|STM has guided for $1 billion in SiC revenue in 2025 which will be substantially less than 10% of their total revenue. I have no doubt that they will beat that number handily but the vast majority of their capex is going to non SiC projects.|
Access to capital is never a bad problem, mix will shift over time. As revenue scales OPEX does not scale linearly with it. Purchasing power also improves. A bigger company drives cost efficiencies that drives better product pricing which drives better revenue. All of those other product lines become very important to their SiC development.
It is an advantage to some of these companies for SiC to be high CAPEX, very process intensive with complicated chips. Creates barriers to entry. The size of a company and the efficiency it can generate as a result can also be a barrier.