Wolfspeed
| Company type | Public |
|---|---|
| Industry | Semiconductor |
| Predecessor | Cree, Inc. |
| Founded | July 1, 1987 in Durham, North Carolina, United States |
| Founder | Neal Hunter, Thomas Coleman, John Edmond, Eric Hunter, John Palmour, Calvin Carter |
| Headquarters | Research Triangle Park , United States |
Area served | Worldwide |
| Products | Silicon carbide and gallium nitride semiconductor technology for power and radio frequency sectors |
| Website | www |
Wolfspeed, Inc. is a United States-based innovator and producer of wide-bandgap semiconductor technology, with a concentration on silicon carbide and gallium nitride materials utilized in power and radio frequency sectors such as transportation, power supply units, power inverters, and wireless communication systems. The company, which was previously known as Cree, Inc., operates from its headquarters in Research Triangle Park, North Carolina.
History
Established in July 1987 in Durham, North Carolina, Cree Research was founded by six individuals—Neal Hunter, Thomas Coleman, John Edmond, Eric Hunter, John Palmour, and Calvin Carter—all of whom were connected to North Carolina State University. Their mission was to bring silicon carbide semiconductors to market that could function at elevated temperatures and power levels. In 1989, Cree pioneered the first blue LED, paving the way for expansive full-color video display technology. The company followed this by launching the first commercially available silicon carbide wafer in 1991.
Cree became a publicly traded company in 1993 and adopted the name Cree, Inc. in 1999. In 2011, it expanded by acquiring Ruud Lighting for $525 million and introduced the XLamp XT-E Royal Blue LED. By 2013, its initial consumer LED bulbs had achieved Energy Star certification. An $850 million sale of its Wolfspeed RF and power electronics segment to Infineon Technologies was called off in 2017 due to regulatory obstacles; nevertheless, Cree acquired Infineon's RF Power Business in 2018 for €345 million.
In 2019, Cree divested its Lighting Products division to Ideal Industries and announced a $1 billion investment plan—partly funded by a $500 million grant from New York State—to establish a silicon carbide manufacturing facility in Marcy, New York. This plant officially commenced operations in April 2022 with backing from New York Governor Kathy Hochul and US Senator Chuck Schumer.
In October 2021, Cree rebranded itself as Wolfspeed to emphasize its commitment to silicon carbide semiconductor technology. Earlier that year, in March 2021, it sold its LED segment to SMART Global Holdings for up to $300 million. In February 2023, Wolfspeed revealed intentions to build its inaugural European manufacturing site in Ensdorf, Germany. This project involved co-investment from ZF Friedrichshafen and received subsidies through the EU’s IPCEI program focused on Microelectronics.
By August 2023, MACOM Technology Solutions reached an agreement to acquire Wolfspeed's RF division. However, by mid-2024, Wolfspeed postponed the launch of its $3 billion semiconductor plant in Germany until mid-2025 due to complications related to the EU Chips Act and diminished market demand; consequently, ZF withdrew from the initiative. In October 2024, the Biden Administration pledged up to $750 million in funding support for Wolfspeed’s facilities located in North Carolina and Marcy.
Confronted with financial difficulties stemming from sales falling short of projections, Wolfspeed prepared for a Chapter 11 bankruptcy filing in May 2025 following a significant decline in its stock price. In June 2025, it disclosed a prepackaged bankruptcy agreement with Apollo Global Management aimed at erasing $4.6 billion of debt while securing $275 million in financing backed by lenders. The restructuring process is targeted for completion by the third quarter of 2025 but has already resulted in a steep drop in share value along with workforce reductions at its manufacturing site in Racine, Wisconsin. Wolfspeed officially filed for Chapter 11 bankruptcy protection on June 30, 2025.
Incidents
On October 13, 2022, an electrician working in facilities at Wolfspeed's Research Triangle Park location in Durham, North Carolina, suffered electrocution. This event led to a state-level inquiry focusing on the company's workplace safety practices. From 2012 through 2023, investigations by the state Department of Labor uncovered a total of 17 safety violations at Wolfspeed, among which six were classified as serious breaches.
External links
- Official inauguration ceremony of the upstate New York fabrication plant.
- Articles with short description
- 1993 initial public offerings
- American companies established in 1987
- Companies based in Durham, North Carolina
- Companies listed on the New York Stock Exchange
- Electronics companies established in 1987
- Semiconductor companies of the United States
- Light-emitting diode manufacturers
- Manufacturing companies based in North Carolina
- Companies that filed for Chapter 11 bankruptcy in 2025
- 5
- Companies of the United States by year of establishment