Sivers Semiconductors finds itself at a pivotal juncture. The Swedish chipmaker has just clinched a production order worth $8.2 million from ALL.SPACE, a satellite communications provider being acquired by York Space Systems for $355 million. The deal marks a strategic shift from development partner to volume supplier for the Ka-band beamforming chips that power next-generation tactical satellite terminals. Deliveries are scheduled through 2027, and the chips support seamless connectivity across LEO, MEO and GEO networks — a critical capability for military and industrial users. At the same time, shareholders are bracing for a vote on June 15 that could reshape the company’s capital structure and its presence on Wall Street.
The ALL.SPACE contract is the clearest signal yet that Sivers is embedding itself deeper into the U.S. defense supply chain. York Space Systems, the acquiring company, has strong ties to the Pentagon, and Sivers CEO Vickram Vathulya described the partnership as entering “scaled multi-year operations.” ALL.SPACE chief Paul McCarter noted that the jointly developed technology addresses surging global demand. The deal also bolsters Sivers’ Wireless segment, which focuses on 5G mmWave technology, while the company’s Photonics division separately targets optical communications and sensing.
Showdown at the AGM
June 15 is shaping up as a make-or-break date. At the annual general meeting, shareholders will decide on a secondary listing on the Nasdaq in New York. To fund the move and potential acquisitions, management is seeking approval to issue up to 53.8 million new shares — a dilution of roughly 15%. The preparations have already left traces: Sivers had to restate previous financials to comply with U.S. audit standards, shifting revenue recognition and writing off development costs.
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On the financial front, the picture is mixed. First-quarter revenue slumped 22% to SEK 62 million, and the operating result swung deep into the red. A U.S. budget dispute late last year delayed key order releases. Yet the company’s pipeline has swelled to nearly $800 million since the start of the year, and management insists that deferred revenue will materialize in the second half. The full-year target remains unchanged.
AI Ambitions Add a Growth Leg
Away from defense, Sivers is pushing into the artificial intelligence infrastructure market through a partnership with GlobalFoundries. The collaboration aims to develop silicon photonics solutions for high-performance data centers, with Sivers integrating its laser arrays into reference designs for co-packaged optics and linear pluggable optics. Jabil, a contract manufacturer, is also building transceiver modules using Sivers technology to cut the enormous power consumption of modern AI hardware. The addressable market could reach $25 billion by 2030.
The stock has responded to the flurry of news with a 30-day gain of 83%, recently trading at EUR 7.38. That still leaves it nearly 29% below its 52-week high of EUR 10.23. Annualized volatility of 250% underscores the nervousness among investors, who are weighing a production order that validates the company’s technology against the dilution and execution risks of a transatlantic listing. The June 15 vote will bring clarity — and likely a fresh chapter in Sivers’ transformation from niche developer to defense and AI supplier.
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