Power Integrations — POWI — Power Integrations acquired substantially all assets of Odyssey Semiconductor in 2024, including the Ithaca, New York, wafer manufacturing facility. Odyssey’s site included a 10,000-square-foot compound-semiconductor wafer manufacturing facility with lithography, deposition, etch, test, and packaging tools and capacity above 10,000 wafers per year. This gives Power Integrations domestic GaN-related development and pilot manufacturing capability, although the scale is materially smaller than mainstream 200mm or 300mm fabs. (ACCESS Newswire)
SpaceX / Tune Holdings / Akoustis assets — Private/no direct ticker — Tune Holdings, associated with SpaceX, acquired substantially all assets of bankrupt Akoustis in 2025. The relevant asset is Akoustis’ Canandaigua, New York, commercial wafer manufacturing facility, historically used for XBAW RF filter wafers. The facility is approximately 125,000 square feet and ISO-certified, making it a meaningful domestic RF acoustic-filter wafer asset, though its post-bankruptcy operating model and customer scope may be materially different under SpaceX-related ownership. (SEC)
Global Communication Semiconductors — Private/no direct ticker — Global Communication Semiconductors is a pure-play III-V compound-semiconductor foundry with operations in Torrance, California. The company offers GaAs, GaN, InP HBT, optoelectronic, and proprietary process manufacturing services. GCS is important because it is a private domestic compound-semiconductor foundry focused on RF, optoelectronics, and specialized III-V processes rather than silicon CMOS. (
gcsincorp.com)
BAE Systems — BA.L / BAESY — BAE Systems operates the Microelectronics Center in Nashua, New Hampshire. The facility supports mature-node defense microelectronics and is being expanded to materially increase chip production for defense systems, including F-35-related applications. BAE’s site is strategically important because it represents domestic, defense-trusted microelectronics production rather than commercial high-volume consumer or datacenter semiconductor manufacturing. (Semiconductor Industry Association)
RTX / Raytheon — RTX — RTX, through Raytheon, has US defense microelectronics and compound-semiconductor manufacturing assets. Raytheon manufactures military-grade GaN at its Massachusetts foundry and also has Raytheon Vision Systems / Sensors Unlimited operations in Princeton, New Jersey, covering infrared focal-plane arrays, wafer processing, packaging, assembly, and test. RTX’s semiconductor footprint is best understood as a defense-electronics and sensor foundry ecosystem, with high strategic value but limited comparability to merchant commercial foundries. (RTX)
Northrop Grumman — NOC — Northrop Grumman has US accredited semiconductor foundry operations in Linthicum, Maryland, and Redondo Beach, California, and an advanced-packaging facility in Florida. The company’s microelectronics center spans silicon mixed-signal, analog, digital ASICs, GaAs/GaN MMICs, power transistors, and SiC-related applications. The Florida advanced-packaging facility supports wafer bumping, probing, dicing, and 3D chip-stack capabilities across 100mm to 300mm wafers. Northrop’s assets are highly relevant to defense, space, and secure microelectronics rather than open commercial foundry markets. (Northrop Grumman)
Honeywell International — HON — Honeywell operates trusted microelectronics and radiation-hardened semiconductor manufacturing in Plymouth, Minnesota. The site supports rad-hard ICs, ASICs, and DoD-accredited manufacturing, including work tied to 90nm-class rad-hard microelectronics. Honeywell’s facility is strategically important for space, defense, avionics, and nuclear-tolerant electronics, where qualification, radiation performance, and trusted sourcing dominate scale economics. (Honeywell Aerospace)
L3Harris Technologies — LHX — L3Harris has US advanced microelectronics, MEMS, photonics, secure fabrication, and component-analysis capabilities, including operations associated with Palm Bay, Florida. The company’s MEMS and Photonics Devices group uses semiconductor design and microfabrication processes. L3Harris should be classified as a defense-focused microelectronics and microfabrication operator rather than a broad merchant semiconductor foundry. (L3Harris® Fast. Forward.)
HRL Laboratories — Private JV owned by Boeing and General Motors; indirect exposure through BA and GM — HRL Laboratories operates a DoD-accredited trusted foundry in Malibu, California. The facility provides microelectronics foundry services for federal, commercial, and military customers and has disclosed 40nm GaN-on-SiC technology at manufacturing-readiness level 6. HRL is particularly relevant for high-frequency GaN MMICs and defense RF applications, but it is privately held through its Boeing and GM ownership structure. (
hrl.com)
SRI International / SRI Foundry — Nonprofit/no ticker — SRI operates semiconductor and optoelectronic foundry capability in Princeton, New Jersey, including wafer fabrication, specialized cleanroom equipment, microcircuit emulation, epitaxial growth, deposition, etch, patterning, and custom process development. The facility has been associated with DoD trusted-supplier activity and obsolete microcircuit emulation. SRI is not a public company or conventional commercial foundry, but it is an identifiable US microelectronics foundry operator. (SRI Foundry)
Draper Laboratory — Nonprofit/no ticker — Draper operates advanced microelectronics facilities, including a DMEA-certified advanced packaging facility in St. Petersburg, Florida, and the IMPACT Center in Lowell, Massachusetts. The Florida site designs, produces, tests, and ships microelectronics for DoD and commercial applications, while Lowell supports advanced microelectronic design, production, and packaging. Draper is a defense and national-security microelectronics operator rather than a merchant OSAT, but its packaging capabilities are clearly domestic and strategically relevant. (Draper)
Frontgrade Technologies — Private/no direct ticker — Frontgrade Technologies, formerly CAES Space Systems, has US high-reliability semiconductor packaging, wafer services, test, qualification, and custom assembly capabilities, including operations in Colorado Springs, Colorado. The company serves space, defense, and high-reliability markets with ASICs, power devices, RF/microwave/mmWave products, and microelectronics packaging. Frontgrade should be treated as a private defense/aerospace semiconductor packaging and high-reliability microelectronics operator. (Business Wire)
Mercury Systems — MRCY — Mercury operates a Custom Microelectronics Packaging and Silicon Integration Center in Phoenix, Arizona. The facility is DMEA-accredited and supports SiP, MCM, 2.5D integration, and 3D stacking for defense and aerospace applications. Mercury’s facility is one of the more visible public-company exposures to US-based advanced packaging for secure and ruggedized microelectronics, although it is not a high-volume commercial OSAT comparable to Amkor. (Mercury Systems)
Teledyne Technologies — TDY — Teledyne has US high-reliability semiconductor design, development, manufacturing, and packaging capabilities, including operations in Milpitas, California, associated with aerospace and defense semiconductor solutions. The footprint is oriented toward high-reliability packaged semiconductors, rad-hard components, and specialized defense/aerospace applications rather than broad merchant wafer fabrication. (Wikipedia)
Rogue Valley Microdevices — Private/no direct ticker — Rogue Valley Microdevices operates a pure-play MEMS and sensor foundry in Medford, Oregon, and is building a new Palm Bay, Florida, facility. The Palm Bay site is planned around 300mm MEMS and sensor manufacturing and is expected to materially increase the company’s capacity. Rogue Valley is one of the few identifiable US pure-play MEMS foundries, serving sensors, biomedical, aerospace, and specialty device customers. (Semiconductor Industry Association)
Atomica — Private/no direct ticker — Atomica operates a MEMS and microfabrication foundry near Santa Barbara, California. The facility includes a 30,000-square-foot class 100 cleanroom, more than 400 tools, and 6-inch and 8-inch wafer capability. Atomica supports MEMS, photonics, sensors, biochips, and related microfabricated products. It is a private US specialty foundry, with strategic relevance in low-volume to mid-volume heterogeneous microdevices rather than mainstream IC manufacturing. (Atomica)
Science Corporation / Science Foundry — Private/no direct ticker — Science Corporation acquired MEMSCAP’s US MEMS foundry facility and team in Research Triangle Park, North Carolina, and operates Science Foundry / Science Wafer Services. The facility provides commercial MEMS fabrication and supports expansion in Durham, North Carolina. The asset is relevant to biomedical devices, neural-interface technologies, MEMS sensors, and specialty microfabrication. (Science Corporation)
Amkor Technology — AMKR — Amkor is building a major advanced packaging and test facility in Peoria, Arizona. The project is expected to include 2.5D packaging, advanced test, and high-volume packaging capacity for leading-edge chips, with production expected later in the decade. Amkor’s domestic project is strategically significant because the US has historically been structurally underweight advanced OSAT capacity relative to front-end wafer fabrication, and Amkor’s Arizona site is one of the clearest commercial attempts to close that gap. (Semiconductor Industry Association)
SK hynix — 000660.KS — SK hynix is building an advanced packaging and HBM-related facility in West Lafayette, Indiana. The project is expected to support HBM production and advanced packaging for AI memory, with mass production targeted for the 2H28 timeframe. This is one of the most strategically important US memory-packaging projects because HBM is a gating component for AI accelerators and requires tight co-optimization of memory stacks, logic packaging, substrates, thermals, and supply-chain execution. (Semiconductor Industry Association)
Absolics — Private subsidiary of SKC; indirect ticker 011790.KS — Absolics is building a Covington, Georgia, facility for glass substrates used in advanced semiconductor packaging. The site is approximately 120,000 square feet and is aimed at AI, HPC, and datacenter packaging applications. Glass substrates are not wafer fabrication in the conventional sense, but they are part of the advanced packaging supply chain and could be relevant to next-generation high-density interconnect, warpage control, and package-level performance. (Semiconductor Industry Association)
Integra Technologies — Private/no direct ticker; subsidiary of Micross — Integra has a major OSAT project in the Wichita/Bel Aire, Kansas, region, including a planned large-scale semiconductor packaging and test facility and training infrastructure. The project has been described as one of the largest US OSAT semiconductor investments. Integra is now part of Micross, so it should be viewed in the context of Micross’s broader defense, aerospace, and high-reliability advanced packaging platform. (
integra-tech.com)
Micross Components — Private/no direct ticker — Micross operates a broad US network of microelectronics packaging, wafer bumping, wafer-level packaging, 2.5D/3D heterogeneous integration, SiP, MCM, MEMS, and test capabilities across locations including Apopka, Florida; Woburn, Massachusetts; Los Alamitos, California; San Jose, California; Shirley, Massachusetts; Wichita, Kansas; Milpitas, California; Clearwater, Florida; Durham, North Carolina; Round Rock, Texas; and Manchester, New Hampshire. Micross is not a public OSAT, but it is one of the most important private US advanced-packaging and high-reliability microelectronics platforms. (
micross.com)
NHanced Semiconductors — Private/no direct ticker — NHanced operates advanced packaging manufacturing in Odon, Indiana, with 2.5D and 3D heterogeneous integration capability, class 100 cleanroom infrastructure, and low- to mid-volume back-end-of-line packaging services. The company is relevant to domestic chiplet integration, prototype-to-production packaging, and secure microelectronics. Its scale is materially below global OSAT leaders, but its capability set maps directly to strategic US packaging bottlenecks. (NHanced Semiconductors, Inc.)
Saras Micro Devices — Private/no direct ticker — Saras has a headquarters and manufacturing Center of Excellence in Chandler, Arizona. The company focuses on package-integrated power delivery solutions for HPC and AI applications. Saras should be classified as an advanced packaging and power-delivery integration company rather than a wafer-fabrication operator. The asset is strategically relevant because power delivery, signal integrity, and thermal constraints are increasingly central to advanced AI package architecture. (Saras Micro Devices)
Promex Industries — Private/no direct ticker — Promex operates in Santa Clara, California, and provides advanced semiconductor packaging, assembly, heterogeneous integration, and microelectronics manufacturing services for medical, biotech, aerospace, defense, optical, photonics, and MEMS applications. The company is relevant for prototype through low- and medium-volume advanced packaging rather than high-volume commodity OSAT services. (Promex)
Powerex — Private/no direct ticker; ownership linked to General Electric and Mitsubishi Electric / 6503.T — Powerex operates in Youngwood, Pennsylvania, with power-module packaging for defense, commercial, and industrial markets. The CHIPS-supported project is expected to nearly double packaging capacity. Powerex is not a wafer foundry, but it is a domestic power-semiconductor module packaging operator, relevant to grid, industrial, defense, and power-conversion end markets. (Semiconductor Industry Association)
3D Glass Solutions — Private/no direct ticker — 3D Glass Solutions operates in Albuquerque, New Mexico, and manufactures glass substrates and glass-based packages for advanced packaging, RF, HPC, and photonic systems. The company describes itself as a US-based glass packaging foundry with end-to-end manufacturing services. 3DGS is relevant because advanced packaging bottlenecks increasingly include substrates, interposers, and high-density interconnect materials, not just die attach or package assembly. ( 3DGS)
ELSPES — Private/no direct ticker — ELSPES, a South Korea-based company, has announced a major semiconductor investment in Osceola County, Florida, at NeoCity, including plans tied to silicon capacitor technology and advanced packaging ecosystem development. The project is newly announced and should be treated as prospective rather than operational. Its inclusion is warranted because the disclosed investment is large, location-specific, and tied to semiconductor component and packaging-adjacent manufacturing. (Osceola County)
IBM — IBM — IBM operates advanced semiconductor R&D, fabrication, and packaging infrastructure in Albany, New York, including significant semiconductor fabrication space and 2nm-class and beyond research with high-NA EUV relevance. IBM also maintains chiplet and advanced-packaging capabilities. The asset should be categorized as advanced R&D, prototyping, and process-development infrastructure rather than a high-volume merchant foundry, but IBM remains an important domestic semiconductor fabrication and packaging technology operator. (IBM Research)
BOUNDARY CASES AND EXCLUSIONS
Infineon —
IFX.DE / IFNNY — should generally be excluded from the current US-owned fab list because its Austin, Texas, 200mm fab was sold to SkyWater on June 30, 2025. Infineon remains highly relevant to global power semiconductors and SiC, but the disclosed Austin wafer-fab asset is now part of SkyWater’s domestic foundry footprint. (Infineon)
Allegro MicroSystems — ALGM — should generally be excluded because public filings describe Allegro as fabless, with Polar identified as a primary supplier. Allegro is an important magnetic sensor and power IC company, but the relevant US fab exposure is better captured through Polar rather than Allegro. (Allegro MicroSystems)
ASE Technology — ASX /
3711.TW — should generally be excluded from the US physical-facility list because its major OSAT manufacturing footprint is concentrated in Asia and public facility disclosures do not identify a comparable US advanced-packaging manufacturing site. ASE remains critical to global semiconductor packaging, but it does not appear to be a current US advanced-packaging facility operator in the same way as Amkor, Micross, SkyWater Florida, or Mercury. (AMD)
TDK / Tronics — TTDKY / 6762.T — should generally be excluded because the Addison, Texas, MEMS foundry site was closed in 2023. Historical US MEMS capability should not be conflated with current domestic manufacturing. (Tronic's Microsystems SA)
Chipletz — Private/no direct ticker — should generally be excluded as a facility operator because it is positioned as a fabless advanced-substrate and packaging-architecture company rather than a disclosed US owner of a semiconductor fab or advanced-packaging manufacturing line. Its technology relevance is real, but the physical manufacturing footprint criterion is not clearly satisfied. (LinkedIn)
INVESTMENT COMMITTEE TAKEAWAYS
The US semiconductor manufacturing base is not a single homogeneous capacity pool. It separates into 5 distinct categories: leading-edge logic and foundry capacity at Intel, TSMC, and Samsung; large-scale analog, embedded, power, and mature-node capacity at TI, GlobalFoundries, onsemi, NXP, Microchip, Diodes, Tower, SkyWater, Polar, and X-FAB; memory capacity at Micron and future HBM-related packaging at SK hynix; compound-semiconductor and photonics capacity at Wolfspeed, Bosch, Coherent, MACOM, Qorvo, Skyworks, Broadcom, Nokia/Infinera, Lumentum, Rocket Lab/SolAero, SemiQ, Power Integrations/Odyssey, SpaceX/Akoustis, and GCS; and advanced packaging, MEMS, and secure microelectronics capacity at Intel, Amkor, SkyWater Florida, Micross/Integra, NHanced, Mercury, Northrop, Draper, Frontgrade, Promex, 3DGS, Absolics, and related private operators.
The public-market exposure set is therefore much wider than the conventional INTC/TSM/GFS/AMKR frame. Direct or partial public exposures include INTC, TSM, 005930.KS/SSNLF, GFS, TXN, MU, ON, ADI, NXPI, MCHP, SKYT, DIOD, TSEM, AOSL,
XFAB.PA, MRAM, HPQ, RNECY/6723.T, WOLF, COHR, MTSI, QRVO, SWKS, AVGO, NOK/NOKIA.HE, LITE, AAOI, RKLB, NVTS, POWI, BA.L/BAESY, RTX, NOC, HON, LHX, MRCY, TDY, AMKR, 000660.KS, IBM, and indirect exposures through BA/GM for HRL and 6503.T/MIELY for Powerex. Private or nonprofit strategic assets include Bosch, LA Semiconductor, Polar, Akash Systems, SemiQ, SpaceX/Tune/Akoustis, GCS, SRI, Draper, Frontgrade, Rogue Valley Microdevices, Atomica, Science Foundry, Absolics, Integra, Micross, NHanced, Saras, Promex, 3D Glass Solutions, and ELSPES.
The most important structural conclusion is that US wafer-fab reshoring is ahead of US advanced-packaging reshoring. TSMC, Intel, Samsung, Micron, TI, GlobalFoundries, and onsemi represent meaningful domestic front-end capacity, while commercial high-volume advanced packaging remains concentrated in a smaller group led by Intel New Mexico, Amkor Arizona, SK hynix Indiana, SkyWater Florida, Micross/Integra, and select defense-focused assets. This imbalance is strategically material because AI accelerators, HBM, chiplets, co-packaged optics, and high-bandwidth substrates increasingly derive system performance from package architecture rather than wafer-node scaling alone. For investment purposes, the more durable domestic winners are likely to be those with either 1) scaled front-end capacity tied to structurally advantaged end markets, 2) differentiated analog/power/RF/compound-semiconductor processes with long qualification cycles, or 3) advanced packaging and substrate assets addressing a clear US supply-chain bottleneck. The weaker segment is likely to be small, undercapitalized specialty fabs without captive demand, defense anchoring, differentiated process IP, or a credible path to utilization.