Wolfspeed
Wolfspeed is an American semiconductor company that manufactures silicon carbide (SiC) wide-bandgap semiconductor materials and power devices and supplies gallium nitride (GaN)-on-SiC substrates. Founded in 1987 as Cree Research in Durham, North Carolina, the company introduced the first commercial SiC wafer in 1991 and, after divesting its LED and lighting businesses, rebranded as Wolfspeed in October 2021. Wolfspeed produces SiC MOSFETs, diodes, and power modules for applications including electric vehicles, AI data centers, renewable energy, industrial power, and aerospace and defense. The company led the global silicon carbide substrate market with approximately 33.7% share in 2024, but was surpassed in 2025 by Chinese competitor SICC, which reached a 27.6% global share in conductive SiC substrates to become the world's largest producer.
After a period of aggressive capacity expansion funded by significant debt, Wolfspeed filed for Chapter 11 bankruptcy protection on June 30, 2025, and emerged in September 2025 with debt reduced by approximately 70% and annual cash interest payments cut by roughly 60%. The restructuring reached its final milestone in January 2026, when CFIUS cleared the equity issuance to Renesas Electronics and the remaining shareholder recovery tranche was distributed. Under CEO Robert Feurle, the company shifted all device manufacturing to its fully automated 200 mm Mohawk Valley Fab in Marcy, New York, and reorganized its go-to-market strategy around four verticals: automotive, industrial and energy (including AI data centers), aerospace and defense, and materials.
In fiscal 2026, Wolfspeed reported Q1 revenue of $197 million, Q2 revenue of $168 million, Q3 revenue of $150 million, and Q4 revenue of $149.6 million, with a GAAP net loss of $145.4 million in the final quarter. The company's AI data center revenue grew 50% sequentially in Q2, 30% in Q3, and 20% in Q4, with full-year fiscal 2026 AI data center revenue more than doubling year-over-year, reflecting the early stages of a strategic pivot toward high-voltage power solutions for AI infrastructure. To accelerate this pivot, Wolfspeed launched a dedicated data center solutions team with a San Francisco Bay Area office in June 2026 to align with hyperscalers and original design manufacturers, and introduced new 3.3 kV power module families for AI data center and grid applications in May 2026. In March 2026, Wolfspeed introduced the industry's first commercially available 10 kV SiC power MOSFET — honored as the inaugural PCIM Top Innovation in June 2026 — followed by the launch of its fifth-generation (Gen 5) SiC MOSFET platform in June 2026, achieving up to 27% lower specific on-resistance than competing 1200 V solutions. The company also produced the industry's first single-crystal 300 mm SiC wafer in January 2026, positioning the platform for AI and high-performance computing advanced packaging applications.
Wolfspeed secured landmark partnerships with Toyota for SiC MOSFETs in BEV onboard chargers, with Hopewind for wind power converters, and with LITEON for 800 VDC AI data center power platforms, and established a collaboration with GE Aerospace to accelerate high-voltage SiC adoption across industrial, aerospace, and defense markets. In July 2026, Wolfspeed filed a patent infringement lawsuit against Navitas Semiconductor in the U.S. District Court for Delaware, asserting five foundational SiC and GaN patents against Navitas's major product families. The company's stock experienced extreme volatility in 2026, surging from post-restructuring levels to a 52-week high of $80.82 in May 2026 following a bullish Citrini Research report, before retreating amid ongoing fundamental losses and negative gross margins. After reporting its fiscal Q4 2026 results in August 2026, management identified gross-margin breakeven as the company's next major milestone, estimating that an annual revenue run rate of roughly $800 million would be required to reach it.