Sivers Semiconductors $SIVE - SATCOM Timeline: From RFQ Loss to Ramp 2020-2027
The path and creation of the second leg in $SIVE - SATCOM
Table of Contents
The Trigger: Losing the RFQ
Strategic Response: MixComm Acquisition
NRE Phase Begins
First System Validation: All.Space
European Traction: Thorium Space
Institutional Backing: ESA Programs
Expanding NRE Pipeline
U.S. Positioning: DoD & Ecosystem
The Current Phase: Pre-Ramp
Key Takeaway
1. The Trigger (2020–2021): Losing the RFQ
Before acquiring MixComm, Sivers was invited to an SATCOM beamformer RFQ.
They lost. To MixComm.
That moment exposed a clear gap in beamforming IC capability — and became the trigger for the next move.
2. The Strategic Response (2021): Acquiring MixComm
Sivers responded by acquiring MixComm.
This added:
Advanced BFIC technology
mmWave expertise
U.S. presence DoD access
3. The NRE Phase Begins
Following the acquisition, Sivers began securing NRE (Non-Recurring Engineering) engagements. Read my other post about the significance of NRE to fund a business in EU due to lack of capital. The long game is always the balance of getting NRE funds and keep the IP to make standardize products. This is not a consulting business, this is funding to become a product-based business.
These signal:
Design-ins
Early validation
Future production potential
PR example: Biggest NRE project
4. First System Validation: All.Space
One of the most important milestones:
Sivers BFICs used in All.Space ground terminals
Advanced multi-beam SATCOM terminal
High BFIC content per unit
Real-world validation
5. European Traction: Thorium Space & Others
Sivers expanded into the European SATCOM ecosystem:
Thorium Space
Other EU partners
This builds:
Regional exposure
Defense relevance
6. Institutional Backing: ESA Programs
Sivers participates in ESA-backed (European Space Agency) programs:
Technology validation
Funding support
Strategic alignment
7. Expanding NRE Pipeline
Sivers continues to announce:
Multiple active NRE engagements
Expanding customer base with well-known names
Transition path: NRE → Design-in → Qualification → Production
8. U.S. Positioning: DoD & Ecosystem
Through MixComm and U.S. presence:
Access to DoD ecosystem
Alignment with CHIPS Act
Partnerships with major players
Entering Asien market via Doosan
Looking across the timeline:
Technology gap → solved
Validation → achieved
Ecosystem → established
Pipeline → expanding
End customer Qualification and approval by US Army
What remains: Production ramp and volume production!.
10. Key Takeaway
This is not a new story. It is a multi-year build-up now approaching commercialization.
NRE → Design-in → Qualification → Ramp →Production
Sivers has already moved through the first 3 stages. Sivers management estimate $1B SAM in Q4 webinar Februari 2026. Full deal flow below:
Final Thought
The market focuses on when revenue shows up.
But in SATCOM: The timeline tells you when the ramp is coming and Product sales has increased over the last years to support customer qualification.
Wireless BU is 2x Photonics today with $23m in Net sales 2025 16% Product and 84% NRE. Where NRE shall be seen as investments in Future products sales funded by the customer. This is “To have your cake and eat it too”!
2025 sales by BU:
Sivers seems to approach the ramp phase within SATCOM and AI Photonics at the sametime.
Anders Storm
Former CEO of Sivers for 8 years.
Disclaimer: This newsletter is NOT investment advice. This is my analysis based on publicly available information; not investment advice. I have no current relationship with the company. The aim of this newsletter is to provide subscribers with basic and simplified insights about the semiconductor industry and its participants. Articles will be published semi-frequently.