IBM put Everspin MRAM in its 105TB SSDs; the only insider print this month is $19.08
IBM's newest FlashCore drives carry Everspin MRAM where supercapacitors used to sit, and the memory shortage is the sales pitch for its first CXL-attached demo. Neither carries a disclosed dollar figure; the only firm print this month is three officers selling at $19.08, with the stock closing at $16.45.
Vincent Jiang · 3 min read
IBM swapped supercapacitors for Everspin silicon
IBM's−0.05% — IBM, down 0.05 percent today fifth-generation FlashCore Modules carry a few hundred megabytes of Everspin−2.11% — Everspin, down 2.11 percent today MRAM as a non-volatile write cache and journal, so the drives survive a power cut without supercapacitors and the reclaimed board space holds more NAND 1. What that content earns Everspin appears nowhere; the only firm print on the stock this month is three officers selling at $19.08, and MRAM closed at $16.45 on October 9 2345.
The drives scale to 105.6 TB raw and 316.8 TB compressed 1. The relationship runs deep: FCM3 carried up to 128 MB of Toggle MRAM, FCM4 moved to the 1 Gb PERSYST part in April 2024, and Everspin has shipped its 1 Gb DDR4 chip to IBM since 2017, generation after generation 16.
A CXL demo pitched straight at the shortage
At SNIA's developer conference, Everspin ran four 1 GB PERSYST DDR4 modules behind a Wolley CXL controller as a 4 GB persistent tier, aimed at AI checkpointing and key-value caches 678. Everspin rates the writes up to 100x faster than NAND-based solid-state storage 7.
"The memory shortage has greatly helped us to basically push the use case of CXL attached memory," strategy chief Steffen Hellmold said 8. The shortage is real: TrendForce counts DRAM contract prices up about 90% to 95% in the first quarter of 2026 and another 58% to 63% in the second, with NAND roughly tripled, and Micron's−0.64% — Micron, down 0.64 percent today May quarter alone brought in $41.5 billion 9. The demo names no customer and carries no price.
The only print this month is $19.08
On October 2, CEO Sanjeev Aggarwal sold 19,572 shares at $19.08, CFO William Cooper 3,115, and sales VP Sean Dougherty 7,691, roughly $580,000 combined; every footnote says the shares covered taxes on vesting RSUs, and none ran under a 10b5-1 plan 234. Aggarwal kept 813,627 shares, roughly 3.4% of the 24.3 million outstanding 210.
The CEO's sale outstripped the other two officers' combined, all at $19.08
Data
| Value | |
|---|---|
| Sanjeev Aggarwal, CEO | 19,572 shares |
| Sean Dougherty, sales VP | 7,691 shares |
| William Cooper, CFO | 3,115 shares |
Tax sales are the least bearish kind, and EDGAR's log shows no other Everspin Form 4 filed this month 11. MRAM closed at $16.45 on October 9, about 14% below the officers' price 5. Who has been buying under that print, and why, no filing shows.
The record quarter was defense money
Second-quarter revenue hit a record $18.7 million, up 42%, with $2.9 million of non-GAAP income; a $4.0 million litigation bill helped push the GAAP result to a $3.6 million loss 10. The disclosed driver was not the data-center story: the CEO credited initial revenue under a recently signed $40 million contract with a US prime contractor, with growth led by aerospace and defense 10.
Everspin revenue bottomed at $10.6M and hit a record $18.7M eight quarters later
Data
| Revenue | |
|---|---|
| Q3 '23 | $16.47M |
| Q4 '23 | $16.71M |
| Q1 '24 | $14.43M |
| Q2 '24 | $10.64M |
| Q3 '24 | $12.09M |
| Q4 '24 | $13.24M |
| Q1 '25 | $13.14M |
| Q2 '25 | $13.2M |
| Q3 '25 | $14.06M |
| Q4 '25 | $14.8M |
| Q1 '26 | $14.87M |
| Q2 '26 | $18.74M |
At $16.45 the market values those 24.3 million shares just under $400 million, against a $75 million annualized run rate 510. A design win nobody prices is a story; a Form 4 is a number. The next reading is dated: third-quarter results, guided to $19.5 million to $20.5 million, will show whether the data-center pipeline or the defense contract does the growing 10.
Deepdive
AI-generated from this story and its cited sources. Not investment advice.
