Marvell Sets $20 Billion 2028 Revenue Target, Up to $90 Billion by 2031

Marvell Technology is targeting $20 billion in fiscal 2028 revenue and between $70 billion and $90 billion by fiscal 2031, raising its growth outlook as demand for artificial intelligence and custom chips expands.

The fiscal 2028 target is up from $16.5 billion in May and $18 billion in August. Based on projected fiscal 2027 revenue of $12 billion, the new target implies a 67% year-over-year increase.

Marvell’s fiscal 2031 range would require compound annual growth of about 52% to 65% from the 2028 target. The company also expects its addressable market to reach $400 billion by 2030.

Marvell’s long-term non-GAAP adjusted operating-margin target is 38% to 40%. Applied to the projected fiscal 2031 revenue range, that margin would produce adjusted operating income of approximately $27 billion to $36 billion.

The company’s custom-chip business is advancing in cloud applications, including a collaboration with Google involving warrants valued at up to $120 billion. The related purchasing arrangements are optional for customers and do not create binding order commitments.

The increasing share of custom-chip products is putting pressure on near-term gross margin. Marvell expects adjusted gross margin of 57.5% to 58.5% in its third fiscal quarter, compared with 58.9% in the previous quarter.

The company presented the targets at an investor day. Capital-expenditure fluctuations could affect progress toward the goals, while the projected expansion of Marvell’s addressable market and continued demand for custom semiconductor products remain central to the outlook.