Summary
Murata’s announcement that it will mass-produce iPaS power boards for AI semiconductors next year signals that a passive-component maker is expanding from components around chips into the power-delivery structure itself. According to TheElec, Murata is developing iPaS as a next-generation growth product.
The first points investors should watch are actual mass-production conversion and customer orders, rather than whether the target is achieved. TheElec did not report the names of individual customers, production volumes or selling prices.
What Happened
Murata exhibited iPaS at KPCA Show 2026, held on the 9th at Songdo Convensia in Incheon. iPaS (Integrated Package Solution) integrates capacitor or inductor functions into an ultra-small multilayer substrate. It is configured as an array, allowing the required capacitance and electrical characteristics, dimensions and circuit routing to be designed to customer specifications.
According to TheElec, Murata is developing capacitor and inductor versions separately. The capacitor version reduces the number of MLCCs mounted on the substrate surface, while the inductor version implements coil functions in the substrate to support high-current delivery. The company said it also plans to develop a product that combines both functions on a single substrate.
A Murata representative said, “We expect to enter mass production next year.”
Structural Background
Conventional power modules were placed around AI accelerators and supplied power along the substrate wiring. iPaS targets a vertical power delivery (VPD) structure that places the power module directly beneath the AI accelerator. The mechanism shortens the power-transfer distance to reduce losses and frees up chip-mounting space by reducing the surface area occupied by passive components.
As AI accelerators deliver higher computing performance, their power consumption and current requirements increase, making it important to design for stable current delivery within limited space. Murata first unveiled an iPaS sample at FLEX Japan in 2023 and presented an applied power module at ECTC in 2024. The power module reduced surface capacitors by more than 60% while achieving voltage fluctuation characteristics similar to existing solutions, TheElec reported.
Stock (Ticker)·Industry Sector Impact
- Electronic Components Industry Sector: Big Tech companies, including hyperscalers developing AI semiconductors, are cited as potential major customers, underscoring the growing importance of customer-specific design for power-delivery components. However, TheElec’s report contained no data on competitor-specific orders or market share.
Bull vs. Bear Scenarios
The bullish scenario is that discussions on adoption with GPU and AI-accelerator customers lead to actual orders and mass production. If mass production proceeds as planned and revenue expands, the view of Murata as an expanding AI power-solutions provider could strengthen.
On the other hand, revenue contribution could be limited if mass production is delayed or actual production volumes fall short of expectations. Because individual customers and selling prices have not been disclosed, investors need to verify actual mass-production conversion and orders.
Investor Action Points
- Check the iPaS mass-production start date and actual shipment volumes in the next filings and earnings announcements.
- Watch whether adoption discussions with GPU and AI-accelerator customers convert into orders.
- Review revenue breakdowns for the capacitor and inductor versions, along with progress on developing an integrated product.
Frequently Asked Questions
What is iPaS?
iPaS is a power board that integrates capacitor or inductor functions into an ultra-small multilayer substrate. It is designed to support a vertical power-delivery structure that places the power module beneath an AI accelerator.
When is Murata targeting mass production of iPaS?
Murata announced plans for mass production next year. According to TheElec’s report, the specific mass-production date and actual production volume have not been disclosed.
This article was automatically summarized and analyzed based on the original news report. View the original report (TheElec)
