Sivers Semiconductors Faces a Pivotal Fortnight as Jabil Deal, Nasdaq Plans and Regulatory Probe Converge

Sivers Semiconductors partners with Jabil to develop 1.6-terabit optical transceivers for AI data centers, while pursuing a Nasdaq listing amid volatile stock performance and short seller pressure.

Sivers Semiconductors has entered a strategic partnership with US manufacturing giant Jabil to develop 1.6-terabit optical transceivers for AI data centres. The collaboration marries Sivers’ photonics expertise with Jabil’s manufacturing muscle and design capabilities, positioning the Swedish semiconductor specialist at the forefront of the shift to next-generation high-speed connectivity. Cloud providers and data centre operators are driving explosive demand for faster optical links, and the move to 1.6-terabit technology is widely seen as the industry’s next major leap.

The partnership announcement, however, has drawn a mixed response from the market. Shares listed in the US jumped nearly 19 percent to $5.86 on May 4, only to give back around 2 percent in European trading the following day, closing at SEK 54.70. The volatility reflects a broader uncertainty that surrounds Sivers as it juggles multiple high-stakes initiatives.

Nasdaq Ambitions Fuel a Staggering Rally

The Jabil deal is just one piece of a far larger transformation. Sivers is exploring a secondary listing on the Nasdaq in New York, a move that has already triggered one of the most spectacular rallies in recent memory. The stock surged 47 percent in a single session on the Nasdaq Stockholm, closing at SEK 55.95 and catapulting its year-to-date performance to over 1,200 percent. The company aims to tap deeper US capital markets and gain visibility among institutional investors while keeping its headquarters in Sweden.

But the path to a US listing is arduous. Sivers must have its financial statements for 2024 and 2025 re-audited under PCAOB standards — the US accounting rules for publicly traded companies. That process is ongoing and has pushed back the release of the 2025 annual report to May 15, versus the original April 27 target. The annual general meeting has been rescheduled from late May to June 15, and the first-quarter 2026 report will follow on May 20. Management insists any potential accounting adjustments — such as revenue recognition timing, inventory valuation or stock option programmes — would not materially affect the company’s financial position.

Capital Raise and Short Seller Pressure

Alongside the listing preparations, Sivers is pursuing a capital raise of approximately SEK 125 million before costs through the issuance of 8.62 million new shares at SEK 14.50 each. Targeted investors include DNB Disruptive Opportunities, DNB Nordic Small Cap and Storebrand Sverigefond. An extraordinary general meeting on May 11 is expected to approve the private placement, which would dilute existing shareholders by around 2.5 percent on a fully diluted basis.

Despite the positive news flow, short sellers remain entrenched. Publicly reported short positions total 6.43 percent of shares outstanding. Voleon Capital Management has increased its net short position to 0.53 percent, crossing the European disclosure threshold of 0.5 percent and forcing the hedge fund to publicly reveal its bet. Whether the Nasdaq listing broadens the shareholder base enough to ease the short pressure depends on how quickly Sivers can convert the Jabil partnership into tangible revenue.

Regulatory Scrutiny and Extreme Valuation

The rally has also attracted unwanted attention. Sweden’s Economic Crime Authority 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 legal risk to an already complex situation.

The valuation leaves little room for error. Sivers trades at 31 times sales, far above the European semiconductor sector average of 4 times and even the 17.5 times multiple of comparable peers. For a company that is still loss-making, the market is pricing in extraordinary growth — fuelled by the AI boom and expectations of a successful US listing.

The next two weeks will be decisive. With the PCAOB-audited annual report due May 15, first-quarter results on May 20, and the extraordinary general meeting on May 11, management must deliver concrete evidence that the hype is justified. The Jabil partnership offers a credible path to revenue, but the clock is ticking on multiple fronts.