Navitas Joins Nvidia MGX; Stock Hits YTD High

On June 3, Navitas Semiconductor shares rose to a year-to-date high after the company joined Nvidia’s MGX ecosystem to supply 800-volt direct-current power delivery boards for AI infrastructure. The stock is trading at nearly four times its level from the start of 2026.

The boards are designed to remove the 48-volt intermediate bus converter inside compute server trays, creating a direct 800V rack-to-GPU power path. Navitas reports its GaNFast technology targets 97.5% peak efficiency at a 1 MHz switching frequency and a power density of 2,100 watts per cubic inch.

Nvidia’s MGX program highlights component suppliers for its accelerated infrastructure platform. The company did not disclose contract terms or delivery schedules tied to the MGX listing.

Navitas adjusted its business focus from lower-margin mobile and consumer products to data-center and AI infrastructure under CEO Chris Allexandre. The company reported AI-related revenue rose about 35% year-over-year in the first quarter and issued guidance implying roughly 16% sequential growth into the second quarter.

The share rally adds to a yearlong advance that has pushed the stock close to fourfold gains in 2026. At current market levels Navitas trades at more than 125 times sales, higher than the implied sales multiple for SpaceX at a $1.75 trillion valuation. The stock’s relative strength index reached the high 60s.

Wall Street consensus on Navitas is a “hold,” with an average 12-month price target below $14. Analysts noted that future revenue will depend on formal design wins, signed supply agreements and the pace of customer adoption of 800V direct power architectures.

Market participants are watching for announced customer contracts and revenue recognition tied to the MGX listing. Navitas has not reported binding design wins or confirmed supply agreements related to the MGX ecosystem.