Sivers Semiconductors: The $799 Million Question Behind a 1,700% Stock Run

Swedish chipmaker Sivers Semiconductors sees stock rocket 1,700% as AI-driven sales pipeline hits $799M, while short sellers circle amid index inclusion and Nasdaq listing plans.

For a company whose first-quarter revenue shrank by 22 percent, Sivers Semiconductors is drawing an extraordinary amount of investor attention. The Stockholm-listed chipmaker has seen its shares rocket 1,700 percent since the start of the year — a move that has little to do with what the quarterly numbers show and everything to do with what the sales pipeline promises. That pipeline now stands at $799 million, up 77 percent in just five months, and it is the single biggest factor driving the bull case.

The first quarter itself was punishing. Revenue fell to 61.9 million Swedish kronor from 78.9 million a year earlier, while adjusted EBITDA swung to a loss of 13.8 million kronor. The operating loss reached 41.5 million kronor, and operating cash flow burned through 49.2 million kronor. Management pointed to two culprits: the US government shutdown in late 2025, which held up defense contracts, and adverse foreign-exchange moves in the dollar and pound. Neither is the kind of headwind that corrects overnight, yet the company is sticking to its full-year guidance, betting that a shift from customer validation to volume production will pick up in the coming months.

A large part of that bet rests on the Photonics division, where demand for optical components used in AI data centers has supercharged the deal pipeline. Sivers has also locked down specific milestones: a development contract from a major US defense contractor, a second year of funding under the US CHIPS Act for an electronic warfare program, and a collaboration with Jabil on a pluggable 1.6-terabit transceiver module for data centers. In fixed wireless access, a new partnership with Tachyon Networks has already yielded production orders for 60-gigahertz products slated for 2026, with additional product launches planned for 2027 covering automotive LiDAR, lasers for AI data centers, and satellite communications.

The disconnect between the operational snapshot and the stock price has not gone unnoticed by short sellers. As of the end of May, about 17 percent of the freely traded shares were held short — a dramatic jump from just 1.6 percent in early March. The index inclusion on Monday, when Sivers joins the OMX Stockholm Benchmark Index and the MSCI Small-Cap Index, is forcing passive funds to buy the stock, a demand that could put pressure on the shorts. On Friday, the stock closed at 68.95 kronor, down 1.78 percent on the day but still near levels that give the company a market capitalization of roughly 20.7 billion kronor.

To finance the growth push, Sivers completed a directed share placement in May, raising gross proceeds of 125 million kronor through the issuance of 8.62 million new shares. The total share count now stands at 319,953,572. The fresh capital is intended to support expansion of sales, organization, and financial controls — steps that also pave the way for a potential secondary listing on the Nasdaq in New York. A PCAOB-compliant audit is already under way, a prerequisite for a US listing.

The annual general meeting has been delayed to June 15, partly because the 2025 annual report was only published on May 15. For the current year, Sivers expects revenue growth to accelerate in the second half, with a long-term compound annual growth rate of 25 to 30 percent and profitability possible from 2028 onward. The next few quarters will determine whether the $799 million pipeline translates into the kind of revenue that justifies the rally — or whether the gap between promise and performance remains as wide as the stock’s year-to-date gain.