Sivers Semiconductors' Trifecta: Defense Contract, Capital Raise, and Restated Accounts Fuel Record Rally

Swedish chipmaker Sivers Semiconductors hits 74.90 SEK intraday as $6.6M Pentagon contract, institutional equity placement, and PCAOB restatement fuel rally, pushing market cap above 17.4B kronor.

Sivers Semiconductors has closed out a transformative week with its stock touching 74.90 SEK intraday, as a trio of catalysts converged to push the Swedish chipmaker’s market value past 17.4 billion kronor. A $6.6 million Pentagon contract, a directed equity placement drawing heavyweight institutional names, and the disclosure of restated accounts that deepened reported losses all played a role in the frenzied buying.

The defense award, announced on May 19, comes from the EW STAR program administered through the Northeast Microelectronics Coalition Hub and funded by the Naval Surface Warfare Center Crane Division. The project focuses on broadband antenna-array technologies that enable simultaneous transmission and reception — capabilities critical for electronic warfare, communications, and radar. Development partners include BAE Systems, MIT Lincoln Laboratory, and Columbia University.

That same week, an extraordinary general meeting approved a directed share issue. The company will issue 8.62 million new common shares at 14.50 SEK each, corresponding to an increase in share capital of 4.31 million kronor. The placement brought in a roster of both Swedish and international investors: DNB Disruptive Opportunities, DNB Nordic Small Cap, Storebrand Sverigefond, Alcur Fonder, Hudson Bay Capital Management, and Waterside AM. The injection of fresh capital is widely seen as supporting the company’s shift to U.S. auditing standards (PCAOB), a prerequisite for a potential dual listing on the Nasdaq in New York.

The parallel adoption of PCAOB-compliant accounting came with a price. On May 13, Sivers published its 2025 annual report with restated figures for both 2024 and 2025. Corrections related to revenue recognition, inventory valuation, and stock-based compensation assumptions pushed the net loss for 2025 from 186.5 million to 222.6 million kronor. The operating loss widened from 141.3 million to 177.8 million kronor, though revenue was revised slightly upward to 306.6 million kronor from 304.1 million. The restatement is the cost of clearing the path to a U.S. exchange, not a sign of operational decay.

Against this backdrop, the stock erupted on Friday. After closing at 59.05 SEK the previous day, it surged to an intraday high of 74.90 SEK and settled at 72.90 SEK on volume of roughly 21 million shares. Year-to-date, the gain stands at more than 1,300 percent, reflecting a market that is pricing in not just near-term revenue but a structural shift in how Sivers goes to market.

At the core of that narrative is the company’s indium phosphide (InP) laser platform, which targets co-packaged optics for AI data centers — a market that grows more urgent as data rates climb. A capital-light manufacturing model, anchored by a partnership with Taiwan’s WIN Semiconductors, aims to transition Sivers’ InP production to a volume-ready 150mm (6-inch) foundry process without burdening the balance sheet with heavy fab investment. In April, Sivers also announced a collaboration with Jabil Inc. to develop a 1.6T optical transceiver based on the same InP technology, targeting both AI data centers and satellite communications.

The next milestone comes on May 29, when the delayed first-quarter 2026 report is due. That will be followed by the annual general meeting in Stockholm on June 15, where board nominees Joakim Nideborn and Helena Svancar are up for election along with other proposed members. As of May 23, the total number of shares outstanding stood at 319,953,572, comprising common shares and Series C shares.

With the Pentagon contract validating its defense applications, institutional money backing its balance-sheet restructuring, and the accounting overhaul clearing a path to Nasdaq, Sivers Semiconductors faces a crowded calendar of proof points. The May 29 report will be the first test of whether the story can sustain its velocity.