Navitas Buys Claros to Put Voltage Regulation Millimeters From the AI Chip, Aiming at Megawatt Racks

Navitas Semiconductor agreed on August 24, 2026 to buy Claros for up to $232.8 million. Navitas works from Torrance, California, and Claros from McLean, Virginia. About $216 million goes to Claros holders at closing, in cash and Navitas Class A stock. The rest arrives as stock over the two years after closing, if the business meets milestones.

Both boards approved the terms. Navitas expects to close before the end of 2026.

What Claros builds

Claros makes vertical power delivery and integrated voltage regulator parts. Both stack power conversion, drive, control and passives into one compact unit. That unit sits directly beneath or inside the processor package, a placement that cuts the distance current travels from inches to millimeters. Shorter paths lower impedance, speed transient response and raise efficiency at sub-volt output.

Why It Matters

The grid argument sits in the last inch. An AI rack takes power at 800 volts $C and steps it down on the board. The last stage delivers under one volt to the processor at thousands of amps. Every step wastes energy as heat. The final step wastes the most.

$an Kultran, co-founder and chief executive of Claros, said the technology “brings power conversion millimeters from the xPU, reducing board-level distribution losses.” Chris Allexandre, president and chief executive of Navitas, framed the target as a hard limit. He said the “power wall” now “restricts next-gen xPUs in megawatt-scale server racks from achieving the next wave of AI performance.”

For a utility planner the deal adds no megawatts, but it changes how much compute a granted megawatt buys. A data center that cuts conversion loss draws less power for the same work. It also rejects less heat to the cooling plant, which trims a second load.

The price against the company

Navitas is paying a large multiple against its own size. The company booked $10.53 million of revenue in the second quarter of 2026, up 22 percent from the prior quarter. The deal runs to roughly 22 times that quarter revenue. Navitas funds it from cash rather than debt.

It ended the quarter with $557.4 million in cash and no debt, and reported a non-GAAP gross margin of 39.5 percent. The terms price Navitas stock at $12.97, its close on August 21, 2026. A further $28.9 million of performance equity goes to Claros employees on the same milestones.

Navitas has not published a shipping date for a vertical power delivery part, and it has named neither a customer nor a measured efficiency figure. Until one of those appears, the grid-to-xPU portfolio is a roadmap rather than a product line.

Critical Perspective

The efficiency case is sound and the evidence is missing. Moving conversion from inches to millimeters does cut distribution loss at sub-volt output, where currents run to thousands of amps. Navitas published no measured figure for that gain, named no customer and set no shipping date. A deal worth up to 232.8 million dollars against 10.53 million dollars of quarterly revenue rests entirely on that unpublished number.

For grid planners the framing deserves care. Better last-inch conversion raises compute per delivered megawatt, and it does not reduce what a campus asks of the interconnection queue. Operators have consistently spent efficiency gains on more compute rather than smaller connections. Treating this deal as demand relief would be a mistake, and utilities sizing service for AI campuses should plan as though the rack load keeps climbing.

Sources

• Navitas Semiconductor (GlobeNewswire)
• SEC Form 8-K Exhibit 99.1, Navitas Semiconductor
• Semiconductor Today
• Evertiq
• Navitas Q2 2026 financial results

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