Vicor Backlog Hits $379.7 Million as AI Power Demand Outpaces Fab Capacity

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Vicor Corporation is drawing investor attention as a supplier of power systems for AI processors, with its one-year backlog reaching $379.7 million, up 26% from the previous quarter, and management guiding to more than $600 million of revenue in 2026. The company has licensed its Vertical Power Delivery patents to four major OEMs and hyperscalers, and a September agreement with another AI OEM pushed third-quarter revenue guidance higher again. Management said its first chip fab is approaching capacity and that hitting its long-term $2.5 billion revenue target will require a second fab, prompting a September acquisition of sites in New Hampshire for Fab-2 and Fab-3, with Fab-2 carrying roughly a one-year lead time to initial deployment. Second-generation VPD systems are expected to enter broader customer engagement, with production ramps potentially beginning in late 2027, and the company says the new generation can reach 3 amps per square millimeter today and move toward 5. The stock nearly doubled in September and now trades at a forward P/E of 47.17x, while competitors including Monolithic Power Systems, Texas Instruments, Analog Devices and Navitas press ahead on 800V architectures.

Impact on assets 9

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Vicor Corporation
VICR
▲ PositiveDemandSupplyrelevance

Backlog jumped 26% to $379.7M and a September AI OEM agreement lifted Q3 revenue guidance, signaling strong end-customer demand for Vicor's power systems.

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Vicor Corporation
VICR80
▲ PositiveDemandSupplyrelevance

Backlog jumped 26% to $379.7M and a September AI OEM agreement lifted Q3 revenue guidance, signaling strong end-customer demand for Vicor's power systems.