Aeluma's CEO sold stock every month since March while pitching a $1.8 trillion AI market

Five days after the earnings call, a 100,000-share sale

On 21 September 2026, five days after Aeluma's fourth-quarter call and six days after its Sumitomo wafer agreement, founder and CEO Jonathan Klamkin sold 100,000 shares at a weighted average $13.3532, worth $1,335,320. It was the first sale under a Rule 10b5-1 plan adopted 23 May, and five times the 20,000 shares a month he had sold since April. His family trust kept 1,226,995 shares. ¹²

A $582,000 quarter under a $1.8 trillion pitch

The call sold a supercycle: a data-center semiconductor market that "will surpass $1.8 trillion in 2030," in Klamkin's own release↗, with management directing 10 to 15 percent of that outlay to photonics and volume deployments eyed for 2028 to 2030. The quarter underneath: $582,000 of revenue, down from $1.3 million a year earlier, nearly all government R&D. The year: $4.5 million of revenue against a $9.2 million net loss, and no fiscal 2027 guidance beyond $2.3 million of booked government contracts. ³⁴

The $56 million cushion is buyers' money

Cash ended June at $56.0 million, up from $15.7 million a year earlier, with no debt. The build was equity: $43.5 million of net public-offering proceeds in fiscal 2026, including $20.1 million from an at-the-market program that issued 830,484 shares at an average $24.87. Weighted shares rose from 13.2 million to 17.7 million. Those ATM buyers paid $24.87 for stock closing 25 September at $13.29, and the two-analyst $23.50 average target rests on the same 2028-to-2030 window. ²³

The filings name two sellers behind the wire's 'insider'

MT Newswires logged the September sale without naming anyone; "Aeluma Insider" is all the headline says. The filings show two sellers↗ and a longer run. Klamkin sold in every month from March through September: 250,000 shares for about $4.26 million, at weighted averages from $13.10 in April to $25.03 in June. Director Steven Denbaars sold 25,000 shares in May for about $505,600 under a plan adopted 20 November 2025, then 25,000 more in August for $345,741, a filing noting no trading plan↗. ^256789101112

The bull case is priced in more shares

The defense is real: the spring and summer sales ran under a plan adopted 3 December 2025 and the September sale under one adopted 23 May, both predating the CHIPS letter of intent and the earnings call. The balance sheet carries no debt, a $30 million CHIPS LOI, $5.3 million of new contracts including NASA and Navy work, and a team past 30 people. Unresolved: the CHIPS money is expected to arrive as equity rather than revenue, and Russell benchmarks dropped the stock in June. ²³⁴

What to watch next

The next reads are the multimillion-dollar NRE negotiations with AI-datacom customers, definitive CHIPS terms, and $10 to $12 million of planned capex against a 2028 to 2030 window. Aeluma sold its own stock at an average $24.87; its CEO's 250,000 shares averaged about $17, and the biggest batch printed at $13.35, six cents above the tape. ²³⁴