From the 800V ultimate architecture to the trillion-dollar market: SST solid-state transformer commercialization on the eve of the industry chain is "ready to go".

China Securities Co., Ltd. released a research report stating that since 2026, there have been continuous advancements in SST solid-state transformers, and a strong global trend in SST has formed a consensus. Many domestic enterprises have launched prototype products, while overseas start-up companies have secured intensive funding, accelerating commercialization. Leading overseas power equipment companies are accelerating the landing of SST products. The final solution for the power architecture of data centers has reached a consensus on SST, and it is expected that after commercialization, the penetration rate of SST will rapidly increase, reaching a market value of hundreds of billions by 2030. The opportunities in the SST industry chain will resonate upwards. China Securities Co., Ltd.'s key points include: 1. A strong global trend in SST has formed a consensus In October 2025, NVIDIA released a white paper on 800V, stating that the solid-state transformer (SST) is the ultimate solution for providing 800V DC, capable of stepping down the 13.8/35kV AC electricity provided by the medium-voltage AC grid to 800V DC. Since then, there have been continuous advancements in SST solid-state transformers. In March 2026, the Ministry of Industry and Information Technology, the National Development and Reform Commission, the State-owned Assets Supervision and Administration Commission, and the National Energy Administration jointly issued the "Implementation Plan for High-Quality Development of Energy-saving Equipment (2026-2028)", which for the first time listed large-capacity solid-state transformers as a key promotion direction. Many domestic companies have launched prototype products. Several companies have already launched prototypes since 2026, and leading companies have entered the process of customer sample delivery/customer engagement. Overseas start-up companies have secured intensive funding, accelerating commercialization. The American SST platform developer DGMatrix completed a $60 million financing in February 2026, with participation from ABB, Cerberus, and the selection of Infineon as a key supplier of SiC. HeronPower completed a $140 million financing in February 2026 and announced plans to build production capacity in the United States. Amperesand, incubated by Nanyang Technological University in Singapore, secured an $80 million financing in November 2025, focusing on ultra-large AI data center customers. Overseas leading power equipment companies are accelerating the landing of SST products. GEV expects progress in product delivery in the fall of 2026, targeting super-large data center customers; more orders are expected in 2027. Eaton predicts that there will be progress in SST orders around the second half of 2026 and beyond. 2. SST is the ultimate form of future 800V architecture Based on SemiAnalysis data analysis, the transition to 800V DC is described as going through four distinct stages. 1) The first/second stage: white zone transformation/800VDC native system stage is expected to start from the end of 2026/early 2027. Existing AC power distribution will be upgraded/converted to 800V DC, with the first stage being an early development stage. At the end of 2026/2027, the highest rack density of Vera Rubin NVL72 is 180-220kW, not yet touching the physical limits of size or power distribution efficiency, thus expected to be driven by super-large data centers willing to pay high costs for future adaptability and efficiency improvements. The existing transformers, UPS, switchgear, etc., will be retained, and 800V DC power will be directly rectified using an HVDC power rack/sidecar (integrated rectifier, BBU backup power, supercapacitor module) outputting 800V DC into the cabinet. Stage 2 will start with the mass shipment of 800V DC native servers. Around 2028, with the mass production and shipment of 800V DC native chip systems (such as Kyber racks), considering the gradual approach to physical and rack density limits, 800V DC will become a necessary option. 2) The third stage: rewriting the electrical architecture, expected around 2028. Low-voltage UPS will be replaced by facility-level AC/DC rectifiers to reduce unnecessary conversion steps. The gray area space will directly convert 415V AC to 800V DC through rectification, but will still need to introduce 480V AC from the low-voltage side of the medium-voltage transformer. Stage 3 will extend 800V DC power distribution throughout the facility. 3) The fourth stage: the final SST architecture. The main change is to use a single set of SST equipment to replace the low-voltage transformer and AC-DC rectifier, which can directly convert from medium voltage to 800V DC. 3. The geometric space of the SST market - expected to increase significantly to a market value of hundreds of billions by 2030 The in-depth report by the company clearly indicates four core directions of AIDC power supply: 1) the most concentrated value and continuously iterated power density in the power host segment, such as PSU, HVDC, SST, etc., 2) core components indispensable for achieving DC-ification and high power, such as solid-state circuit breakers, CBU/BBU, DC/DC, high-frequency isolation transformer, etc., 3) ensuring safe, efficient, and fast grid connection of data centers at the station-level energy storage, 4) third-generation semiconductor devices like SiC, GaN that enable power electronic power conversion. Combining the company's predictions about the future scale of AIDC, the company has calculated the space for the future power architecture of HVDC, SST systems, and component segments (optimistic expectations). The results show that: 1) Market size: The market volume of SST is expected to reach hundreds of billions by 2030. The PSU market will reach several hundred billion by 2030, while HVDC and SST will reach a market value of hundreds of billions by 2030. PSU and external cabinet power supply are the most valuable segments. 2) Trends: Focusing on external cabinet power supplies, SST technology is expected to gradually commercialize around 2027/2028 and will rapidly increase its penetration rate from 2028-2030. Considering that SST is the globally recognized ultimate solution for data center architecture, traditional UPS will remain mainstream in the near term, with the highest market share, reaching a billion-dollar market value through the upgrade of medium-voltage UPS. HVDC's market penetration rate will rapidly increase in the coming years and is expected to reach a market value of hundreds of billions close to 2030. 3) Market: The overseas market size will be larger than the domestic market. Due to the additional power consumption of overseas AIDC chips, the unit value of overseas products is higher, reflected in the market size of internal and external cabinet power supplies, which will be larger overseas by 2030, with more market space. 4) The opportunities in the SST industry chain will resonate upwards From an iterative perspective, as 800V architecture evolves, devices can be classified into three core categories: new, upgraded, and iterated. 1) SST host & upstream (new): From the final perspective, the potential for SST as an ultimate solution is expected to be significantly highlighted in the long run. Looking at the SST host, the market size is expected to grow rapidly after commercialization around 2027/2028, with the potential to reach billions by 2030. Looking at SST components, the cost of solid-state transformers is mainly composed of power semiconductors, high-frequency transformers, DC capacitors, heat dissipation systems, etc. Among them, power semiconductor devices account for 30-40% of the cost, and high-frequency transformers account for 10-20%; semiconductor devices, high-frequency transformers are core components of SST. High-voltage high-frequency transformers play a critical role in SST, with high technical barriers in insulation materials/magnetic materials. High-frequency transformers in SST provide electrical isolation and transform medium voltage input to low voltage output, serving as a dual-channel for energy transfer, directly determining the power capacity and transmission efficiency of the entire system. Insulation materials: Under high frequency, insulation materials are more prone to produce partial discharge, accelerating insulation aging and leading to breakdown. Special insulation materials and processes are required. New magnetic materials: Traditional silicon steel plates have high eddy current losses at high frequency and must use high-frequency low-loss materials such as soft magnetic ferrites, amorphous alloys/nanocrystalline alloys, or magnetic powder cores, etc. Therefore, in high-frequency transformers, there are high technical and process barriers in insulation materials, magnetic materials, etc. SiC power devices are gradually becoming the preferred option for SST components. The technical difficulty of power electronic converters mainly lies in the withstand voltage, requiring direct exposure to medium voltage (10kV level) AC. Third-generation wide bandgap semiconductor materials, such as SiC MOSFETs, are needed. SiC MOSFETs can withstand voltages of 10-15kV and can reduce switch and conduction losses to optimize the system, gradually becoming the preferred option for SST host manufacturers. 2) Secondary power & tertiary power (upgrade): Will increase with overall AIDC demand and new requirements. Secondary power: PSU will add an 800V/400V to 50V/12V conversion segment. After adopting HVDC, the PSU executing AC/DC conversion will be moved out of the compute cabinet to the HVDC sidecar, removing the AC/DC segment inside the cabinet. The incoming 800V/400V DC power in the cabinet cannot be used directly and must add a DC/DC segment for 800V/400V to 50V/12V conversion. Tertiary power: VRM will start using Vertical Power Delivery (VPD) technology. Due to the large chip area, if the current enters from the side, the impedance will cause serious voltage drop. To address this issue, the VRM on the Bianca board of the B200 is directly mounted on the back of the PCB below the GPU, where current flows vertically through the PCB's through-holes and is injected into the GPU core upwards, significantly reducing the supply path length and saving frontal space. 3) Component upgrades: Although traditional UPS and multiple rectifiers in the final SST architecture have been replaced, there are common requirements for some core components and upgrades needed for the high-voltage system of 800V. For example, supercapacitor CBU, DC circuit breaker, DC fuse, etc. Under the trend of high voltage and the increased demand for upstream components such as SiC & GaN power devices, there will be a significant increase in the demand for various segments.