Vicor Corporation (VICR)

As of October 20, 2026. These are Vicor’s published multipliers, not estimates of dollar royalties. Rationale: The schedule rewards early licensing and raises the cost of waiting as enforcement advances toward a potential import ban. It describes Vicor’s commercial pricing policy, not court-awarded royalty rates. [Vicor policy and October 8...

One-off research note • October 9, 2026 • Vicor Corporation (NASDAQ: VICR) • Related company: Cerebras Systems (NASDAQ: CBRS) Conditional on Cerebras representing 10% of Vicor’s 2026 revenue, an illustrative central range is $100–150 million of Cerebras-related Vicor sales in 2027, with a stronger scenario of $175–250 million. Against a $64...

Research date: October 9, 2026. Company: Vicor Corporation (NASDAQ: VICR). Using an annualized revenue run rate as the milestone, reaching $1 billion in 2026 would imply approximately 2030 for the $2.5 billion goal if Vicor repeats the same elapsed time. A 2027 milestone would imply approximately 2031. These are timing scenarios based on the original goal's...

Cerebras is almost certainly Vicor’s “lead computing customer” for Vertical Power Delivery (VPD). Vicor does not fabricate or package the Cerebras processor; it supplies the dense power-conversion architecture surrounding each wafer-scale engine (WSE). Exact component counts, pricing and Cerebras-derived revenue are not disclosed. Cerebras’s WSE...

Vicor's IP and royalty thesis is credible, but narrower than the most bullish community commentary suggests. Supported: AI accelerators are making last-inch power delivery more important; Vicor owns differentiated architecture and packaging IP; it has successfully enforced two patents at the ITC; and royalty revenue is now material and growing. Not...

OpenAI’s demand for Cerebras creates a credible but indirect hardware-demand path to Vicor: OpenAI capacity commitment → Cerebras systems deployed → Vicor vertical-power modules shipped. Vicor is not exposed to OpenAI token usage directly. It is exposed to the number and design of Cerebras systems built to deliver OpenAI’s contracted capacity. As a...