Navitas Semiconductor (NVTS.US) and NVIDIA (NVDA.US) jointly developed a 24kW, 800V-to-12V DC-DC power board that was officially unveiled on October 13, with plans to display it in the NVIDIA MGX ecosystem showcase area at the OCP Global Summit.

The product targets 97% efficiency and a power density exceeding 2,000 watts per cubic inch, eliminating the 50V-to-12V intermediate step in traditional architectures and allowing direct mounting on the compute motherboard near the processor.

After the news was announced, Navitas shares briefly rose more than 7% in after-hours trading, but closed down 7% during the regular session that day, following a cumulative decline of about 19% over the prior five trading sessions.

As of press time, the stock was up 2.3% in pre-market trading. The swing between gains and losses reflects growing divergence in the market over the 800V narrative.

Morgan Stanley Report Released at an Opportune Time, OCP Summit Seen as a Catalyst

The timing of Navitas's product launch was notably delicate. On October 12, Morgan Stanley released a research report stating that market concerns about delays in the deployment of native 800V power delivery for AI data centers "may have been overdone."

NVIDIA originally planned to introduce native 800V power delivery through the Kyber rack in the Rubin Ultra series in the second half of 2027, but that rack design has been adjusted, and the first rack clearly adopting native 800V may not arrive until the Feynman architecture around 2028.

Morgan Stanley emphasized that the delay of native racks does not mean the 800V transition has stalled. External power modules are already shipping as planned, and the 2027 Power Center centralized power supply system is still advancing.

The report specifically mentioned Navitas Semiconductor, grouping it alongside Analog Devices, Texas Instruments, ON Semiconductor and Wolfspeed, and said the OCP Summit could serve as a positive catalyst for related semiconductor stocks.

Navitas chose to release its product on the opening day of the summit as an immediate response to the "800V delay theory" 鈥?using a physical product on display to prove that R&D in the power conversion segment has not stalled.

Innoscience's "Interception" and Navitas's Foundry Concerns

But Navitas's position in NVIDIA's 800V ecosystem may not be as secure as the phrase "NVIDIA partnership" makes it sound. In August 2025, Innoscience was added by NVIDIA to its list of 800V DC power architecture suppliers, and its stock price surged 70% over two days.

The key backdrop is that TSMC, Navitas's main gallium nitride foundry partner, announced it will gradually exit the gallium nitride foundry business over the next two years, while Innoscience, with a 31% global share of the gallium nitride power device market and capacity advantages, is seen by the market as a direct beneficiary.

Jefferies estimated in a report at the time that the total gallium nitride market for NVIDIA alone reached $1.5 billion, and would reach $2.5 billion if cloud service providers' ASICs were included. Innoscience's entry means Navitas is not irreplaceable in NVIDIA's 800V supply chain.

The shortfall in foundry capacity is a structural constraint Navitas will need to continue facing.

"Collaboration": Reference Design Rather Than Purchase Order

More noteworthy is that the "strategic collaboration" between Navitas and NVIDIA is legally a non-exclusive reference design, not a purchase order. This means Navitas can display the power board at the show, but there is no guaranteed sales revenue.

Navitas management previously disclosed having about $450 million in design win backlog, but most projects will not materialize until next year, with only small contributions by the end of 2025 and in 2027, and these orders will take at least two to three years to convert into revenue.

For a company with a market capitalization of about $2.6 billion, the conversion cycle from reference design to mass-production orders is the biggest source of uncertainty in its valuation.

Financial data provides another perspective. Navitas reported Q2 2026 revenue of $10.5 million, down 27.3% year over year but up 22% quarter over quarter; non-GAAP gross margin was 39.5%, up 50 basis points sequentially.

The company expects Q3 revenue at a midpoint of $13.5 million, up another 28% quarter over quarter, and a return to positive year-over-year growth. Management said that by year-end, mobile and low-end consumer revenue will become negligible, while the high-power market (AI data centers and grid infrastructure) will contribute more than one-third of total revenue.

However, TTM revenue is only about $36.5 million, corresponding to a price-to-sales ratio of more than 70 times. An AInvest analysis pointed out that Navitas's current market capitalization of about $2.6 billion far exceeds its $36 million in trailing revenue and 30% gross margin level, "pricing in a speculative bet on AI power adoption rather than current profitability."

In other words, what the market is buying is not how much Navitas earns now, but how many design wins it can ultimately secure in the 800V power architecture.

The OCP Summit runs through October 15. For Navitas, the significance of this 24kW power board lies in proving technical capability, but the next step in the narrative depends on a more practical question: whether the reference design can be converted into mass-production orders.

Morgan Stanley acknowledged in its report that the EV/Sales multiple for 800V-related companies over the next 12 months has fallen from its June high to about 6.5 times, basically back to pre-GTC March levels, but revenue forecasts over the same period were actually revised up by a cumulative 11%.

Valuations are contracting while fundamental expectations are improving 鈥?the direction in which the two converge will determine the next round of pricing logic for the 800V track.