Sivers Semiconductors Faces a Defining Fortnight as Insider Probe, Capital Raise, and New Wireless Deal Converge

Swedish chipmaker Sivers Semiconductors navigates an insider trading investigation, delayed Nasdaq listing, and a critical shareholder vote amid new mmWave and photonics deals.

Sivers Semiconductors is navigating one of the most consequential periods in its recent history, with a packed calendar of events that will test whether the Swedish chipmaker can justify its lofty market valuation. The company is simultaneously dealing with an insider trading investigation, a critical shareholder vote, a new development partnership, and a delayed reporting schedule — all while short sellers circle.

Tachyon Deal Opens a New Frequency Frontier

On May 6, Sivers announced a development partnership with Tachyon Networks worth $1.5 million to build a 60-GHz mmWave transceiver for the fixed-wireless-access market. The project builds on an earlier production order for 28-GHz antenna modules valued at roughly $3 million.

Harish Krishnaswamy, managing director of Sivers’ wireless business, described the move into the 60-GHz band as a “faster, lower-risk path to scalable mmWave deployment.” Tachyon CEO Hal Bledsoe added that the collaboration now offers a clear route for deployments in both frequency bands.

The deal comes as Sivers also pushes forward on the photonics side, where it is working with Jabil on a 1.6T linear-receive optical transceiver module based on Sivers’ DFB lasers, targeting hyperscale AI data centers. The market opportunity is real: LightCounting forecasts that 800G transceivers and faster variants will account for roughly 80% of the pluggables market by 2030, with global volumes reaching 225 million units.

Yet the competitive landscape is daunting. Nvidia recently invested $2 billion each in photonics heavyweights Lumentum and Coherent — a stark reminder of the capital gulf Sivers faces. Peter Andrekson, a professor at Chalmers University, has questioned whether the company holds any meaningful technological edge, noting that the underlying technology has existed for years and that Sivers operates in a field dominated by much larger players.

Insider Probe Casts a Shadow Over Nasdaq Plans

Sweden’s Economic Crime Authority is investigating whether confidential information about Sivers’ planned Nasdaq secondary listing leaked before the official announcement in April. A prosecutor is examining suspicions that sensitive details were disclosed prematurely.

Sivers intends to pursue a secondary listing on the Nasdaq New York while keeping its corporate headquarters in Sweden. The goal is to tap into American technology capital and broaden the company’s international shareholder base. However, the transition to US PCAOB audit standards — a prerequisite for the Nasdaq listing — has caused delays. The company is converting its financial statements for 2024 and 2025, with potential adjustments to revenue recognition, inventory valuations, and share-based compensation expenses. Management has described the corrections as immaterial.

The knock-on effect: the annual general meeting has been pushed back from May 27 to June 15, 2026. The Q1 2026 report is now due on May 20.

Capital Raise Meets Shareholder Vote

On May 11, shareholders will vote on a proposed capital raise of approximately 125 million Swedish kronor. The board plans to issue 8.62 million new shares at 14.50 kronor each, representing a dilution of about 2.5% on a fully diluted basis. Three institutional investors — DNB Disruptive Opportunities, DNB Nordic Small Cap, and Storebrand Sverigefond — have already committed to participate.

Following the completion of the offering, a 180-day lock-up period will apply to further share issuances. CEO Vickram Vathulya, CFO Heine Thorsgaard, and participating board members will be barred from selling their shares for 90 days.

Short sellers have taken notice. Reported short positions now total 6.43% of outstanding shares. Voleon Capital Management recently crossed the European reporting threshold with a net short position of 0.53%.

Losses, Cash Burn, and a Stretched Valuation

Revenue rose 25% in 2025 to 304 million kronor, but profitability remains elusive. Adjusted EBITDA came in at minus 10.8 million kronor, while the net loss reached 186.5 million kronor. Cash reserves have dwindled to 43.5 million kronor, making the capital raise all but essential.

Despite the red ink, the market values Sivers at a price-to-sales ratio of 31.1 — well above the European semiconductor sector average. For a loss-making company, such a premium reflects expectations that must be backed by concrete results.

Photonics researcher Richard Schatz has said he does not understand the hype surrounding Sivers. The company’s co-packaged optics technology, he notes, has existed for five to six years, and Sivers is operating in a space where the capital requirements are orders of magnitude higher than what it can muster.

The Q1 numbers due on May 20 will provide the next real test. Until then, Sivers must navigate the insider investigation, secure shareholder approval for the capital raise, and deliver its delayed annual report — all while the short sellers watch closely.