Deals · Research note · 27 Oct 2026
The Pentagon offered Wolfspeed up to $1.5 billion in loans. The 42 Pentagon semiconductor award records in Svatantra.ai's signal database for fiscal 2026 add up to $26.8 million
On 7 October 2026 Wolfspeed announced a conditional commitment from the Department of War's Office of Strategic Capital for a senior secured delayed-draw term loan of up to $1.5 billion over 30 years, with warrants for up to 7.5% of its fully diluted equity. This note sets that commitment beside the public federal award records in Svatantra.ai's signal database: 42 Department of Defense records tagged semiconductor with a fiscal 2026 start date, summing to $26.8 million as printed; 470 such records across all agencies, $243.8 million; and Wolfspeed's own trail, two Naval Research Laboratory wafer orders worth $442,200 together. It names the records opened, the lender's own footprint in the same records, the figures Wolfspeed printed, and what the data does not show.
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Every number, and where it comes from
The first five figures in the note.
The full table has 21 rows. Each figure is as published on the date shown, with its denominator.
| Figure | What it measures | Source |
|---|---|---|
| Up to $1.5 billion | Senior secured delayed-draw term loan, 30-year tenor, conditional commitment letter from the Department of War's Office of Strategic Capital | Wolfspeed, Inc., Exhibit 99.1 to Form 8-K, 7 Oct 2026 |
| Up to 7.5% | VWAP-based warrants as a share of Wolfspeed's fully diluted equity, issued pro rata as financing tranches are funded, subject to definitive agreements | Wolfspeed, Inc., Exhibit 99.1 to Form 8-K, 7 Oct 2026 |
| 42 | Department of Defense award records tagged semiconductor with a period-of-performance start date between 1 Oct 2025 and 30 Sep 2026; 42 distinct source records; 5 sub-agencies | Svatantra.ai signal database, count at 23 Oct 2026 |
| $26,817,482 | Sum of the 42 DoD records' values as printed. Author's arithmetic | Derived from Svatantra.ai signal database, count at 23 Oct 2026 |
| $10,413,422 | Largest of the 42: Defense Microelectronics Activity task order to GlobalFoundries U.S. 2 LLC, start 6 Nov 2025, 38.8% of the DoD total (author's arithmetic) | Svatantra.ai signal database, count at 23 Oct 2026; USAspending.gov award page |
16 more figures in the PDF, each with its source.
Sources
12 primary releases.
- Wolfspeed, Inc. (SEC EDGAR), Wolfspeed Announces Conditional Commitment for up to $1.5 Billion Department of War Term Loan Facility, Exhibit 99.1 to Form 8-K (7 October 2026)Durham, N.C. Conditional loan commitment letter from the U.S. Department of War through its Office of Strategic Capital for a senior secured delayed-draw term loan of up to $1.5 billion with a 30-year tenor, and VWAP-based warrants for up to 7.5% of fully diluted equity issued pro rata as tranches fund. Robert Feurle: "SiC and GaN have critical national security applications". "There can be no assurance that definitive agreements will be executed or that any financing will be provided."sec.gov
- Wolfspeed, Inc. (SEC EDGAR), Wolfspeed Reports Financial Results for the Fourth Quarter of Fiscal 2026, Exhibit 99.1 to Form 8-K (19 August 2026)Q4 revenue $149.6 million against $197.0 million a year earlier; GAAP net loss $145.4 million; cash, cash equivalents and short-term investments $1,088.6 million at 28 June 2026; long-term debt $931.0 million; convertible notes, net, $756.5 million; Chapter 11 filed 30 June 2025, effective date 29 September 2025. Gregor van Issum: "our capital structure further improved as holders of $46 million of our convertible notes exercised a voluntary conversion".sec.gov
- USASpending.gov, WOLFSPEED INC, award N0017325P5227 (Start 29 January 2025)Department of Defense, Department of the Navy, Naval Research Laboratory. Obligation $237,000.00. Signed 2025-01-29. Period of performance 2025-01-29 to 2025-04-19. Verbatim description: "SIC WAFERS FOR RESEARCH". NAICS 334413.usaspending.gov
- USASpending.gov, WOLFSPEED INC, award N0017325P0355 (Start 4 August 2025)Department of Defense, Department of the Navy, Naval Research Laboratory. Obligation $205,200.00. Signed 2025-08-04. Period of performance 2025-08-04 to 2025-10-21. Verbatim description: "SICWAFERS FOR THE MEC T3 PROGRAM". NAICS 334413.usaspending.gov
- USASpending.gov, GLOBALFOUNDRIES U.S. 2 LLC, award HQ072726FE006 (Start 6 November 2025)Department of Defense, Defense Microelectronics Activity. Obligation $10,413,422.00. Signed 2025-11-06. Period of performance 2025-11-06 to 2026-03-31. Verbatim description: "SOW 25-5G1". Parent award HQ072723D0003. NAICS 334413.usaspending.gov
- SAM.gov, Commercial Solutions Opening (CSO) for the DoD Office of Strategic Capital (OSC), HQ003425CSO02 (Posted 6 May 2026 (earlier notice 9 January 2026))Department of Defense, Office of Strategic Capital, Arlington, Virginia. "OSC will use loans and loan guarantees in partnership with other federal departments and agencies". "Specifically, OSC focuses on component-level technologies with broad commercial applications". "this CSO provides the framework for OSC to acquire innovative solutions".sam.gov
- USASpending.gov, THE JOHNS HOPKINS UNIVERSITY APPLIED PHYSICS LABORATORY LLC, award HQ003425FE095 (Start 1 May 2025)Department of Defense, Washington Headquarters Services. Signed 2025-06-05. Period of performance 2025-05-01 to 2028-04-30. Obligation $3,536,394.13 at access; base and all options $17,456,924.92; $3,108,244 as printed in the database title. Verbatim description begins: "IN SUPPORT OF THE OUSD(RE) MISSION, THE DEPARTMENT OF DEFENSE (DOD) OFFICE OF STRATEGIC CAPITAL (OSC) ATTRACTS AND SCALES PRIVATE CAPITAL TO TECHNOLOGIES CRITICAL TO THE NATIONAL SECURITY OF THE US."usaspending.gov
- Senators Adam B. Schiff, Elizabeth Warren and Richard Blumenthal, Letter to David A. Lorch, Director, Office of Strategic Capital, on the Vulcan Elements loan (30 July 2026)The $620 million Vulcan Elements loan "represents roughly 13% of all capital committed by the Office of Strategic Capital (OSC) as of January 2026." Footnote quoting Secretary Hegseth, 12 January 2026: "the OSC team has deployed over $4.5 billion in capital commitments as part of closing six critical mineral deals".schiff.senate.gov
- fed360 (FPDS data via fed360), Wolfspeed Inc, UEI JENFAUM1C7L6, awards (Accessed 23 October 2026)75 contracts since fiscal 2015; $34.6 million total obligated; largest listed $3.1 million (Department of Defense, N0016419CWP50, 13 September 2019); most recent listed 25 August 2025. Page cites FPDS, SAM.gov and USASpending.gov; no data date stated.fed360.agency
- 24/7 Wall St, Wolfspeed Soars 14% on $1.5B Conditional Department of War Loan Commitment; On Semiconductor and Texas Instruments Slip (8 October 2026)Market reaction to the announcement; headline figure of 14%.247wallst.com
- US Government Equity Stakes Tracker (theoagseo.com), U.S. Government Equity Stakes Tracker: Every Company, Sourced (Updated 22 October 2026)Lists Wolfspeed (7 October 2026, Department of War, $1.5 billion loan plus warrants, up to 7.5%, conditional) as the newest of 36 US government equity positions since June 2025; GlobalFoundries agreement 14 October 2026; Hertha Metals $65 million, 29 September 2026. Some stake percentages on the page are its own calculations.theoagseo.com
- Svatantra.ai, Signal database (23 October 2026)Counted: signals from public federal award records whose title carries the automated keyword tag semiconductor and whose period-of-performance start date falls between 1 October 2025 and 30 September 2026: 42 records with the Department of Defense as awarding agency ($26,817,482 as printed; sub-agency split DMEA 1, Army 7, DLA 25, Navy 5, Air Force 4) and 470 records across all agencies ($243,832,842 as printed, 18 named agencies, 377 distinct recipients). Also counted: records naming Wolfspeed since 1 January 2020 (3, of which 2 federal contracts totaling $442,200) and records naming the Office of Strategic Capital since 1 January 2025 (3 distinct records). Records counted by distinct source URL. Coverage check: DoD award records in the same feed by start month, 168 in Oct 2025 falling to 39 in Aug 2026, with DoD contracts at 7 to 12 a month in Aug and Sep 2026. Counts at 23 October 2026.svatantra.ai