Marvell targets $90B revenue by 2031; Google warrant ties $120B chip buys to equity

At its 2026 Investor Day, Marvell raised its FY2028 revenue target from $18 billion to $20 billion and set a first-ever FY2031 target of $70–90 billion. Its Google deal includes a warrant for about 59 million shares at $206.58, vesting in 240 tranches of $500 million in custom chip revenue, up to $120 billion.

• FY2028 revenue target raised from $18B to $20B
• FY2031 target set at $70–90B versus ~$9.4B trailing revenue
• Google warrant: up to 59M shares at $206.58, 240 tranches of $500M
• FY2029 custom chip target raised from $10B to $12B