Marvell Technology’s Google deal pushes its valuation toward $1 trillion

Marvell Technology signed a commercial agreement with Google on July 29, 2026, to develop custom silicon for data center and AI workloads, a partnership structured around warrants and revenue milestones that could collectively rewrite Marvell’s long-term trajectory. Marvell’s stock climbed nearly 10% after the announcement, bringing its market capitalization to roughly $220 billion as of August 19-20, 2026. What the deal actually involves The agreement covers a range of silicon products: AI inference accelerators, storage controllers, network interface controllers, and near-memory compute solutions. All of it is designed to slot into Google’s Tensor Processing Unit ecosystem. Google received warrants to purchase up to 58.97 million Marvell shares at an exercise price of $206.58 per share. If Google exercises all those warrants, the total value sits at approximately $12.2 billion. Those warrants vest based on revenue milestones structured around up to $120 billion in cumulative custom-product revenue for Marvell by fiscal 2033. Why Nvidia’s CEO is paying attention Nvidia CEO Jensen Huang said in June 2026 that Marvell could become “the next trillion-dollar company.” Reaching $1 tril...