The company also lifted its fiscal 2028 revenue outlook to roughly $20 billion, above Wall Street expectations, as demand for custom silicon, networking and data-center infrastructure accelerates. Marvell disclosed the expanded Google relationship in an SEC filing, covering custom products tied to Google’s TPU ecosystem, including inference accelerators, networking controllers and near-memory compute.
Google Could Become a Much Bigger Customer
The biggest long-term number is $120 billion.
Marvell’s expanded Google agreement could generate up to that amount in cumulative sales through fiscal 2033 if performance targets are met. Google also received warrants to buy nearly 59 million Marvell shares at $206.58 each, aligning part of the deal with Marvell’s future execution.
Coinpaper previously highlighted how the Google deal had already become central to Marvell’s valuation, even though the largest revenue contribution is expected later in the decade.
The new forecast gives investors a clearer picture of that opportunity: Marvell now sees custom silicon revenue reaching $12 billion by fiscal 2029, up from its previous $10 billion target.
Custom Chips Are Becoming Nvidia’s Biggest Alternative
The broader shift is increasingly important for the AI semiconductor market.
Google, Meta, Amazon and other hyperscalers are developing proprietary accelerators optimized for specific workloads, particularly inference. That gives suppliers such as Marvell and Broadcom an opportunity to capture spending that might otherwise flow to general-purpose Nvidia GPUs.
Marvell already generated about $2.17 billion of data-center revenue in its latest quarter, up 46% year over year, with the segment accounting for nearly 80% of total sales. Its latest earnings showed how quickly the company is becoming an AI infrastructure business.
The opportunity is also becoming more competitive. Broadcom expects its own AI semiconductor revenue to reach roughly $115 billion in 2027 and $230 billion in 2028.
