Sivers Semiconductors Raises 700 Million SEK but Stock Tumbles as Revenue Woes Undermine AI Ambitions

Swedish chip developer raises €60M at a discount, but Q1 revenue drop and selling pressure drive stock down. Order pipeline grows 77% to $799M.

Investors piled into Sivers Semiconductors' latest share placement, but the warm reception on the institutional side has done little to stop the bleeding on the Stockholm exchange. The Swedish chip developer raised around 700 million Swedish kronor (€60 million) through the issuance of 12,280,701 new shares, yet the stock has lost nearly 44% of its value over the past 30 days as of Thursday’s close at €4.88.

The accelerated bookbuild, led by Pareto Securities, set the subscription price at 57 kronor per share — a discount of roughly 9.7% against the closing price on June 30, 2026. Demand far outstripped supply, with the offering multiple times oversubscribed by a mix of Swedish and international institutional investors, both new and existing shareholders. But the discount quickly translated into fresh selling pressure, pushing the stock from Wednesday’s close of €5.34 down another leg on Thursday.

Why the Market Isn't Celebrating

Part of the bearish sentiment stems from the company’s recent financial performance. For the first quarter of 2026, Sivers reported net sales of just 61.9 million kronor — a 22% decline year over year. Management attributed the weakness to delays in the US defense budget following the government shutdown in late 2025, compounded by unfavorable currency effects. The resulting gap between current revenues and future potential is stark.

That potential, however, is substantial. The order pipeline grew 77% in the first five months of the year, reaching nearly $799 million by the end of May. Sivers plans to channel the fresh capital into expanding production capacity for indium phosphide lasers and optical amplifiers — critical components for AI data centers, satellite communications, defense systems, and automotive LiDAR. CEO Vickram Vathulya is betting that these high-growth markets will eventually turn the pipeline into hard revenue.

Insider Lock-Up Remains in Place

A previous capital increase on April 16, 2026, came with a lock-up agreement covering board members Bami Bastani, Karin Raj, and Todd Thomson, as well as CEO Vathulya and CFO Heine Thorsgaard. That restriction runs until July 16, 2026, with standard exemptions. The latest placement did not introduce additional lock-up commitments, but the existing ones remain binding. That means insiders cannot sell their shares for now, even as the stock slides.

The dilution from this latest round — approximately 3% of shares outstanding, according to Redeye analysts — is relatively modest compared to the April placement. Redeye raised its valuation target for Sivers to 68 kronor following the deal, citing the balance sheet strengthening.

Technical Indicators Flash Caution

The stock is now trading roughly 47.75% below its 52-week high of €10.23 reached on June 3, 2026, and about 12% below its 50-day moving average of €6.08. The 14-day relative strength index sits at 39.5, edging toward oversold territory. Meanwhile, the annualized 30-day volatility has surged past 224%, underscoring the recent turbulence.

Adding to the long-term narrative, Sivers continues to prepare for a listing on the Nasdaq in the United States, likely between late 2026 and early 2027. The next quarterly report, due in August, will provide the first test of whether the new capital can accelerate the conversion of the pipeline into revenue — or whether repeated discount offerings will keep weighing on the stock.