capexScore 60/100Add to thesis
Marvell expects data center revenue to grow ~50% YoY in FY2028 and approaching 40% YoY overall revenue growth to ~$15B; Celestial AI and XCON acquisitions expected to contribute ~$250M in FY2028 as CPO scales
Matt Murphy· Marvell Technology· AI· 2026-05-22· about Marvell Technology; Celestial AI; XCON (MRVL)
“We expect data center revenue in fiscal 2028 to grow close to 50% year-over-year... As a result, we expect Marll's overall revenue in fiscal 2028 to grow close to 40% year-over-year, reaching approximately 15 billion... expect Celestial AI and XCON to contribute approximately 250 million in aggregate revenue in fiscal 2028”
Why it matters
Marvell is guiding to sustained 40-50% data center revenue growth through at least FY2028, with new acquisitions (Celestial AI photonics, XCON switching) becoming meaningful revenue contributors. This validates a multi-year AI infrastructure build cycle.
Investment implication
Confirms sustained demand for advanced interconnect, photonics, and switching infrastructure. M&A activity in this space (Marvell acquisitions) signals that point solutions are being consolidated into end-to-end platforms. Suppliers should expect multi-year capacity investments and strong pricing power.