Aeluma closed an oversubscribed public offering of 1.96 million shares at $13.00 per share, generating $25.4 million in gross proceeds. The company, which uplisted to Nasdaq earlier this year under ticker ALMU, said the raise strengthens its cash balance to $39.2 million as of June 30, 2025. Craig-Hallum served as sole book-running manager, with The Benchmark Company as co-manager.
Founded in 2019 and headquartered in Goleta, California, Aeluma focuses on integrating compound semiconductors with large-diameter silicon substrates and advanced packaging. This heterogeneous integration targets lower-cost, higher-performance devices for applications in sensing, photonics, AI, automotive, defense and aerospace, AR/VR, and quantum. Recent momentum has included triple-digit revenue growth, U.S. Department of Energy contracts for SWIR photodetectors, and membership in the National Semiconductor Technology Center (NSTC).
The company said proceeds will support business development, manufacturing scale-up, and working capital needs as it transitions to commercialization. Leadership includes founder and CEO Jonathan Klamkin, Ph.D., also a professor at UC Santa Barbara; Director of Technology Matthew Dummer, Ph.D., with more than two decades in optoelectronics; and CFO Christopher Stewart, with public company finance experience.
• Offering: 1,955,000 shares at $13.00 per share, including full exercise of underwriters’ option
• Gross proceeds: $25.4 million
• Use of proceeds: Business development, manufacturing scale-up, working capital
• Pro-forma cash: $39.2 million (as of June 30, 2025)
• Book-running manager: Craig-Hallum
• Co-manager: The Benchmark Company
“We are pleased to announce the successful completion of our $25.4 million capital raise that reflects strong investor interest in Aeluma,” said Jonathan Klamkin, Ph.D., Founder and CEO of Aeluma. “With a growing pipeline of opportunities, and a strengthened financial position, we are confident that we have the capital needed to execute our strategic initiatives and transition to commercialization.”
🌐 Analysis: Aeluma’s oversubscribed raise shows strong capital markets support for specialty semiconductor startups leveraging U.S.-based manufacturing. Its focus on heterogeneous integration for photonics and SWIR sensing aligns with federal priorities under the CHIPS Act and NSTC initiatives.