In this paper, we report a new high-speed and high-power switching circuit based on GaN HEMT's. The elementary switching cell, composed of two GaN HEMT's and two resistors, acts like a power threshold comparator with high-output voltage. Theoretical analysis of static and dynamic circuit operation points out the dependence of efficiency and switching speed to the main circuit elements. Four switching cells are then combined together thanks to SiC Schottky diodes to design a multi-level power switch that can be used as a power supply modulator for envelope tracking power amplifiers. The designed four-level supply modulator, based on Nitronex GaN HEMT's, exhibits more than 75% of efficiency for an envelope signal up to 4 MHz, a switching frequency of 20 MHz and output voltages in the range of 12–30 V.