customerScore 75/100Add to thesis
Marvell signs expanded commercial agreement + warrant with Google; custom silicon programs imply up to ~$20B cumulative revenue over ~6.5 years
Matt Murphy· Marvell Technology· AI· —· pub 2026-08-28· about Alphabet/Google (with Marvell Technology) (MRVL)
“The AK we filed last week highlights the expanded scope of our relationship with a key hyperscaler... if you took the full performance and the full opportunity then you're right. It's just a monster number... you should assume starting FY29 and beyond whatever you've modeled previously prior to the warrant for custom numbers definitely goes higher.”
Why it matters
The warrant agreement (analysts cited ~$20B over 6.5 years at full performance) covering inference accelerators, storage controllers, NICs, and memory controllers attached to Google's TPU ecosystem validates and materially raises Marvell's custom silicon TAM into FY29-30.
Investment implication
Bullish for MRVL custom revenue well beyond the prior $10B+ FY29 target; also a data point on the depth of Google's TPU ecosystem buildout and the XPU-attach category Marvell pioneered. Watch the Oct 6 investor day for quantified FY29+ ranges.