Everspin is the only US-domiciled, US-manufactured MRAM maker, and its non-volatile, fast, radiation-hardened memory works where flash and DRAM cannot, making it a Pentagon supplier with no alternative. Its 10-year Microchip deal for a copy-exact line in Oregon doubles domestic capacity from H2 2027. Its UNISYST NOR flash replacement targets 5-10% of a $3 billion market, with production in 2027. It had 238 design wins in 2025, up 34%, with 52.7% gross margins and no debt. x.com  x.com  x.com  x.com  … Show more

Everspin Technologies is a unique memory supercycle play alongside Micron and SanDisk, as the only public standalone pure-play on MRAM, which pairs SRAM's speed with keeping data without power. TSMC and Samsung offer MRAM only as an embedded feature. Everspin has similar beta to Micron and SanDisk on a much smaller market cap, so it should swing harder, and it just had phenomenal earnings. The weekly chart shows strong support; the last buy signal brought a roughly 450% rally. x.com  x.com 

Everspin's execution does not match its monopoly: revenue growth has been inconsistent and margins all over the place, so results look worse than its positioning warrants. It is the world's only at-scale maker of Toggle MRAM, radiation-immune memory the US military uses in missiles, submarines and aerospace. Its new $40M Department of War contract requires it to hand over its process technology if it ever stops making MRAM, and a Microchip partnership adds domestic production in Oregon. x.com 

Everspin's MRAM is becoming indispensable for persistent, low-power, high-reliability computing at the edge, in vehicles and in defense, setting up a SanDisk-like breakout on a smaller scale if adoption accelerates. A move to $100 would not be shocking. This is high-conviction speculation: competition from embedded MRAM at scale, density and cost challenges, and a valuation already pricing in optimism make execution risk real, and analyst targets of about $12-18.50 lag the price. x.com  x.com 

Everspin's 38.6% surge to $18.28 after its Q1 beat has likely pulled forward much of the near-term upside: at about $425M, or 7x trailing sales, it already prices in much of 2026-2027 growth. Product sales grew 28% to $14.1M and a $40M defense contract bridges about $16M a year, but reaching $25-$30 needs quarterly revenue above $20M, hinging on July 2026 STT-MRAM qualification and a Microchip ramp with recurring orders not due until 2H 2027. Litigation costs weigh on GAAP income. x.com 

Microchip's new quantum-safe cybersecurity chips, launched in late April, could bring major deals as US CNSA 2.0 rules require quantum-safe security in new defense and national-security systems from January 2027. Microchip is deeply embedded there; its CEO says it is in every offensive and defensive US weapon. Its 100k+ customers in industrial, data center, auto and communications will likely adopt too. No deals are announced yet, but record buy volume makes it a top stock to accumulate. x.com  … Show more

Everspin's MRAM rally makes little sense, as the market is not that large and there is no MRAM monopoly. Absent an unknown breakthrough using MTJs for AI, there is no reason for the bid, and the space angle, raised by @ryandonovan23, fails because data centers will never be in space. x.com  x.com  x.com 

Everspin's case rests on follow-on Department of Defense programs within 18 months; if they do not come, the thesis is wrong. Kerrisdale's short report is right that the valuation is disconnected from fundamentals and revenue has stagnated for five years, but wrongly treats the $40M contract as a revenue event rather than a domestic capability buildout. It also underplays LEO satellites, about 10% of revenue, where Toggle MRAM's radiation hardness matters. The Q2 report on August 6 is next. … Show more

Everspin now looks somewhat overvalued, because its monopoly in discrete MRAM does not justify current valuations. x.com 

Everspin's MRAM story already looks priced in on expectations. It needs a clearer catalyst showing visibility into space-computing infrastructure before the shares can move higher. x.com