Equality saturation (eqsat) is a program optimization technique that uses syntax-based term rewriting to simultaneously explore many possible optimizations of a program, storing equivalent programs efficiently in a data structure called an e-graph. By exploring optimizations simultaneously, eqsat mitigates the phase ordering problem, where the order of optimizations significantly affects quality of results. Eqsat is especially promising for Electronics Design Automation (EDA), whose tools suffer from phase ordering. Previous eqsat-for-EDA efforts have focused on single tool stages; while they demonstrate significant benefits within a stage, they do not address phase ordering between stages. When we investigated the reason for their limited scope, we found that previous works struggle to implement an efficient hardware representation useful in both high-level (e.g. arithmetic optimization) and low-level (e.g. logic synthesis) tasks. The root issue is that such a representation must maintain equivalences between the high- and low-level portions of the language. While these equalities are conceptually simple—e.g., two high-level bitvectors are equal if they contain the same low-level bits—maintaining them using syntax-based rewrites alone proves inefficient in modern eqsat engines. In response, this paper makes two contributions. First, we introduce semantic e-graphs, an enhancement to e-graphs that improves performance of a narrow but highly useful class of semantics-based equalities. Second, we present Nextmap, a new eqsat-based hardware optimization engine whose representation uses semantic e-graphs to efficiently bridge high- and low-level hardware expressions. As a result, Nextmap simultaneously runs more EDA stages than previous eqsat-based works, more effectively mitigating phase ordering and reaching previously inaccessible optimizations. Compared with open-source and commercial tools, Nextmap provides competitive quality of results on a range of designs.