Marvell Raises Fiscal 2028 Revenue Target to About $20B on AI Infrastructure Demand

Marvell Technology raised its long-term revenue targets at its Investor Day on October 6, 2026, projecting total revenue of about $20 billion for fiscal 2028, up from its previous target of $18 billion and above Wall Street's expectations of roughly $18.2 billion.

The company also guided fiscal 2031 revenue to $70 billion-$90 billion, with a midpoint of about $80 billion, significantly above analysts' average estimate of approximately $46.85 billion, according to Visible Alpha data cited by Reuters.

Marvell said demand for data center chips continues to grow, with custom silicon becoming a key growth engine. Expanding AI infrastructure investment is driving demand for its custom compute and interconnect chips. The company expects custom chip business to contribute about $30 billion and interconnect about $37.5 billion in revenue by fiscal 2031, together serving as major long-term growth pillars. It also projects a potential market of approximately $400 billion by 2030.

The update marks the second long-term target raise in 2026. In August 2026, Marvell lifted its fiscal 2027 revenue outlook to about $12 billion and raised its fiscal 2028 target from $16.5 billion to $18 billion. Based on fiscal 2026 revenue of $8.2 billion, the $80 billion midpoint for fiscal 2031 implies a compound annual growth rate of roughly 55% to 60% over the coming years.

Following the news, Marvell shares rose nearly 9%, while rival Broadcom gained about 4% in early trading. Marvell shares have more than tripled in 2026. The company also disclosed in August 2026 a deal with Google that could contribute up to $120 billion in sales before fiscal 2033 if performance milestones are met.