Claros

Semiconductors · AI Infrastructure · Power Management

Acquisition

Navitas Semiconductor to acquire Claros for up to $232.8M

Power delivery, not raw compute, is emerging as the real bottleneck constraining next-generation AI chips.

• Navitas Semiconductor signed a definitive agreement to acquire Claros in a deal valued at up to approximately $232.8 million, based on Navitas' August 21, 2026 share price, expected to close before year-end 2026.
• Founded in 2024 in McLean, Virginia, Claros builds vertical power delivery (VPD) and integrated voltage regulator (IVR) technology for AI data centers, backed by Red Cell Partners, General Catalyst, Systemiq Capital and VIPC.
• Closing consideration is roughly $216 million in cash and stock (about $126.4M cash plus $89.7M / 6.9M shares), with up to $16.8M more in shares tied to milestones over two years, plus $28.9M in performance stock for retained Claros employees.
• Claros' VPD/IVR design stacks power conversion, drive, control and passives beneath or inside the chip package, cutting power's travel distance from inches to millimeters to hit the 'power wall' limiting high-current AI processors.
• Navitas expects the deal to more than double its identified 2030 serviceable addressable market to over $8 billion, with at least $3.5 billion of that coming from VPD and IVR technologies alone.
• The deal, unanimously approved by both boards, still requires Hart-Scott-Rodino antitrust clearance and other customary conditions, with Navitas planning to file an S-4 to register the shares issued to Claros stakeholders.
• The deal signals that power-chip makers are racing to control the entire electrical path into AI compute, since energy efficiency in delivering power to chips is becoming as decisive for data-center economics as the chips themselves.