Marvell Technology (MRVL) Company Report

Marvell views the current AI investment as the early stages of a 10-15 year investment cycle, with customers requesting accelerated delivery for 2026 and 2027.
The company's optical interconnect business has grown at a 50% CAGR for four to five years and is experiencing record bookings, tracking above cloud CapEx due to its strong attachment to AI.
The recent acquisition of Celestial AI is expected to generate a revenue run rate of $500 million exiting calendar 2027, doubling to $1 billion by the exit of calendar 2028, by addressing the scale-up portion of data center networks.
Marvell's custom ASIC business, particularly the XPU attach segment, is projected to reach $2 billion by calendar 2028 from SmartNICs and CXL memory expanders, with the overall custom business expected to exceed an annualized run rate of $2 billion by the end of calendar 2026.

Dec 10, 2025, 7:00 PM

Transcript

Marvell Discusses AI Investment Cycle and Growth Drivers

MRVL

Guidance Update

New Projects/Investments

Revenue Acceleration/Inflection

Marvell views the current AI investment cycle as being in its early stages, anticipating a 10-15 year cycle that began in 2022, with demand for computing power consistently exceeding supply.
The company's optical interconnect business, stemming from the Inphi acquisition, has achieved a 50% CAGR over the past four to five years and is experiencing record bookings, tracking above overall cloud CapEx due to its strong attachment to AI infrastructure.
Marvell's custom ASIC business is projected to have an exit run rate of over $2 billion annualized by Q4 2026 and is expected to double into 2027, driven by multiple XPU customers and XPU attach solutions like SmartNICs and CXL memory expanders, which alone are forecast to reach $2 billion by calendar 2028.
The recent acquisition of Celestial AI is anticipated to contribute a $500 million run rate exiting calendar 2027, doubling to a $1 billion run rate by the exit of calendar 2028, by addressing the scale-up data center market with its photonic fabric technology.

Dec 10, 2025, 7:00 PM

Transcript

Marvell Highlights Strong AI-Driven Growth and Strategic Acquisitions

MRVL

New Projects/Investments

Revenue Acceleration/Inflection

M&A

Marvell's management views the current AI trend as the early stages of a 10-15 year investment cycle, noting continuous customer demand for accelerated computing power.
The company projects significant revenue from its Celestial AI acquisition, targeting a $500 million run rate exiting calendar 2027 and $1 billion run rate by the end of calendar 2028 for scale-up data center interconnect.
Marvell's optical interconnect business has experienced robust growth, achieving a 50% compound annual growth rate (CAGR) over the last four to five years, with demand described as "off the charts" and record bookings.
The custom ASIC business is expected to reach an implied exit run rate of over $2 billion annualized by Q4 2026, with the XPU Attach segment alone projected to contribute $2 billion by calendar 2028 from SmartNICs and CXL memory expanders.

Dec 10, 2025, 7:00 PM

Transcript

Marvell Technology Launches Golden Cable Initiative and Projects Revenue Growth from Celestial AI Acquisition

MRVL

Product Launch

M&A

New Projects/Investments

Marvell Technology has launched its Golden Cable initiative to accelerate the active electrical cable (AEC) ecosystem and support hyperscale AI deployments, providing validated architectures, firmware, and software.
The company's recent $3.25 billion acquisition of Celestial AI is expected to bolster its custom chip and silicon photonics capabilities, projecting up to $1 billion in annualized revenue by fiscal 2029.
Despite these strategic initiatives, Marvell's stock has experienced volatility due to investor concerns about potential contract losses and overall market challenges.

Dec 9, 2025, 10:50 PM

Morningstar

Marvell Launches Golden Cable Initiative

MRVL

Product Launch

New Projects/Investments

Marvell Technology has introduced its Golden Cable initiative, a strategic program designed to accelerate and broaden the active electrical cable (AEC) ecosystem and enable faster time-to-market for hyperscaler AI deployments.
The initiative provides a complete offering with industry-leading software, validated reference designs, and comprehensive support, empowering ecosystem partners to design and deploy AEC solutions that meet hyperscaler requirements.
This program is launched at a pivotal time as hyperscalers scale networks for massive AI workloads, with AECs being critical for maintaining performance while delivering lower cost and power compared to alternative solutions.
The AEC market is projected to grow from $644 million in 2025 to $1.4 billion by 2029, driven by the shift to 1.6T networking and the expansion of AI clusters.

Dec 9, 2025, 9:30 PM

Press Release

Marvell Announces Adoption of Its PCIe Retimers

MRVL

Product Launch

New Projects/Investments

Marvell Technology announced the industry adoption of its Alaska P PCIe retimer product line by leading AI and data center infrastructure providers.
These retimers are designed to scale connections between AI accelerators, GPUs, XPUs, CPUs, SSDs, and CXL devices within advanced data center systems, providing low-power, high-speed, and low-latency connectivity for accelerated AI infrastructure.
Server vendors have adopted Marvell Alaska P PCIe 6 retimers for their GPU and XPU platforms, and the technology is also available through various cable and optical module partners.
Built on Marvell's 5nm PAM4 SerDes technology, the Alaska P PCIe retimers deliver high performance and low power, and are now available through system vendors and cable partners.

Dec 9, 2025, 2:00 PM

Press Release

Marvell Reports Record Q3 2026 Revenue, Announces Celestial AI Acquisition, and Provides Strong Future Guidance

MRVL

Earnings

Guidance Update

M&A

For the third quarter of fiscal 2026, Marvell delivered record revenue of $2.075 billion, reflecting a 37% year-over-year growth, and non-GAAP earnings per share of $0.76.
The company forecasts total revenue for the fourth quarter of fiscal 2026 at $2.2 billion at the midpoint, representing 21% year-over-year growth, with non-GAAP earnings per diluted share expected in the range of $0.74-$0.84.
Marvell announced the strategic acquisition of Celestial AI, a photonic fabric platform company, expected to close in the first quarter of next fiscal year and contribute meaningful revenue starting in the second half of fiscal 2028.
Looking ahead, the company projects its data center revenue to grow 45% this fiscal year, 25% in fiscal 2027, and 40% in fiscal 2028, with the custom business expected to grow at least 20% in fiscal 2027 and double in fiscal 2028.
Marvell also executed a $1 billion accelerated stock repurchase program and repurchased an additional $300 million through its ongoing buyback program.

Dec 2, 2025, 9:45 PM

Transcript

Marvell Technology Reports Record Q3 2026 Results and Announces Celestial AI Acquisition

MRVL

Earnings

M&A

Guidance Update

Marvell Technology reported record Q3 2026 revenue of $2.075 billion, reflecting a 37% year-over-year increase, and non-GAAP earnings per share of $0.76, representing 77% year-over-year growth.
The company announced the strategic acquisition of Celestial AI, a photonic fabric platform, which is expected to close in Q1 of next fiscal year and is forecasted to reach a $500 million annualized revenue run rate by Q4 FY2028 and $1 billion by Q4 FY2029.
For Q4 2026, Marvell forecasts total company revenue at $2.2 billion at the midpoint and non-GAAP diluted EPS in the range of $0.74 to $0.84.
Marvell anticipates strong growth in fiscal 2027, with Data Center revenue projected to grow more than 25% year-over-year, and expects Data Center revenue growth to accelerate to approximately 40% in fiscal 2028.
In Q3 2026, the company executed a $1 billion accelerated stock repurchase program and repurchased an additional $300 million of stock through its ongoing buyback program.

Dec 2, 2025, 9:45 PM

Transcript

Marvell Announces Strong Q3 FY26 Results and Acquisition of Celestial AI

MRVL

Earnings

M&A

Guidance Update

Marvell reported strong Q3 FY26 financial results, with revenue of $2,075 million, a 37% year-over-year increase, and Non-GAAP EPS of $0.76.
The company announced the acquisition of Celestial AI for $3.25 billion payable at closing, comprising $1.0 billion in cash and approximately 27.2 million shares.
This acquisition is intended to accelerate Marvell's leadership in data center connectivity and is expected to be accretive to non-GAAP earnings in 2H fiscal 2028.
For Q4 FY26, Marvell anticipates revenue of $2,200 million +/- 5% and non-GAAP diluted net income per share of $0.79 +/- $0.05.

Dec 2, 2025, 9:45 PM

Presentation

Marvell Technology Reports Record Q3 2026 Revenue and Announces Celestial AI Acquisition

MRVL

Earnings

M&A

Guidance Update

Marvell Technology reported record Q3 fiscal 2026 revenue of $2.075 billion, a 37% year-over-year increase, with non-GAAP earnings per share of $0.76.
The company announced the strategic acquisition of Celestial AI, a photonic fabric platform, expected to close in Q1 fiscal 2027 and projected to reach a $500 million annualized revenue run rate by Q4 fiscal 2028, doubling to $1 billion by Q4 fiscal 2029.
For Q4 fiscal 2026, Marvell forecasts total company revenue of $2.2 billion at the midpoint.
Marvell expects its data center revenue to grow more than 25% in fiscal 2027 and accelerate to approximately 40% growth in fiscal 2028.
In Q3 fiscal 2026, the company executed a $1 billion accelerated stock repurchase program and repurchased an additional $300 million of stock.

Dec 2, 2025, 9:45 PM

Transcript

Earnings Transcripts

Quarterly earnings call transcripts for Marvell Technology.

Q3 2026

Dec 2, 2025

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Q2 2026

Aug 28, 2025

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Q1 2026

May 29, 2025

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Marvell Technology (MRVL)

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Matthew J. Murphy

Chris Koopmans

Justin Scarpulla

Mark Casper

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Willem Meintjes

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