Sivers Semiconductors' 725% Rally Attracts Short Sellers as $125M Capital Raise Paves Way for Nasdaq Listing

Swedish chipmaker Sivers Semiconductors sees 725% surge, attracts short sellers from Voleon and Two Sigma, while pursuing Nasdaq listing and raising capital for AI photonics.

Sivers Semiconductors has become a battleground stock. The Swedish chipmaker's shares have surged 725% over the past twelve months to push its market capitalization near $1 billion — a trajectory that has drawn institutional short sellers even as the company accelerates plans for a dual listing on the Nasdaq New York.

Voleon Capital Management disclosed a new short position on Monday, joining Two Sigma Investments, which had established a similar bet earlier in May. The moves underscore a deepening skepticism about the stock's valuation at a time when the company has yet to reach operating cash-flow break-even.

Institutional Placement Without Preemptive Rights

Shareholders at an extraordinary general meeting on Monday approved the issuance of up to 8.62 million new common shares, priced at 14.50 Swedish kronor each. The placement, expected to raise approximately 125 million kronor, is targeted exclusively at institutional investors. By waiving preemptive rights for existing holders, management aims to execute the transaction quickly and at lower cost while broadening the shareholder base and improving trading liquidity.

The proceeds will fund research, development, and sales efforts in the company's core markets: AI photonics and satellite communications — two segments with robust demand.

Preparing for Wall Street

The equity raise is the financial backbone of a larger strategic pivot. Sivers is actively preparing a secondary listing on the Nasdaq New York and has initiated a full re-audit of its 2024 and 2025 financial statements to comply with the U.S. Public Company Accounting Oversight Board (PCAOB) standards. Completion of this audit uplifts is a prerequisite for the U.S. listing.

The added complexity has scrambled the company's financial calendar. The annual report for 2025 is now scheduled for release on May 15, and the first-quarter 2026 interim report will follow on May 20. The annual general meeting has been pushed back to mid-June.

Commercial Milestones

Amid the financial maneuvering, Sivers continues to demonstrate commercial traction. A manufacturing partnership with U.S.-based Jabil has been cited as evidence of the company's production readiness. More recently, Sivers announced an agreement with Tachyon Networks valued at $1.5 million to develop new transceivers for the wireless broadband market. The deal, disclosed in early May, adds further weight to the revenue growth story.

The Short Thesis and Upcoming Catalysts

The 12-month parabolic rally and the company's pre-profit status have created a natural opening for short sellers. Delays in financial reporting caused by the PCAOB audit have added another layer of uncertainty. The next two weeks will provide the most concrete test yet: the release of the annual report and quarterly numbers will reveal whether revenue from AI data centers and high-performance optical transceivers is materializing fast enough to justify the valuation.

For investors on both sides of the trade, the numbers due May 15 and May 20 cannot come soon enough.