Theses›Datacentre & AI compute›GaN power for datacentres

GaN power for datacentres

GaN power electronics captures 30% of AI datacentre PSU and 48V conversion by 2028

  • Bull
  • Closing
  • $1.1B by 2035

The callGaN becomes the default conversion silicon in 800V AI racks, and the device design-ins are going to incumbents, so the value shows up in listed companies.

D1D2D3R1R2C1foragainst D1D2D3R1R2C1foragainst
Fig. 1The balance. Drivers and catalysts against restraints, each block sized by its weight; catalysts hang dashed because they have not happened yet, sized by their odds. It tips toward the drivers.
  1. D1AI racks go to a megawatt and move from 48V to 800V DC; every step down to the chip must fit in less space and waste less heat.
  2. D2Silicon MOSFETs can't switch fast enough to shrink the magnetics; GaN at MHz does 800V to 6V in one stage and skips the 48V bus.
  3. D3GaN reaches cost parity with silicon at 200-650V around 2026-27.
  4. R1The device design-ins for 2027 are closing on incumbents now; Navitas and Infineon shipped 800V products, Innoscience is worth about $5.2B.
  5. R2Silicon could hold the slot on cost through 2027, or hyperscalers solve density with cooling instead.
  6. C1NVIDIA's Kyber 800V DC racks reach full production, and every conversion stage in the rack needs GaN or SiC.2027
Rests onthe beliefs underneath
Supported by · confidence
What would prove itdated tests, open and resolved
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Fig. 2Each ring is a dated test: dashed while open, struck through when overdue, ticked or crossed once resolved.
  1. 1GaN reaches device cost parity with silicon MOSFETs in 200V–650V class by 2027.Dec 2027 · open
  2. 2GaN at cost parity with silicon at 200-650V; Kyber 800V racks in full production.Dec 2027 · open
  3. 3GaN captures ≥30% of new AI datacentre PSU power-stage devices by 2028.Dec 2028 · open
  4. 4GaN at 30% of new AI datacentre power stages by 2028, against the published 2030.Dec 2028 · open
  5. 5Total GaN power device market exceeds $5B by 2030.Dec 2030 · open
  6. 6SiC retains majority share of EV traction (>650V) through 2030.Dec 2030 · open
  7. 7GaN power devices above $5B; a hyperscaler signing a new independent GaN supplier would change the view.Dec 2030 · open
Expressionslisted, private, technologies
Private · 8 private companies, 3 of them in the US.

VeloSwitch · Innoscience · Transphorm · Efficient Power Conversion (EPC) · VisIC Technologies · Cambridge GaN Devices (CGD) · Wise Integration · Vertical Semiconductor

2 more private companies tracked, not shown

Technologies
Who has already bet on itprivate rounds, from public sources

$533M raised by 4 companies, $240M of it in the last three years. Wave under way: Large rounds in the last three years; the category is funded and getting crowded.

Backed by a top-tier venture firm: Cambridge GaN Devices (CGD), Vertical Semiconductor. Backed by a strategic investor: Innoscience, Wise Integration.

  • $474MInnoscience
    • Founded 2015
     IPO (HKEX 2577), Dec 2024 $180M (STMicroelectronics, Jiangsu SOE Mixed Ownership Reform Fund, Dongfang Innovation Capital) · Series D, 2022 $474M (TI-Capital, ADDOR Capital, Haitong Innovation)
  • $32MCambridge GaN Devices (CGD)
    • Founded 2016
     Series C, Feb 2025 $32M (British Patient Capital, Parkwalk, BGF)
  • $17MWise Integration
    • Founded 2020
     Series B extension, Sep 2024 (AVITIC (Applied Ventures / ITIC)) · Series B, Mar 2024 $17M (imec.xpand, Supernova Invest, BNP Paribas Developpement)
  • $11MVertical Semiconductor Seed, Oct 2025 $11M (Playground Global, JIMCO)
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