Wolfspeed is a U.S. company that develops silicon carbide (SiC) materials and power semiconductors. Formerly known as Cree, the company sold its LED, lighting, and RF businesses in stages and is now focused on SiC.
Wolfspeed underwent a financial restructuring under Chapter 11 of the U.S. Bankruptcy Code in 2025, completed the process in September of that year, and continues to operate. This article explains the company’s name change, products, factories, competitors, and post-restructuring performance based on information available as of July 2026.
Wolfspeed (formerly Cree): Company overview
| Company name | Wolfspeed, Inc. |
|---|---|
| Former name | Cree, Inc. |
| Headquarters | Durham, North Carolina, United States |
| Founded | 1987 |
| CEO | Robert Feurle (appointed May 2025) |
| Stock exchange | New York Stock Exchange (NYSE) |
| Ticker | WOLF |
| Core businesses | SiC materials, SiC power devices, and power modules |
Cree was founded in 1987 and grew through blue LEDs and SiC substrates. It later sold its lighting and LED businesses and changed its corporate name to Wolfspeed in October 2021. Its listing moved from the former NASDAQ ticker “CREE” to “WOLF” on the NYSE.
Why Cree became Wolfspeed
The name change clarified the company’s transformation from an LED company into a SiC semiconductor company. The major milestones were:
- 2019: Sold the lighting products business to IDEAL Industries
- 2021: Sold the LED products business to SMART Global Holdings
- October 2021: Changed the corporate name from Cree to Wolfspeed
- December 2023: Sold the RF business to MACOM
- Today: Focused on SiC materials and SiC power devices
It is therefore no longer accurate to describe Wolfspeed as Cree, a company whose main businesses are LEDs and RF. Following the RF divestiture, Wolfspeed has positioned itself as a company dedicated to SiC.
Sources: Wolfspeed announcement of the corporate name change and announcement of the completed RF business sale
Core products: SiC materials and power semiconductors
SiC is a wide-bandgap semiconductor suited to higher voltages, higher operating temperatures, and faster switching than conventional silicon. Because it can reduce power-conversion losses, adoption is expanding in electric vehicles, fast chargers, renewable energy systems, industrial equipment, and AI data centers.
- SiC materials: SiC substrates and epitaxial materials
- Discrete products: SiC MOSFETs and Schottky barrier diodes
- Power modules: Power-conversion modules integrating multiple SiC devices
- Power die: Bare-die products for customers’ own modules
In May 2026, Wolfspeed announced a commercial 10 kV SiC MOSFET for power grids, industrial electrification, and AI data centers. AI data-center applications still account for a relatively small portion of the company, but revenue from this area grew by approximately 30% quarter over quarter in the third quarter of fiscal 2026.
Wolfspeed’s principal manufacturing sites
| Site | Role | Key point |
|---|---|---|
| Durham North Carolina | SiC materials | Headquarters and R&D location; shifting emphasis toward materials production as of 2026 |
| Mohawk Valley Fab Marcy, New York | SiC power devices | Automated wafer fab designed for 200 mm production |
| John Palmour Manufacturing Center Siler City, North Carolina | SiC materials | Developed as a large-scale 200 mm SiC materials facility |
Wolfspeed’s strategy centers on vertical integration from materials through devices and a transition to 200 mm wafers. Larger wafers can yield more chips per wafer, but ramping new facilities requires substantial investment, and profitability depends on improving utilization and manufacturing yield.
Chapter 11 and financial restructuring in 2025
Anticipating growth in SiC demand, Wolfspeed made large capital investments. However, slower growth in the EV market, the cost of ramping new facilities, low capacity utilization, and a heavy debt burden combined to push the company to file for Chapter 11 protection in June 2025.
This was a reorganization process that allowed the company to continue operating, not a liquidation. Wolfspeed completed the restructuring on September 29, 2025, announcing that it had reduced total debt by approximately 70% and annual cash interest expense by approximately 60%. In January 2026, it received CFIUS clearance and completed key steps of the restructuring agreement, including an equity issuance to Renesas.
Source: Wolfspeed announcement of completed financial restructuring
Latest 2026 results
For the third quarter of fiscal 2026, ended March 29, 2026, Wolfspeed reported $150.2 million in revenue, a negative 27% GAAP gross margin, and a $119.9 million net loss. The restructuring reduced the interest burden, but the company still needs to improve factory utilization and manufacturing costs.
| Metric | Fiscal Q3 2026 |
|---|---|
| Revenue | $150.2 million |
| GAAP gross margin | -27% |
| Net loss | $119.9 million |
| AI data-center applications | Approximately 30% quarter-over-quarter growth |
Competitors
Competition in the SiC market centers on materials supply capacity, device performance, automotive quality certification, long-term supply agreements, and manufacturing costs.
- STMicroelectronics
- Infineon Technologies
- onsemi
- ROHM
- Mitsubishi Electric
Related company profiles
Wolfspeed’s strengths and challenges
| Strengths | Challenges |
|---|---|
| Long-standing technical expertise in SiC | Improving utilization and yield at new factories |
| Vertical integration from materials to devices | Operating losses and negative gross margin |
| Early investment in 200 mm-capable facilities | EV demand volatility and price competition |
| Expansion beyond automotive, industrial, and energy markets into AI applications | Maintaining stable finances after restructuring |
Summary
- Cree changed its corporate name to Wolfspeed in 2021
- The company sold its LED, lighting, and RF businesses to focus on SiC materials and power semiconductors
- The 200 mm Mohawk Valley fab and the Siler City materials facility are central to its manufacturing strategy
- Wolfspeed completed its Chapter 11 restructuring in September 2025
- AI data-center applications were growing in 2026, while improving profitability remained the most important challenge
Wolfspeed is more than simply the former Cree: it is pursuing its next stage of growth after transforming into a SiC-focused company, making large capital investments, and completing a financial restructuring. Key factors to watch include utilization at its 200 mm facilities, gross margin, and demand from industrial and AI data-center applications beyond EVs.
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