts.
What it means for design and procurement
More sourcing options for power delivery parts: GaN and SiC power companies have entered voltage conversion near the processor. Proposals to supply everything from rack power to the processor from one vendor are likely to increase, along with consultations with power vendors early in board design
Technical details still to come: Navitas will hold a webinar on October 20 explaining Claros's technology and differentiators. Customers and production timing have not yet been disclosed
Where Navitas's business is heading: following the first shipments of U.S.-made Gen5 GaN, it continues to shift its product line toward AI data centers. The CEO describes the acquisition as a step in the shift to high-power markets he calls "Navitas 2.0"
