MRAM will revolutionize the entire memory industry, with relevance to automotive, aerospace, and AI applications

Everspin Technologies, a global leader in discrete MRAM solutions, is witnessing strong revenue growth as demand accelerates across industrial, automotive, aerospace, and AI-driven markets. With its proven track record in delivering high-performance, radiation-immune memory solutions and recent innovations like the xSPI EMxxLX family, Everspin is shaping the future of persistent memory. In this exclusive interview, Sanjeev Aggarwal, CEO of Everspin Technologies discusses growth drivers, product roadmap, U.S. manufacturing initiatives, India expansion, and how Everspin is positioning itself against larger competitors in the evolving semiconductor landscape.

Everspin has shown solid revenue growth recently. What factors are driving this momentum, and how do you see the market evolving over the next few years?

Everspin has been delivering high-quality MRAM products with robust performance in extreme ambients from -40°C to 125°C. These products are uniquely addressing the needs of the memory market with features that include unlimited read/write cycles and access times down to 35ns. Recently, Everspin introduced the xSPI EMxxLX family of STT-MRAM products, expanding its offering to higher densities (16Mb to 128Mb). We are seeing good traction with existing and new customers, especially in aerospace and FPGA applications. The TAM for these markets is expected to grow at a double-digit CAGR.

Could you outline Everspin’s near- and mid-term product roadmap, especially around higher-density MRAM devices and new applications?

Everspin has MRAM products that address applications in storage, data logging, and configuration memory. In the recent past, we introduced a family of xSPI EMxxLX STT-MRAM products (4Mb to 128Mb) for industrial and extended temperature ranges, supporting data logging (such as Battery Management Systems for EVs, Programmable Logic Controllers in automation, etc.) and configuration (such as FPGAs, flight control systems, etc.). We are ramping to production with a HiRel version of the xSPI family that will address automotive temperature range applications and aerospace applications such as Low Earth Orbit (LEO) satellites.

Our next family of products currently in design is a high-density (256Mb – 2Gb) memory for Enhanced NOR (configuration memory) applications. This will support high-density FPGAs and automotive applications.

What are your key areas of investment—whether in R&D, capacity expansion, or partnerships—that will shape Everspin’s next phase of growth?

Everspin continues to invest in its technology and product roadmap. As mentioned in the previous section, we have a high-density (256Mb – 2Gb) xSPI Enhanced NOR part on 16nm CMOS node in design, targeted for commercialization in 2026. This family of parts will be relevant for high-density FPGA, automotive, and LEO satellite applications.

Everspin is also working on high-density, high-bandwidth memory for storage and AI applications. One step in this direction is to demonstrate the use of MRAM over the CXL protocol, which is in development. Another step is to build a high-density (1Gb – 8Gb) part with a high-bandwidth interface. We have ongoing projects to develop this process and design technology.

How is Everspin balancing domestic U.S. manufacturing initiatives with its global expansion plans?

MRAM is naturally radiation-immune, which makes it relevant for aerospace and defense applications. As mentioned in our SEC filings, we have active projects with the U.S. Government to develop strategic radiation-hard memory and FPGA. We support these MRAM programs on 8″ wafers in our U.S. manufacturing facility in Chandler, Arizona. Over the years, we have invested in this line to upgrade our capabilities and offer state-of-the-art technology and production capabilities.

We continue our technology development and foundry partnership with Global Foundries to offer MRAM products on 12″ wafers. Specifically, we have been producing and shipping our 1Gb DDR4-like MRAM for data storage applications since 2018. We are also producing and shipping our xSPI family of MRAM products from 4Mb to 128Mb density.

Our strategy is to develop Everspin products and technology on our 8″ line in Chandler and then transfer to our 12″ foundry partners for production. This allows us to secure our IP and trade secrets, continuing to give us an edge over our competitors for discrete MRAM.

How significant is India for Everspin in terms of customers, partnerships, and market expansion? Are you planning any new initiatives or collaborations in the region?

As you would expect, Everspin already has MRAM design wins in India, and we are focused on expanding our presence in the coming years. To this effect, we are collaborating with international and domestic distributors in India to develop new customers. A few obvious applications include BMS for EVs and associated EV charging stations, given the planned explosive growth in India. I am hoping to have more detailed discussions on partners and collaborations in the coming months and years.

From industry partnerships to brand visibility campaigns, how is Everspin positioning itself against larger competitors? What new marketing strategies are you focusing on?

Everspin is the primary provider of discrete MRAM in the world with end-to-end capabilities from design to R&D to manufacturing. This is unique to Everspin. Of note, we do not compete with MRAM foundries such as TSMC, Samsung, and Global Foundries. In fact, we entered into a royalty-based license agreement with Global Foundries to manufacture embedded MRAM using Everspin’s MRAM design, materials, and process IP. As part of the license agreement, Global Foundries acts as a foundry for Everspin discrete MRAM parts.

Recently, Everspin branded its memory products into three broad categories based on applications: PERSYST, UNISYST, and AGILYST.

• PERSYST MRAM is shipping in volume since our inception and is designed for applications where fast write speeds and reliability are of critical importance. Examples include industrial automation, low-density low-power FPGAs, LEO satellites, casino gaming, and data centers.
• UNISYST MRAM is in design and is expected to ship in volume in 2027. These parts will be high-density (256Mb to 2Gb) and targeted for high-density FPGAs, LEO satellites, and AI applications.
• AGILYST MRAM is in development and will target data storage and AI applications.

What types of industries or verticals do you expect will drive the strongest adoption of MRAM in the coming years—automotive, aerospace, AI/edge, or others?

Everspin believes MRAM will revolutionize the entire memory industry, with relevance to automotive, aerospace, and AI/edge applications in addition to our traditional industrial applications. UNISYST and AGILYST MRAM will play a critical role in these industries, offering fast writes and unlimited read/write endurance—delivering these features at low power.

How important are collaborations with semiconductor and system companies in accelerating MRAM adoption? Any new partnerships in the pipeline?

Everspin continues to collaborate with a wide range of industry partners on MRAM or MRAM-adjacent products and services. A few recently announced partnerships include:

• In-memory compute R&D built with Everspin MRAM, partnering with Purdue University
• TMR sensor manufacturing partnership (Everspin Manufacturing) with Bosch Sensortec
• Radiation-hard FPGA program designed with Everspin MRAM inside, partnering with QuickLogic Corporation

With a strong patent portfolio, how do you see MRAM’s role evolving in hybrid or next-generation memory architectures?

We see MRAM continuing to progress and develop in terms of lithography and density. Everspin’s next production product is built on 16nm, for instance, and will offer density and features that are truly unique in the industry. We call it an “Enhanced NOR,” and it brings radically improved write performance and endurance vs. traditional NOR flash. This will enable new usage models where traditional memory technologies are just not able to be used.

As part of this product planning, we are considering a true chiplet variant. Here is where we would bring in new interface and packaging technologies to enable a much higher level of integration and performance/power capabilities. Edge computing is evolving very rapidly and requires new capabilities to process new workloads.

Looking five years ahead, where do you see Everspin in terms of market position, product portfolio, and global footprint?

Everspin has aggressive plans to grow its product portfolio and expand MRAM capabilities to create a wider scope for its products and services. Expanded interfaces and packaging technologies will create new capabilities and differentiation for MRAM, while still giving our traditional customers and markets a way to utilize improved MRAM functionality. Broad customer feedback is central to Everspin planning.

Everspin sells worldwide today to over 2,000 customers annually in diverse markets. This breadth will allow Everspin to work with customers on next-generation design planning.