Sivers Semiconductors Lands $1.5M Tachyon Deal as Insider Probe and Nasdaq Plans Collide

Swedish chipmaker secures new mmWave contract with Tachyon Networks while navigating a capital raise, Nasdaq listing plans, and an insider trading investigation.

Sivers Semiconductors has inked a fresh development contract worth $1.5 million with Tachyon Networks, just as the Swedish chipmaker navigates a regulatory investigation, a planned capital raise, and ambitions for a US stock market listing. The new agreement, focused on a 60-GHz mmWave transceiver for fixed wireless links, builds on an earlier $3 million production order for 28-GHz antenna modules and deepens an existing partnership.

The timing is anything but quiet. On May 11, shareholders will vote at an extraordinary general meeting on a directed share issue of 8.62 million new shares at 14.50 Swedish kronor each, aiming to raise roughly 125 million kronor. Three institutional investors — DNB Disruptive Opportunities, DNB Nordic Small Cap, and Storebrand Sverigefond — have already committed to the offering. The dilution for existing holders stands at about 2.5 percent on a fully diluted basis, and the company will face a 180-day lock-up on further equity issuance once the placement closes. Board members with stock, along with the CEO and CFO, are subject to a 90-day holding period.

The capital push comes as Sivers pursues a dual listing on the Nasdaq New York, a move announced on April 16. The company plans to keep its headquarters in Sweden but wants better access to US technology capital and a broader international investor base. That ambition, however, has triggered an overhaul of its financial reporting. Sivers is restating its annual accounts for 2024 and 2025 under PCAOB standards — the US audit framework for publicly traded companies — with potential adjustments to revenue recognition, inventory valuations, and stock-based compensation expenses. Management describes the corrections as immaterial to the overall financial picture, but the process has pushed back key deadlines. The annual report is now due on May 15, first-quarter 2026 results will follow on May 20, and the annual general meeting has been rescheduled from May 27 to June 15.

Adding to the pressure, Sweden's Economic Crime Authority has opened an investigation into possible insider trading around the Nasdaq announcement. Regulators are examining whether confidential information about the US listing plans leaked before the official disclosure in April. The probe targets a stock that surged nearly 47 percent in a single trading session earlier this year.

The valuation debate remains intense. Sivers trades at roughly 31 times annual revenue — a massive premium to the European semiconductor sector average of about 4 times and well above a peer group average of approximately 17 times. Net sales rose 25 percent in 2025 to 304 million kronor, but the company remains unprofitable: adjusted EBITDA came in at negative 10.8 million kronor, and the net loss reached 186.5 million kronor.

Skepticism from the academic community has added to the noise. Photonics researcher Richard Schatz said he cannot understand the hype around Sivers, while Peter Andrekson, a professor at Chalmers University, noted that co-packaged optics technology has existed for five to six years and that Sivers operates in a field dominated by much larger players. Nvidia's March announcement of $2 billion investments each in photonics heavyweights Lumentum and Coherent underscores the scale of capital flowing into optical connectivity — and the competitive gulf Sivers faces.

Harish Krishnaswamy, managing director of Sivers' wireless business, described the Tachyon deal as giving customers a faster, lower-risk path to scalable mmWave solutions. Tachyon CEO Hal Bledsoe called it a clear pathway for deployments in both frequency bands. The contract adds a tangible commercial milestone to a calendar already packed with high-stakes events. Between the EGM vote on May 11, the PCAOB-audited annual report on May 15, and the first-quarter results on May 20, the next two weeks will test whether Sivers can back its lofty valuation with operational substance — all under the watch of Swedish investigators.