Marvell raises fiscal 2028 revenue target to about $20 billion and sets a goal of up to $90 billion by fiscal 2031

Marvell Technology told investors on Tuesday that it now expects about $20 billion of revenue in fiscal 2028, up from the roughly $18 billion it projected in August, and set a goal of $70 billion to $90 billion for fiscal 2031. The chipmaker is betting that cloud companies keep pouring money into artificial-intelligence data centers, and that more of that money flows to the custom chips and connections Marvell designs.

Marvell presented the targets at its investor day in New York on Tuesday morning. It did not put the new figures in a press release or a securities filing; they come from the presentation, as reported from the event and in a transcript of it. They are targets, not results.

What Marvell is promising

Marvell's fiscal 2028 runs to early 2028. Analysts had expected about $18 billion of revenue for that year, so the new target sits about $2 billion above both Wall Street's estimate and the company's own August view. For the current fiscal year, analysts expect about $12 billion.

The longer-range goal is the bolder one. Revenue of $70 billion to $90 billion in fiscal 2031 would be roughly 8.5 to 11 times the $8.2 billion Marvell booked in fiscal 2026, its last full year. By TickerGrove's arithmetic, getting from the new fiscal 2028 target to the $80 billion midpoint would take growth of about 59% a year for three straight years.

Custom chips carry the plan

Marvell makes chips that move data inside and between data centers, and it designs custom processors with cloud companies that want their own AI chips instead of buying only off-the-shelf parts. The company said it is now shipping custom silicon to all four of the largest U.S. cloud operators, and that its custom business brought in about $1.5 billion last year.

A year ago Marvell said custom revenue could top $10 billion in fiscal 2029. On Tuesday it raised that goal, telling investors it now expects custom revenue in fiscal 2029 "to more than triple from FY28, reaching more than $12 billion."

The company also put the market it can compete for at about $400 billion by 2030, growing about 45% a year from 2025. The last time Marvell laid out that figure, it was under $100 billion.

Where the business stands today

The targets build on fast growth from a much smaller base. In the quarter that ended Aug. 1, Marvell's revenue rose 37% from a year earlier to a record $2.74 billion, and data center sales climbed 46% to $2.17 billion, or 79% of the total. The company forecast third-quarter revenue of $3.15 billion, plus or minus 5%. At the time, Chief Executive Matt Murphy said AI-related bookings were "exceptionally robust."

Marvell shares were at $285.42 at 12:28 p.m. ET, up 5.2% on the day, after trading as high as $301.27, according to cnbc.com market data. That gives the company a stock market value of about $250 billion. The shares are about four times their 52-week low of $70.69, set in February, but about 13% below their June high of $329.88. The VanEck Semiconductor ETF, a common gauge of chip stocks, was up about 0.3%, and the S&P 500 was up about 0.8%.

Why the goals are a stretch

The plan rests on a handful of very large customers continuing to raise spending on AI data centers. Marvell said its market model already assumes that the growth in that spending slows toward historical rates in the later years. If cloud budgets cool sooner, or if those customers shift more chip design in-house or to rivals, the fiscal 2031 range would be hard to reach. Marvell's next quarterly report will show whether the acceleration it described in August is arriving on schedule.