Shares of Sivers Semiconductors surged 16.2% to €2.12 on October 28, extending a two-day rally after the Swedish chipmaker confirmed plans to merge its photonics subsidiary with Nordic Acquisition Corporation, a blank-check company listed on Nasdaq. The completion of the business combination depends on due diligence and regulatory approval. The deal's promise — and its risks — hinge on whether spinning off a niche laser business into a standalone U.S.-listed company can actually unlock the value investors are pricing in.

  • The Deal Creates a U.S.-Listed Photonics Pure Play. The proposed transaction would create a standalone, publicly traded photonics company funded by significant cash reserves upon completion of the de-SPAC process.

This would bring Sivers Photonics closer to investors, customers, and partners within the U.S. AI ecosystem — a strategic priority given that roughly 80 percent of the photonics unit's net revenue already comes from the U.S. A Nasdaq listing positions the unit to attract AI-focused capital that a Swedish small-cap listing cannot.

  • The Revenue Is Still Tiny Against the Valuation. Sivers posted record 2025 revenues of approximately $33 million. Yet the stock trades at a price-to-sales ratio of roughly 23x , pricing in enormous future growth. At a recent $2.3 billion valuation, shares traded at more than 230x disclosed 2025 photonics revenue. Analysts expect revenue to nearly double to SEK 458 million by 2027, but EBIT margins remain deeply negative — roughly -46% in 2025 and an estimated -86% in 2026 before potentially turning positive in 2028.

  • LiDAR Production Orders Add a Near-Term Catalyst. On October 20, a strategic LiDAR customer initiated production orders, with shipments beginning in Q4 2026 — a concrete signal that development contracts are converting into real revenue. Sivers Photonics also has development contracts with leading silicon photonics providers and is in discussions with several hyperscale AI companies.

  • Short Sellers Are Watching Closely. Citadel Securities recently became a publicly disclosed short seller in Sivers before exiting the position by October 23 , and Two Sigma also returned as a public short seller in early October. The heavy short interest signals institutional skepticism that the stock's +400% year-to-date gain can hold without a dramatic acceleration in actual shipments. For shareholders, the merger is a bet that a U.S. address and a dedicated ticker will attract the capital needed to bridge the gap between a compelling laser technology and a profitable business.