Marvell Technology raised its combined fiscal 2027 and fiscal 2028 revenue outlook to $30 billion, up from $20 billion a year ago, during a presentation at Citi's 2026 Global TMT Conference on September 9, 2026.
The company set fiscal 2027 revenue guidance at $12 billion, elevated from $9.5 billion signaled a year earlier, and lifted its fiscal 2028 projection to $18 billion from more than $11 billion. CFO Dan Durn and Chairman and CEO Matt Murphy presented the updated figures, which reflect what Murphy described as "unbelievable growth" at the outset of a multi-year AI infrastructure cycle.
Data-center revenue is expected to surge from $2.2 billion in calendar 2023 to between $15 billion and $16 billion in calendar 2024, underscoring the speed of demand conversion. In fiscal 2017, data center accounted for just 9% of revenue. The custom ASIC business is targeting $10 billion to $11 billion by fiscal 2029, with custom sales expected to double in fiscal 2028 versus fiscal 2027. The XPU-attach market size is estimated at approximately $15 billion in 2025.
Murphy highlighted the trajectory of the Innovium acquisition, completed roughly five years ago when the business was projected to generate about $150 million in revenue. It is now on track to produce more than $1 billion. The Avera acquisition, which brought in IBM's custom ASIC team, started at a $300 million run rate, grew to roughly $1.5 billion during a concentrated integration phase, and is moving toward higher targets. Celestial AI was acquired in December 2025.
Operating margins are expected to reach 38% to 40% by the end of fiscal 2027 and fiscal 2028, Murphy said, exiting fiscal 2027 at the low end and reaching the high end by the close of fiscal 2028.
Supply-chain capacity has increased 50% over the past year on a graduated basis, backed by a $1 billion prepayment commitment for fiscal 2027 supply. Marvell noted its silicon photonics platform holds 15 billion device hours of performance and reliability data, with a first-pass silicon success rate above 90% on advanced nodes.
Looking ahead, Murphy pointed to a major ramp in near-package optics (NPO) with co-packaged optics (CPO) layering in during calendar 2028 and 2029. "This is not an or — this is going to be an and," he said.
Marvell's market capitalization stands at approximately $209 billion, with a P/E ratio of 79.72. Shares have surged 166% year-to-date and 238% over the past year.
