Short Sellers Circle Sivers as Nasdaq Ambitions Fuel a 1,200% Rally

Swedish chipmaker Sivers Semiconductors surges 47% in a day on Nasdaq listing plans, but short interest hits 6.43% amid accounting delays and a fraud probe.

The small-cap semiconductor world rarely sees a stock double in a matter of months, let alone rocket 47% in a single session. Yet Sivers Semiconductors has managed both feats in 2025, catching the eye of both bullish speculators and bearish hedge funds in equal measure. The Swedish photonics and chip specialist now finds itself at a crossroads: a potential Nasdaq New York listing has sent its shares into the stratosphere, but that very ascent has drawn in short sellers betting on a reversal.

Voleon Capital Management has disclosed a short position of 0.53%, joining two other institutions that have publicly declared bearish bets against Sivers. Combined, the reported short interest now stands at 6.43% of the company’s total equity—a significant level for a stock that has been on a tear. The shares closed at 55.95 Swedish kronor after the recent 47% one-day surge, pushing the year-to-date gain past 1,200%.

That rally has been driven almost entirely by the company’s announcement that it is exploring a secondary listing on the Nasdaq in New York, while keeping its corporate headquarters in Sweden. Management argues the move will open the door to deeper pools of US technology capital and a broader international investor base. But the path is far from straightforward. Sivers must have its financial statements for 2024 and 2025 re-audited under PCAOB standards—the US accounting framework for public companies. That review is ongoing and could lead to adjustments in revenue recognition, inventory valuation or stock option accounting, though the company insists none would be material.

The accounting overhaul has already pushed back the reporting calendar. The 2025 annual report is now due on May 15, rather than the originally scheduled April 27. The annual general meeting has been postponed from late May to June 15. First-quarter 2026 results will follow on May 20.

Meanwhile, Sivers is pressing ahead with a capital raise. The company aims to collect roughly 125 million Swedish kronor before costs by issuing 8.62 million new shares at 14.50 kronor each. Institutional backers lined up include DNB Disruptive Opportunities, DNB Nordic Small Cap and Storebrand Sverigefond. An extraordinary general meeting on May 11 is expected to approve the directed placement. If it goes through, existing shareholders would face dilution of around 2.5% on a fully diluted basis.

The stock’s meteoric rise has also attracted the attention of Swedish authorities. The country’s economic crime agency is investigating whether confidential information about the planned US listing leaked before the official announcement in April. A prosecutor is examining the case, adding a layer of regulatory uncertainty to an already complex situation.

On the valuation front, the numbers are eye-watering. Sivers currently trades at 31 times revenue. For context, the European semiconductor sector averages a multiple of 4 times, while comparable peers fetch around 17.5 times. For a company that is still loss-making—Navitas Semiconductor, a similar small-cap player, recently reported an operating loss of nearly $28 million despite sequentially higher revenue—the market is pricing in extraordinary growth, fueled by the artificial intelligence boom and the promise of a US listing.

That optimism is being tested by short sellers who see the rally as overdone. The stock dipped about 2% on the day Voleon’s position was disclosed, settling at 54.70 kronor, though that barely dented the year’s gains. With short interest above 6%, the resilience of Sivers’ share price is now under scrutiny.

The broader semiconductor landscape offers little comfort for smaller players. While giants like Qualcomm jumped nearly 10% on strong quarterly results and Micron breached the $700 billion market cap threshold on the back of insatiable AI demand—customers are receiving only about half the components they request—smaller specialists face structural headwinds. Sivers must defend its margins and scalability to protect the staggering gains it has achieved this year.

The next two weeks will be pivotal. The PCAOB-audited annual report lands on May 15, first-quarter numbers follow on May 20, and the extraordinary general meeting on May 11 will decide the fate of the capital raise. Between the regulatory probe, the accounting delays, the short sellers and the Nasdaq dream, Sivers is navigating one of the most eventful periods in its history.