Marvell Raises Revenue Outlook to $20 Billion, Sets $70-90B Target for Fiscal 2031
At its Investor Day, Marvell raised its fiscal 2028 revenue outlook to ~$20 billion from ~$18 billion and set a long-term target of $70-90 billion for fiscal 2031. Management cited connectivity as leading growth, raising the addressable market estimate to $400 billion.
Marvell Technology (MRVL) announced at its October 6 Investor Day that it had raised its fiscal 2028 revenue outlook to approximately $20 billion, up from about $18 billion disclosed in August. The company also set a longer-term target of $70 billion to $90 billion in revenue for fiscal 2031, which roughly corresponds to calendar year 2030. This midpoint represents a tenfold increase over fiscal 2026 revenue of $8.2 billion.
Management attributed the higher near-term outlook to growing demand for optical links and switch chips in AI systems. Chairman and CEO Matt Murphy stated that "connectivity is leading the race" and increased the estimated total addressable market (TAM) to approximately $400 billion by 2030, four times the previous estimate.
Marvell sells custom processors, optical connections, and memory products that ease bottlenecks in AI systems. The company says all five U.S. hyperscalers buy its modules linking separate data centers. Additionally, Marvell has acquired Celestial AI and XConn, and announced the acquisition of Polariton Technologies, to enhance optical links, memory-sharing switches, and faster optical components.
These figures are management forecasts and depend on customer spending and product execution. Key milestones to watch include customer qualification, production shipments, and recognized revenue from custom processors, optical connections, and memory products.