Navi Microelectronics (NVTS.US) releases 24kW power board: The reality and expectations behind the heating up of the 800V narrative

Zhitong Finance APP has learned that on October 13, Navitas Semiconductor (NVTS.US) and Nvidia (NVDA.US) jointly unveiled a 24kW, 800V to 12V DC-DC power supply board, which is scheduled to be showcased at the Nvidia MGX ecosystem zone at the OCP Global Summit. The product targets 97% efficiency with a power density exceeding 2,000 watts per cubic inch, eliminating the traditional 50V to 12V conversion stage and allowing for direct installation near the processor on the main computing board. Following the announcement, Navitas's share price rose by over 7% after hours, but closed down 7% during the regular trading session, after having fallen about 19% over the prior five trading days. As of press time, the stock was up 2.3% pre-market.

The swings between gains and losses reflect the widening market divide over the 800V narrative.

Morgan Stanley Research Report Release Coincides with OCP Summit, Seen as a Catalyst

The timing of Navitas's product launch is particularly delicate. On October 12, Morgan Stanley released a research report stating that concerns about delays in AI data centers adopting native 800V power systems “may have been overstated”. Nvidia originally planned to introduce native 800V power via Kyber cabinets with the Rubin Ultra series in the second half of 2027, but that cabinet plan has since been revised, with the first clearly native 800V cabinet likely pushed to the Feynman architecture around 2028.

Morgan Stanley emphasized that delaying native cabinets does not mean the 800V transition has stalled. External power modules are shipping as planned, and the centralized Power Center systems for 2027 remain on track. The report specifically mentioned Navitas Semiconductor, listing it alongside Analog Devices, Texas Instruments, onsemi, and Wolfspeed, and expects the OCP Summit to serve as a positive catalyst for related semiconductor stocks.

Navitas chose to debut its product on the very first day of the summit, serving as an immediate response to the “800V delay theory”—demonstrating with an exhibit-ready hardware product that R&D in power conversion is ongoing.

InnoScience’s “Intercept” and Navitas’s OEM Capacity Worries

However, Navitas’s position within Nvidia’s 800V ecosystem might not be as solid as the term “Nvidia partnership” suggests.

In August 2025, InnoScience was listed by Nvidia as a supplier for the 800V DC power architecture, causing its stock to soar 70% in just two days. The key background detail is that Navitas’s main GaN foundry partner, TSMC, has announced it will gradually exit the GaN foundry business over the next two years. Meanwhile, with a 31% global market share in GaN power devices and greater production capacity, InnoScience is seen as a direct beneficiary. A Jefferies report at the time estimated that the GaN market just for Nvidia was worth $1.5 billion, or $2.5 billion including cloud service providers' ASICs.

InnoScience’s entry means Navitas is not irreplaceable in Nvidia’s 800V supply chain. Limited foundry capacity remains a structural constraint Navitas must continuously address.

“Collaboration”: Reference Design, Not Purchase Order

More significantly, the so-called “strategic collaboration” between Navitas and Nvidia is legally a non-exclusive reference design rather than a purchase order. This allows Navitas to showcase its power board at exhibitions, but with no guarantee of any sales revenue.

Navitas management previously disclosed having about $450 million in design win reserves, but most projects are expected to be implemented next year, with only a small portion contributing in late 2025 and 2027. These orders will take at least 2–3 years to be converted into revenue. For a company with a market cap of about $2.6 billion, the timeline from reference design to volume production orders is the greatest source of valuation uncertainty.

Financials provide further perspective. Navitas’s Q2 2026 revenue was $10.5 million, down 27.3% year-on-year but up 22% sequentially; non-GAAP gross margin stood at 39.5%, rising 50 basis points sequentially. The company projects Q3 revenue midpoint at $13.5 million, another 28% quarter-over-quarter increase, with a return to year-on-year growth. Management stated that by year-end, revenue from mobile and lower-end consumer segments would become negligible, while high-power markets (AI data centers and grid infrastructure) would contribute more than one-third of total revenue.

But with TTM revenue only about $36.5 million, the corresponding price-to-sales ratio exceeds 70x. AInvest analysis points out that Navitas’s current roughly $2.6 billion valuation far exceeds its $36 million rolling revenue and 30% gross margin level—“what's being priced in is speculative bets on AI power adoption, not current profitability.”

In other words, the market isn't buying how much Navitas earns now, but rather how many design wins it can ultimately secure within the 800V power architecture.

The OCP Summit runs until October 15. For Navitas, the significance of this 24kW power board is to prove its technical capabilities, but the next chapter in the narrative hinges on a much more practical question: Can a reference design be converted into volume orders? Morgan Stanley admits in its report that the EV/Sales multiples for 800V-related companies have retreated from their June highs to about 6.5x, roughly back to pre-GTC conference levels in March, but revenue forecasts for the period have actually been raised cumulatively by about 11%. Valuations are contracting while fundamentals are improving—the convergence direction of these two trends will shape the next pricing logic of the 800V track.