Navitas has signed a definitive agreement to acquire Claros, a power-management company developing vertical power delivery (VPD) and integrated voltage regulator (IVR) technology aimed at next-generation AI data centers. The deal is valued at up to approximately $232.8 million, and Navitas says it extends its “grid-to-xPU” power portfolio down to processor-core power delivery—where high-current demands and transient response are increasingly hard limits for AI platforms.
Under the merger agreement, the transaction value includes approximately $216.0 million paid at closing in a combination of cash and Navitas Class A common stock, with the remainder paid in shares tied to business milestones over the two years following close. The stock portion is based on a $12.97 reference price (Navitas’ closing price on August 21, 2026). Navitas also outlined approximately $28.9 million in performance-based equity compensation for certain continuing Claros employees, tied to the same milestones. The boards of both companies have unanimously approved the transaction, which is expected to close before year-end, subject to customary closing conditions and regulatory approvals.
Navitas links the acquisition to AI infrastructure power architectures, including 800 V high-voltage direct current (HVDC), and frames Claros’ contribution as the “last step” near the processor. Claros’ VPD and IVR technologies stack power conversion, drive, control, and passives into a compact package intended to sit directly beneath or inside the chip package or printed circuit board, shortening the power path to millimeters rather than inches. Navitas attributes the approach with ultra-fast transient response, lower impedance, higher efficiency at sub-volt levels, and increased power density for AI compute.
For data center engineers, the practical point is that higher rack power doesn’t just stress the upstream electrical path; it also pushes board-level distribution and point-of-load regulation into a tighter corner as xPUs pull more current at lower voltages. Moving conversion closer to the die is a direct attempt to reduce distribution loss and voltage droop at the place that matters most, but it also raises integration, serviceability, and thermal tradeoffs that will matter in real deployments.
“The ‘power wall’ currently restricts next-gen xPUs in megawatt-scale server racks from achieving the next wave of AI performance,” said Chris Allexandre, President and CEO of Navitas. Claros co-founder and CEO Dan Kultran said Claros’ “integrated voltage regulator technology brings power conversion millimeters from the xPU, reducing board-level distribution losses, lowering heat generation, and improving the efficiency of processor-level power delivery.”
Navitas expects the acquisition to more than double its identified 2030 serviceable addressable market (SAM) to over $8 billion, including at least $3.5 billion attributed to VPD and IVR markets. Navitas said its current short-to mid-term financial model remains unchanged, and it expects Claros’ technologies to be an additional growth accelerator from 2028/2029 onward.
Source: Navitas
