Marvell Technology Raised Revenue Outlook for Fiscal 2028

The chip designer targets sustained growth as it expands its custom-chip business for artificial intelligence workloads.

Updated on Oct. 7, 2026 in Semiconductors

Marvell Technology Raised Revenue Outlook for Fiscal 2028

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Marvell Technology has increased its fiscal 2028 revenue target to $20 billion, up from an $18 billion outlook established in August. The company also announced a long-term revenue goal of $70 billion to $90 billion for fiscal 2031.

Why it matters

The upward revision reflects the company's aggressive expansion into custom-chip design to meet surging demand for artificial intelligence infrastructure. This strategic pivot aims to capitalize on an addressable market Marvell expects will grow to $400 billion by 2030.

Marvell expects to reach its fiscal 2031 revenue goals by maintaining a compound annual growth rate of 52% to 65%. It is currently targeting a non-GAAP adjusted operating margin of 38% to 40% over the long term.

The players

Marvell Technology

A semiconductor company specializing in data infrastructure, custom ASICs, and high-performance networking hardware.

Google

A technology conglomerate focused on cloud computing and large-scale AI research, currently collaborating with Marvell on chip development.

The details

Marvell is scaling its business model by providing custom silicon—specialized application-specific integrated circuits (ASICs) designed for specific AI tasks—to high-volume partners. While the company maintains a strategic collaboration with Google involving warrants valued at up to $120 billion, these arrangements do not create binding order commitments. The company’s financial trajectory is currently supported by a 57.5% to 58.5% adjusted gross margin target for the third fiscal quarter.

May 2026: The fiscal 2028 target was initially set at $16.5 billion.
August 2026: The fiscal 2028 target was increased to $18 billion.
Fiscal 2027: The company currently projects $12 billion in total revenue.
2030: The total addressable market is expected to reach $400 billion.
Fiscal 2031: The company has set a long-term revenue target of $70 billion to $90 billion.

The Tech Race

The semiconductor industry is currently defined by the transition from general-purpose processors to specialized, custom-silicon architectures optimized for AI. Marvell is positioning its long-term roadmap to compete directly with other high-end silicon providers seeking to secure massive, cloud-scale enterprise contracts.

These targets suggest that Marvell will prioritize deep technical integrations with massive cloud data center providers rather than standard off-the-shelf component sales. Investors and enterprise customers should track the company's progress on its operating margins to gauge if this scale-up plan remains financially sustainable.

The takeaway

Marvell's aggressive targets emphasize that custom-designed silicon has become the primary battleground for the next decade of data center growth. Watch the company's upcoming quarterly filings for updates on their operating margins to confirm if they can sustain this trajectory.