Marvell Technology (MRVL) Company Report

ChipAgents, a leader in Agentic AI platforms for semiconductor design, completed a $50 million Series A1 funding round, increasing its total capital raised to $74 million.
The funding will be used to aggressively scale its Agentic AI platform and expand its engineering and research organization to accelerate the deployment of multi-agent chip teams.
Sandeep Bharathi, President of Marvell's Data Center Group, has joined ChipAgents' advisory board, bringing over two decades of experience in leading chip development for hyperscale cloud and enterprise infrastructures.
ChipAgents has demonstrated strong market traction, achieving 140x annual recurring revenue (ARR) growth and expanding implementations to 80 leading semiconductor companies.

Feb 18, 2026, 2:30 AM

Press Release

Marvell Completes Acquisition of XConn Technologies

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Marvell Technology, Inc. has completed its acquisition of XConn Technologies, a provider of advanced PCIe and CXL switching silicon.
This acquisition expands Marvell’s switching portfolio and strengthens its capabilities in scale-up connectivity for next-generation AI and cloud data center architectures.
Marvell expects initial revenue contributions from XConn to begin in the third quarter of fiscal 2027, ramping to a $50 million annualized run rate in the fourth quarter of fiscal 2027, and contributing $100 million in revenue in fiscal 2028.
The acquisition is expected to add approximately $25 million in annual non-GAAP operating expenses and increased Marvell’s diluted weighted-average shares outstanding by approximately 2.7 million shares.

Feb 10, 2026, 10:25 PM

Press Release

Marvell Completes Acquisition of Celestial AI

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Marvell Technology, Inc. has completed its acquisition of Celestial AI, a pioneer in optical interconnect technology, to strengthen its leadership in next-generation AI and cloud data center architectures.
Marvell expects initial revenue contributions from Celestial AI to begin in the second half of fiscal 2028, ramping to a $500 million annualized run rate by the fourth quarter of fiscal 2028, and further doubling to a $1 billion annualized run rate by the fourth quarter of fiscal 2029.
The acquisition is expected to add approximately $50 million in annual non-GAAP operating expenses, reduced Marvell's cash balance by $1 billion, and increased diluted weighted-average shares outstanding by approximately 27 million shares.

Feb 2, 2026, 2:10 PM

Press Release

Marvell Technology Highlights AI-Driven Growth and Networking Leadership

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Marvell Technology (MRVL) projects significant growth in its data center segment, with customer revenue expected to grow +20% in calendar year 2026 and to double in calendar year 2027 over 2026, supported by strong bookings and multi-year visibility into AI infrastructure buildouts.
The company's scale-out Ethernet switching silicon revenues are anticipated to exceed $500 million in calendar year 2026, driven by the aggressive ramp of its Teralynx 10 (51.2T) platform. Additionally, Marvell's retimer and AEC business is expected to generate multi-hundred-million-dollar revenues in fiscal year 2027 (calendar year 2026).
Marvell, the second-largest custom ASIC supplier, emphasizes the programmability and flexibility of its custom XPUs, enabling their mass deployment in the AI accelerator market and addressing concerns about fixed-function limitations.
The company has strategically retooled its supply chain with long-term partnerships and five-year supply forecasts, ensuring it can meet the demand for its rapidly growing data center and AI-related businesses.

Jan 6, 2026, 5:00 PM

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Marvell CEO Discusses Strong Data Center Growth and Multi-Year Outlook

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Marvell's data center business has grown 3X since calendar 2023 , with the company expecting to report over 40% year-over-year revenue growth for the past year (fiscal 2026).
For the current fiscal year (fiscal 2027 / calendar 2026), Marvell projects its custom business to grow 20%, its switching, storage, and other management products to grow 15%, and its communications and other segment to grow about 10%.
The company anticipates its custom business to double in fiscal 2028 (calendar 2027), building on an estimated $2 billion run rate exit for fiscal 2027.
Marvell has secured over 20 XPU and XPU attached custom chip programs and has purchase orders for its 2026 follow-on program, indicating strong demand and confidence in achieving its growth targets.
To support rapid growth, Marvell has retooled its supply chain with long-term strategic partnerships and investments in substrate supply, backend, and CoWoS, with plans to become a $10 billion revenue company.

Jan 6, 2026, 5:00 PM

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Marvell Technology Provides Strong Multi-Year Growth Outlook and Data Center Segment Projections

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Guidance Update

Marvell Technology's stock was a top pick for JPMorgan in 2025 and again for 2026, driven by leadership in cloud data center, AI tailwinds, and recovery in networking.
The company expects to grow in excess of 40% year over year in fiscal 2026, with its data center business having grown 3X since calendar 2023.
For fiscal 2027 (calendar 2026), Marvell projects its data center custom business to grow 20%, switching, storage, and other management products to grow 15%, and the optics business to grow above 30% cloud CapEx growth.
Marvell anticipates its custom business to double in fiscal 2028 (calendar 2027) from a fiscal 2027 exit rate of approximately $2 billion on a run rate basis.
The company has secured over 20 XPU and XPU attached custom chip programs and has strong order bookings and backlog, providing confidence in its multi-year growth outlook, including planning for a $10 billion revenue company.

Jan 6, 2026, 5:00 PM

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Marvell to Acquire XConn Technologies

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Marvell Technology, Inc. has entered into a definitive agreement to acquire XConn Technologies, a provider of advanced PCIe and CXL switching silicon, to expand its leadership in AI data center connectivity and augment its UALink scale-up switch team.
The acquisition is valued at approximately $540 million, to be paid in a mix of approximately 60% cash and 40% stock, with the stock portion representing about 2.5 million shares of Marvell common stock.
The transaction is expected to close in early calendar 2026, subject to customary closing conditions and regulatory approvals.
Marvell anticipates XConn's CXL and PCIe switching products to begin revenue contribution in the second half of fiscal year 2027, becoming accretive to Marvell’s non-GAAP earnings, and ramping to approximately $100 million in revenue in fiscal 2028.

Jan 6, 2026, 2:00 PM

Press Release

Marvell Outlines Strong Growth in AI, Optical, and Custom ASIC Businesses

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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

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Marvell Discusses AI Investment Cycle and Growth Drivers

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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

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Marvell Highlights Strong AI-Driven Growth and Strategic Acquisitions

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Revenue Acceleration/Inflection

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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.