Navitas to Acquire Claros

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Navitas Semiconductor Corporation, the industry leader in next-generation GaNFast™ gallium nitride (GaN) and GeneSiC™ silicon carbide (SiC) power semiconductors, announced the signing of a definitive agreement to acquire Claros, Inc. (Claros) a power management solutions company developing vertical power delivery (VPD) and integrated voltage regulator (IVR) technology for next-generation AI data centers, in a transaction valued at up to approximately $232.8 million, based on the per share closing price of Navitas’ stock on August 21, 2026.

Navitas’ potential acquisition of Claros would extend the Company’s AI infrastructure portfolio from the grid all the way to the xPU by bringing industry-leading VPD and IVR capabilities that can directly power the high-current, high-speed processors at the heart of modern AI systems.

Today’s most advanced AI xPUs, GPUs, CPUs, TPUs, NPUs, and other accelerators - are running into a fundamental limit. Compute itself is not the bottleneck; it is the power delivery.

The new 800V high-voltage direct current (HVDC) architecture, paving the way for accelerated replacement of silicon by GaN and SiC high-power technologies, the core focus of Navitas 2.0, has started to address this problem, enabling higher-density power architecture and racks. However, on the last step, traditional voltage regulator modules (VRMs) push power sideways across the board, and as xPUs demand thousands of amps and near-instant response times, this lateral approach hits what Navitas refers to as a “power wall”. Bandwidth and compute performance are constrained by the limitations of existing power delivery systems.

Through the combination of Navitas and Claros, the Company expects to break through that wall all the way from grid-to-xPU. Claros’ VPD and IVR technologies stack power conversion, drive, control, and passives into a single, compact package. By placing this solution directly beneath or inside the chip package or printed circuit board, power travels only millimeters instead of inches. The result is ultra-fast transient response, dramatically lower impedance, higher efficiency at sub-volt levels, and the power density required for the next generation of AI compute.

This technology solution will be highly complementary to the GaN and high-voltage and ultra-high voltage SiC portfolio of Navitas, which enables the new 800V HVDC architecture, extending the high-density AI rack architecture in the first steps of the power conversion all the way to the core.

"The future of AI depends on delivering thousands of amps to increasingly power-hungry processors with unprecedented speed and precision,” said Chris Allexandre, President and CEO of Navitas. “The ‘power wall’ currently restricts next-gen xPUs in megawatt-scale server racks from achieving the next wave of AI performance. 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 in terms of both capabilities and product solutions offering. As AI power demand accelerates, we are uniquely positioned to deliver greater value for our customers, while driving sustainable long-term growth.”

Dan Kultran, Co-founder & CEO of Claros, commented, “Since we launched Claros in 2024, we’ve moved to rapidly redefine the AI data center power system. Navitas is an ideal partner to enable a complete grid-to-xPU power portfolio, deepen and expand our engagement with leading xPU and power customers, and accelerate our next phase of growth. Our companies share a fast-paced, highly innovative culture and a commitment to advancing breakthrough power technologies for years to come. I am very excited for the opportunity to join Chris and the Navitas leadership team.

“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.”

Together, Claros’ VPD and IVR technologies also broaden Navitas’ technology, engineering and IP capabilities with deep expertise in digital control, passive integration, advanced 2D/3D packaging, and leading-edge power and analog mixed-signal technologies, while also adding standalone digital and controller solutions that complement the Company’s GaN portfolio.

The acquisition, when completed, is expected to more than double Navitas’ identified 2030 SAM to over $8 billion, adding at least $3.5 billion from the rapidly growing VPD and IVR markets. Combined with Navitas’ existing $3.5 billion SAM for GaN and HV/UHV SiC and approximately $1 billion from new junction field-effect transistor technology, the acquisition is expected to significantly expand Navitas’ opportunity across the complete grid-to-xPU power chain.

Navitas’ current short-to mid-term financial model and strategy, under its Navitas 2.0 transformation, remain unchanged. Claros’ VPD and IVR technologies provide an additional growth accelerator from 2028/2029 onward alongside Navitas’ strong organic 800V HVDC GaN and SiC growth in AI infrastructure. The Company remains committed to its path toward profitability and does not expect a material change from its previous timeline.

Transaction Structure

Under the terms of the definitive merger agreement, Navitas will acquire Claros in a transaction valued up to approximately $232.8 million, comprised of approximately $216.0 million to be paid at closing in a combination of cash and shares of the Company’s Class A common stock, par value $0.0001 per share (Common Stock), and the remainder of which will be paid in shares of Common Stock on the achievement of certain business milestones during the two years following the closing date. The value of shares of Common Stock that comprise the merger consideration was determined based on the closing share price of a share of Common Stock on August 21, 2026, which was $12.97 (the Reference Price).

In addition, certain continuing Claros employees will be eligible to receive performance based compensation under the Company’s equity incentive plan, payable in shares of Common Stock, having a value of approximately $28.9 million based on the Reference Price, and based on the achievement of these same business milestones. The transaction has been unanimously approved by the boards of directors of both companies and is expected to close before year-end, subject to customary closing conditions, including applicable regulatory approvals.