Wolfspeed
Wolfspeed is an American semiconductor company that manufactures silicon carbide (SiC) wide-bandgap semiconductor materials and devices and supplies gallium nitride (GaN)-on-SiC substrates for power and radio-frequency applications, including transportation, power supplies, inverters, and wireless communication systems.[^c1] Founded in 1987 as Cree Research in Durham, North Carolina, the company introduced the first commercial silicon carbide wafer in 1991 and, after divesting its LED and lighting businesses, rebranded as Wolfspeed in October 2021.[^c2][^c16] It is a spin-out of North Carolina State University and has been a pioneer in SiC substrates for decades.[^c3]
After a period of aggressive expansion funded by significant debt, Wolfspeed filed for Chapter 11 bankruptcy protection on June 30, 2025, under a pre-packaged restructuring plan supported by major creditors. The company emerged in September 2025 with debt reduced by approximately 70%, annual cash interest expenses cut by roughly 60%, and cash of approximately $926 million (later rising to $1.5 billion after CHIPS Act tax refunds).[^c4][^c5] Renesas Electronics emerged as the largest single shareholder following the restructuring, with a potential fully-diluted stake of approximately 34.7% through convertible notes, common stock, and warrants, and received a board seat.[^c30] In fiscal year 2024, Wolfspeed reported annual revenue of $807 million with a net loss of $864 million.[^c6][^c7]
Under CEO Robert Feurle, appointed in May 2025, Wolfspeed refocused on its 200mm device production at the Mohawk Valley Fab in Marcy, New York. In the third quarter of fiscal 2026 (ended March 29, 2026), the company reported $150 million in revenue—90% from the Mohawk Valley fab—with a net loss improved 58% year-over-year to $119.9 million.[^c12] Total debt was reduced a further 25% to $1.7 billion, and annualized cash interest expense fell approximately 65% to $145 million.[^c11] Non-GAAP gross margins remained negative at -21%, weighed down by $46 million in factory underutilization charges.
In January 2026, Wolfspeed achieved the industry's first single-crystal 300mm SiC wafer milestone, positioning the platform for AI and high-performance computing advanced packaging applications.[^c9] In March 2026, the company introduced the first commercially available 10 kV SiC power MOSFET, honored as a PCIM Top Innovation, followed by new 3.3 kV power module families in May 2026 targeting AI data center and grid infrastructure applications.[^c26] The company expanded into AI data center power solutions in June 2026 with a dedicated team and a San Francisco Bay Area office, recruiting senior executives from Texas Instruments and TE Connectivity.[^c10] On June 8, 2026, Wolfspeed announced a Memorandum of Understanding with GE Aerospace to jointly accelerate the adoption of high-voltage SiC across industrial, aerospace, and defense markets, including the supply of Wolfspeed's 10 kV MOSFET die and the joint determination of standard high-voltage power module formats.[^c23][^c24] CEO Robert Feurle stated that "high-voltage silicon carbide is finally production-ready exactly as the market confronts a power-delivery crunch legacy silicon cannot solve."[^c25] GE Aerospace recently qualified high-voltage power units for U.S. military ground vehicles, with deliveries to the U.S. Army expected to begin in 2027.[^c32] On June 9, 2026, Wolfspeed unveiled its fifth-generation (Gen 5) SiC MOSFET platform, achieving up to 27% lower specific on-resistance than competing 1200 V solutions with an improved 200°C continuous junction temperature, with initial samples immediately available for select customers.[^c33] AI data center revenue grew approximately 30% sequentially in Q3 FY2026, and Infineon has guided $12,000 to $15,000 in power semiconductor content per 130 kW AI rack, underscoring the growing role of SiC in AI infrastructure.[^c21]
Wolfspeed continues to face intense pricing pressure from Chinese competitors, particularly SICC (Tianyue Advanced), which surpassed it in N-type SiC substrate market share in 2025.[^c14] The global SiC device market is projected to reach approximately $10.3 billion by 2030 according to Yole Group.[^c15] The stock has experienced extreme volatility, surging from a post-restructuring low to a 52-week high of $80.82 in May 2026 (though the true all-time high of $142.30 was set in November 2021, before the restructuring).[^c17][^c22] From April 1 to mid-May 2026, the stock rose 329%, and by early June had posted a year-to-date gain of over 220%.[^c18] In late May 2026, research firm Citrini published a bullish thesis, calling Wolfspeed "the only game in town" and arguing that its manufacturing capacity would become unavoidable as AI demand increases, sending the stock up as much as 20% and its year-to-date gains above 270%.[^c27][^c28] On June 8, 2026, shares traded 5% higher following the GE Aerospace partnership announcement.[^c31] However, the stock subsequently fell approximately 21% in separate sessions amid analyst divergence, with Piper Sandler issuing a "Buy" rating while Susquehanna maintained a "Neutral" stance.[^c29] Short interest remained at 96.35% of the float in late May 2026, with EquiLend utilization exceeding 98% and a cost to borrow of 1,600 basis points, signaling an intense short squeeze.[^c19][^c20]