Navitas and NVIDIA Deepen 800V AI Power Partnership with 24kW Board

What happened

Navitas Semiconductor announced a partnership with NVIDIA on a 24-kW 800V-to-12V power board designed for next-generation AI systems, aiming to improve efficiency and reduce board space. This builds on Navitas's prior NVIDIA ecosystem engagement, including the 800V-to-6V board showcased at GTC and Computex earlier in 2026. The company's most recent filings show continued financial strain, with Q2 2026 revenue of only $10.5 million and a net loss of $228.2 million, alongside active patent and trade-secret litigation from Wolfspeed and Renesas. While the new board represents tangible progress in the 800V AI rack power strategy, no revenue from this collaboration has been disclosed, and NVIDIA's own roadmap places broad 800V adoption in 2027. Consequently, the partnership reinforces Navitas's technical relevance but does not yet resolve the gap between ecosystem validation and auditable revenue.

Implication

The NVIDIA partnership adds technical validation but does not alter the near-term financial picture. Navitas still faces a revenue gap, heavy losses, and potential dilution from ATM usage. The 24kW board may help secure future design wins, but production orders are not guaranteed and could be delayed by litigation or competitive pressures. Given the stock's recent volatility and legal overhang, the risk/reward remains unattractive at current levels above $11. Investors should monitor Q3 and Q4 results, any disclosures of booked AI revenue, and litigation updates before committing capital; a more attractive entry may appear below $8, closer to the bear-case implied value.

Thesis delta

The NVIDIA partnership strengthens Navitas's positioning in 800V AI power by adding a specific product to the NVIDIA ecosystem. However, it does not change the core thesis that Navitas is still in the pre-revenue phase for AI and overvalued relative to current fundamentals. The WAIT rating remains appropriate, with the partnership serving as another milestone to watch but not a catalyst for immediate re-rating.