M&A advisory for AI infrastructure & semiconductors companies
Semiconductor M&A has been shaped by strategic consolidation among incumbents, hyperscaler vertical integration into custom silicon and a wave of activity around AI accelerators and networking. The regulatory layer is the defining feature: cross-border review in the US, EU and China has tightened materially, and that overlay touches buyer universe, timeline and structure before price is even on the table.
The buyer set is concentrated and well-known. Strategic acquirers are the major IDMs and fabless leaders - Nvidia, AMD, Intel, Broadcom, Marvell, Qualcomm - alongside the hyperscalers building custom silicon programmes and a smaller group of PE platforms consolidating specialty hardware. Each of those buyers has its own regulatory profile and tolerance for review, and Flow has direct access to all of them.
Flow team has relevant sector experience and has worked with AI infrastructure and semiconductor companies across AI accelerators, networking silicon, edge inference hardware and specialty fabless designers.
"AI infrastructure & semiconductors" KPIs M&A buyers look at
Key metrics strategics and PE buyers look at when analayzing AI infrastructure & semiconductors M&A targets
Design wins booked
Design-in to design-win rate
Revenue per design win
Gross margin by SKU
Wafer / die yield
Capex vs roadmap
R&D as % of revenue
Inventory turns
DSO / DPO cycle
Customer concentration
Foundry capacity committed
Bookings to billings ratio
AI infrastructure & semiconductors valuations in May 2026
Public AI infrastructure & semiconductors comps trade at 7.9x EV/Revenue. Median revenue multiple across AI infrastructure & semiconductors M&A deals was 3.2x in the last 12 months.
7.9x
Median EV/Revenue as of May 2026 for public AI infrastructure & semiconductors companies
24x
NVIDIA is the highest valued public AI infrastructure & semiconductors company based on EV/Revenue (excluding outliers)
3.2x
Median EV/Revenue across AI infrastructure & semiconductors M&A deals in the last 12 months
29x
Median EV/Revenue across AI infrastructure & semiconductors VC rounds in the last 12 months
Key recent AI infrastructure & semiconductors M&A deals
$11B acquisition of Qorvo by Skyworks Solutions was the largest AI infrastructure & semiconductors M&A transaction completed in the last year.
See all AI infrastructure & semiconductors M&A deals| Logo | HQ | Description | Buyer | ||||
|---|---|---|---|---|---|---|---|
Oct-25 | Qorvo |  | Qorvo represents the combined entity of RF Micro Devices and TriQuint Semiconductor, which merged in January 2015. The company specializes in radio frequency filters, power amplifiers, and front-end modules used in many of the world’s most advanced smartphones. Qorvo also has a suite of products sold into a variety of nonsmartphone end markets, such as wireless base stations, cable TV and networking equipment, and infrastructure and military applications. | Skyworks Solutions | $11B | 2.9x | |
Jul-25 | Core Scientific | | Core Scientific Inc is engaged in designing, building and operating digital infrastructure for high-performance computing. The business operates in three operating segments; Digital Asset Self-Mining, consisting of performing digital asset mining for the own account, Digital Asset Hosted Mining, consisting of providing hosting services to third parties for digital asset mining, and HPC Hosting, consisting of providing hosting services to third parties for graphics processing unit (GPU) based HPC hosting operations. The majority of revenue is derived from the Digital Asset Self-Mining Segment. | CoreWeave | $9.0B | 19x | |
Feb-26 | Silicon Labs | | Silicon Laboratories Inc Inc is a provider of secure, intelligent wireless technology for a more connected world. The company's integrated hardware and software platform, intuitive development tools, industry ecosystem, and robust support help customers build industrial, commercial, home, and life applications. Company make it easy for developers to solve complex wireless challenges throughout the product lifecycle and get to market quickly with solutions that transform industries, grow economies, and improve lives. Company operates in USA, China, Taiwan and Rest of World, with maximum revenue from rest of the world. | Texas Instruments | $7.5B | 9.6x | |
Oct-25 | Veeco | | Veeco Instruments Inc is a United States-based company engaged in designing, developing, and manufacturing thin-film process equipment, mainly used for producing electronic devices. The company focuses on semiconductor process equipment that addresses a range of challenging materials engineering problems for its customers. Its products include Laser Processing Systems, Lithography Systems, Ion Beam Systems, SiC CVD Systems, MOCVD Systems, Wet Processing Systems, MBE Technologies, Atomic Layer Deposition Systems, Physical Vapor Deposition Systems, Dicing and Lapping Systems, as well as Gas & Vapor Delivery Systems. The maximum of the company's revenue is generated from sales to the Semiconductor Industry and within China. | Axcelis | $4.4B | - | |
Dec-25 | Celestial AI | | Celestial AI is a semiconductor company building optical interconnects for AI data centers. Its Photonic Fabric interconnects memory pools with compute engines using silicon photonics to achieve over 10 TB/s bandwidth per socket. The technology disaggregates memory from GPUs for hyperscale training workloads. Partnerships include AMD and Samsung for HBM integration. Founded in 2020, Celestial AI locates headquarters in Santa Clara, California, and ships prototypes to cloud providers. | Marvell Technology | $3.3B | - | |
Nov-25 | M | MAISENSE |  | MAISENSE is a semiconductor firm producing plasmonic compute systems-on-chip for energy-efficient AI processing. | OSR Enterprises | $3.1B | - |
Jun-25 | A | Alphawave Semi | - | Qualcomm | $2.4B | 7.8x | |
Sep-25 | Rivos | | Rivos is a Santa Clara-based startup developing high-performance RISC-V processors for enterprise data centers. The company integrates CPUs, accelerators, and networking silicon into system-on-chips optimized for AI workloads and cloud computing. Backed by over $250 million in funding, it collaborates with hyperscalers on custom silicon deployments. | Meta | $2.0B | - | |
Jan-26 | SkyWater Technology | | SkyWater Technology Inc is a U.S.-based, independent, pure-play technology foundry that offers semiconductor development and manufacturing services from its fabrication facilities. In its technology as a service model, it leverages a foundation of proprietary technology, engineering to co-develop process technology intellectual property (IP) with its customers that enable disruptive concepts through its Technology Services for diverse microelectronics (integrated circuits) and related micro- and nanotechnology applications. It focuses on serving diversified, high-growth, end users in numerous vertical markets, including computation, aerospace and defense (A&D), automotive and transportation, bio-health, and industrial. | IonQ | $1.8B | 5.2x | |
Jan-26 | P | Powerchip Semiconductor Manufacturing (Taiwan fabrication site) | | Powerchip Semiconductor Manufacturing is a Taiwan-headquartered semiconductor foundry managing fabrication sites for integrated circuit production. | - | $1.8B | - |
Oct-25 | Smiths Interconnect | | Smiths Interconnect is a Geneva-headquartered designer of RF/microwave components, antennas, and hybrid microelectronics for aerospace, defense, space, telecom, and medical applications. The company produces multi-channel amplifiers, rotary joints, and fiber optic systems integrated into platforms like F-35 fighters, satellites, and MRI scanners, with production sites in the U.S., Europe, and Asia. | Molex | $1.7B | - | |
May-26 | American Megatrends | | American Megatrends is a Norcross-based leader in BIOS firmware and hardware solutions for computing systems worldwide. The company produces AMIBIOS, deployed in millions of PCs, servers, and embedded devices from manufacturers like Dell, HP, and Lenovo. Founded in 1985, it also develops UEFI firmware, remote management tools such as AMI MegaRAC, and motherboard diagnostic software, supporting Intel, AMD, and ARM architectures across consumer, enterprise, and industrial markets. | Lattice Semiconductor | $1.6B | - | |
May-26 | Empower Semiconductor | | Empower Semiconductor is a Santa Clara-based designer of integrated voltage regulators for system-on-chips. Its IVR technology delivers high-efficiency power delivery for mobile devices, servers, and communications gear, reducing size and energy use compared to traditional architectures. The company holds patents on advanced power management circuits that enable sub-1V regulation with rapid transient response, targeting applications from smartphones to data centers. | Analog Devices | $1.5B | - | |
Feb-26 | R | Renesas (timing unit) |  | Renesas' timing unit delivers precision clocking solutions including oscillators, generators, buffers, jitter attenuators, and synchronizers for high-demand networking and computing applications. | SiTime | $1.5B | 5.0x |
Apr-26 | DustPhotonics |  | DustPhotonics is a Modi'in-headquartered producer of silicon photonics-based pluggable optical modules for data centers, enterprise networks, and high-performance computing. Founded in 2017, the company operates an additional office in Cupertino, California, where its AuraDP technology supports advanced 400G and 800G connectivity solutions. | Credo Technology Group | $1.3B | - |
Most active buyers of AI infrastructure & semiconductors companies
Cadence Design Systems, GlobalFoundries and Qualcomm are the most active acquirers of AI infrastructure & semiconductors companies in the last three years.
See all AI infrastructure & semiconductors acquirers| Logo | HQ | Description | Key acquisitions | ||
|---|---|---|---|---|---|
Cadence Design Systems | | Cadence Design Systems is a provider of electronic design automation software, intellectual property, and system design and analysis products. EDA software automates and aids in the chip design process, enhancing design accuracy, productivity, and complexity in a full-flow end-to-end solution. Cadence offers a portfolio of design IP, as well as system design and analysis products, which enables system-level analysis and verification solutions. | ChipstackArm (Artisan Foundation IP unit)INVECAS Technologies+2 | 5 | |
GlobalFoundries | | GlobalFoundries is a top-five contract semiconductor manufacturer globally. It was originally the manufacturing arm of Advanced Micro Devices before it was spun out in 2009. The foundry sells chips into a range of end markets including smartphones, PCs, Internet of Things, data centers, automotive, industrial, and so on, but primarily focuses on more mature process technologies. Until 2021, the firm was privately held by Mubadala Investment, the sovereign wealth fund of the United Arab Emirates, which remains its controlling shareholder today. GlobalFoundries merged with Chartered Semiconductor Manufacturing in 2009 and acquired IBM's chipmaking business in 2015. GF is headquartered in Malta, New York, and has about 13,000 staff. | Synopsys (processor IP solutions unit)InfiniLinkAdvanced Micro Foundry+1 | 4 | |
Qualcomm | | Qualcomm develops and licenses wireless technology and designs chips for smartphones. The company's key patents revolve around CDMA and OFDMA technologies, which are standards in wireless communications that are the backbone of all 3G, 4G, and 5G networks. Qualcomm's IP is licensed by virtually all wireless device makers. The firm is also the world's largest wireless chip vendor, supplying nearly every premier handset maker with leading-edge processors. Qualcomm also sells RF-front end modules into smartphones, as well as chips into automotive and Internet of Things markets. | Ventana Micro SystemsAugentixAlphawave Semi+1 | 4 | |
Credo Technology Group | | Credo Technology Group Holding Ltd delivers high-speed solutions to break bandwidth barriers on every wired connection in the data infrastructure market. It provides secure, high-speed connectivity solutions that deliver improved power and cost efficiency as data rates and corresponding bandwidth requirements increase exponentially throughout the data infrastructure market. It has a geographic presence in Hong Kong, the United States, Mainland China, Taiwan, and the Rest of the World. | DustPhotonicsCoMira SolutionsHyperlume | 3 | |
IonQ | | IonQ Inc sells access to several quantum computers of various qubit capacities and is in the process of researching and developing technologies for quantum computers with increasing computational capabilities. The company currently makes access to its quantum computers available via cloud platforms and also to select customers via its own cloud service. This cloud-based approach enables the broad availability of quantum-computing-as-a-service (QCaaS). The company derives its revenue from its quantum-computing-as-a-service arrangements, consulting services related to co-developing algorithms on company's quantum computing systems and contracts associated with the design, development, and construction of specialized quantum computing systems together with related services. | SkyWater TechnologyOxford IonicsLightsynq+1 | 3 | |
Molex | | Molex is a Lisle, Illinois-headquartered manufacturer of electronic, electrical, and fiber optic interconnect solutions, along with switches and application tooling. Acquired by Koch Industries in 2013, it supplies over 100,000 products to industries including automotive, data communications, consumer electronics, healthcare, and industrial automation. The company operates manufacturing facilities across North America, Europe, and Asia, serving major clients in telecommunications and medical devices. | TeramountSmiths InterconnectAirBorn | 3 | |
AMD | | Advanced Micro Devices designs a variety of digital semiconductors for markets such as PCs, gaming consoles, data centers (including artificial intelligence), industrial, and automotive applications. AMD’s traditional strength was in central processing units and graphics processing units used in PCs and data centers. However, AMD is emerging as a prominent player in AI GPUs and related hardware. Additionally, the firm supplies the chips found in prominent game consoles such as the Sony PlayStation and Microsoft Xbox. | Untether AIEnosemiZT Systems+1 | 3 | |
Ardian |  | Ardian is a Paris-headquartered independent private investment house managing diverse assets including private equity, real assets, infrastructure, and credit strategies. The firm invests across Europe, North America, and Asia, partnering with limited partners to deploy capital in buyout, growth, and venture opportunities. | CentrothermSynergie CadIon Beam Services+2 | 3 | |
Marvell Technology | | Marvell Technology is a fabless chip designer focused on wired networking, where it has the second-highest market share. Marvell serves the data center, carrier, enterprise, automotive, and consumer end markets with processors, optical and copper transceivers, switches, and storage controllers. | Polariton TechnologiesCelestial AITanzanite Silicon Solutions | 2 | |
GS Microelectronics | | GS Microelectronics is a San Jose-headquartered provider of semiconductor services founded in 2021, offering wafer fabrication, IC packaging, testing, and qualification for high-performance applications in automotive and consumer electronics. The company operates a 50,000-square-foot facility in California equipped for advanced nodes down to 28nm, supporting clients with AS9100-certified quality processes and supply chain localization. | Muse SemiconductorSinble Technology Vietnam Company | 2 |
Founders and investors we've worked with
We've supported winning builders across AI infrastructure & semiconductors and beyond.
Boryszew
We provided buy-side advice to Boryszew, a Warsaw-listed diversified industrial group across automotive, metals and chemicals, on industrial software market mapping and target screening for its buy-and-build strategy.
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MAILINGWORK
We acted as exclusive sell-side advisor to MAILINGWORK, a Chemnitz-based email marketing software platform, on its sale to French digital marketing leader Positive Group.
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TestSolutions
We acted as exclusive financial advisor to Swiss PE firm Patrimonium on its majority stake acquisition of TestSolutions, a Frankfurt-based software testing and IT services provider.
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Rebellion Pay
We acted as exclusive sell-side advisor to Rebellion Pay, Spain's leading Gen Z neobanking platform, on its sale to Turkish consumer fintech unicorn Papara.
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HAPPYCAR
We acted as exclusive sell-side advisor to HAPPYCAR, a Hamburg-based pan-European rental car comparison and booking platform, on its sale to Dutch online price comparison player EasyTerra.
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