Sivers Semiconductors Faces a Defining May as Short Sellers Circle and Nasdaq Ambitions Intensify

The blistering rally in Sivers Semiconductors shares — a 725% surge over the past twelve months — has drawn the attention of two prominent hedge funds now betting against the stock. Voleon Capital Management and Two Sigma Investments have both built short positions in the Swedish technology group within the last 48 hours, signaling that some on Wall Street view the near-$1 billion market capitalization as increasingly detached from fundamentals.

The skepticism is not without basis. While Sivers grew revenue by 33% to $39 million in its most recent fiscal year, the company has yet to achieve consistent profitability. That gap between valuation and earnings performance has become a flashpoint as the group pursues an ambitious dual listing on the Nasdaq in New York — a move that is already complicating its financial reporting calendar.

A Pivotal Fortnight Ahead

May is shaping up to be the most consequential month in Sivers’ recent history. The company has delayed the release of its annual report to May 15, citing the need for an “audit uplift” to align its accounts with US standards. The annual general meeting has been pushed back to June 15 as a result. Before that, shareholders will gather for an extraordinary meeting on May 11 to vote on a targeted share issuance of up to 8.62 million new shares, with proceeds earmarked for research and development in AI data centers and satellite communications.

Just five days after the annual report lands, on May 20, Sivers will publish its first-quarter results — a critical test of whether the operational momentum can justify the stock’s elevated multiple.

Should investors sell immediately? Or is it worth buying Sivers Semiconductors?

New Deal Provides Tangible Support

Amid the corporate calendar crunch, Sivers has secured a fresh commercial win that bolsters its near-term narrative. The company announced a $1.5 million development partnership with US-based Tachyon Networks to co-develop a 60 GHz transceiver for fixed wireless networks. The deal deepens an existing relationship; Tachyon had previously ordered antenna modules worth $3 million from Sivers.

Harish Krishnaswamy, who heads Sivers’ wireless business, described the expanded collaboration as a low-risk, fast-track route for customers to deploy high-capacity short-range links in dense urban environments. Tachyon CEO Hal Bledsoe echoed that sentiment, noting the partnership provides a clear pathway for network expansion.

Valuation Under the Microscope

The Tachyon contract offers concrete evidence of commercial traction, but the market’s expectations remain extraordinarily high. Sivers currently trades at 31 times sales — a stark contrast to the European semiconductor sector average of roughly four times revenue, and well above the multiples of its direct peers.

The short sellers’ arrival adds a layer of tension to an already packed schedule. With the capital raise, the accounting overhaul, the Nasdaq listing preparations, and now the quarterly numbers all converging within a two-week window, Sivers must deliver results that justify the hype — or risk seeing the bears take control.