Marvell Technology, Inc. (MRVL): Business Model Canvas [Dec-2025 Updated]

Look, after two decades analyzing tech shifts, I can tell you Marvell Technology, Inc. is making a serious move right now. They've essentially doubled down on the AI plumbing that powers the cloud, moving hard away from older markets. With their FY2025 revenue hitting $5.767 billion and nearly three-quarters of that coming from Data Center products, this isn't a small tweak; it's a full strategic pivot. You need to see how their Key Resources and Value Propositions are now laser-focused on custom AI silicon and high-speed optics to understand where the next few years of growth will come from. Dive into the full Business Model Canvas below to see the nuts and bolts of this transformation.

Marvell Technology, Inc. (MRVL) - Canvas Business Model: Key Partnerships

You're looking at the core relationships Marvell Technology, Inc. relies on to power the data infrastructure shift, especially with AI demanding ever-faster silicon. The structure here is all about deep collaboration, moving away from just selling standard chips to co-developing massive, custom solutions.

Foundry and Manufacturing Alliances

As a fabless semiconductor company, Marvell Technology, Inc. is critically dependent on its manufacturing partners. The relationship with Taiwan Semiconductor Manufacturing Co. (TSM) is paramount, particularly for the high-growth custom silicon segment.

• Custom XPU shepherding through TSMC and packaging partners contributed $418 million to Q3 F2026 AI revenue.
• This custom XPU revenue saw an increase of 83.4 percent year-over-year in Q3 F2026.
• Marvell Technology, Inc. works with foundries under multi-year manufacturing supply capacity reservation agreements, some ranging from 4 to 10 years, as detailed in their March 2025 Form 10-K filings.

Hyperscale Customer Co-Development for Custom AI Silicon

The custom AI ASIC business is the engine of Marvell Technology, Inc.'s current growth, built on multi-year design cycles with the largest cloud operators. You need to watch the design win pipeline here, as that dictates future revenue.

Marvell Technology, Inc. has secured design wins with the fourth big U.S. hyperscaler and two other emerging hyperscalers for custom silicon accelerators, with production starting in the near-term.

• Marvell Technology, Inc. aims to increase its market share in custom AI ASICs for data centers from less than 5 percent in calendar year 2023 to 20 percent by 2028.
• The company projects that AI-related revenue will account for 30 percent of total revenue in fiscal year 2025, which is triple the share from the prior year.
• The Data Center segment, which houses these AI partnerships, accounted for about 70-73 percent of Marvell Technology, Inc.'s revenue as of Q2 2025.

Here's a quick look at how the Data Center group's AI revenue components stacked up in Q3 F2026:

Interconnect Ecosystem Partners

For high-speed interconnects, Marvell Technology, Inc. partners across the entire stack, from the cable itself to the system builders. This is about ensuring interoperability for scale-out fabrics.

The company collaborates with Active Electrical Cable (AEC) partners to deploy its Alaska A PAM4 DSPs, which support emerging 200G/lane architectures.

• AEC partners showcasing joint demonstrations include Molex, TE Connectivity, Luxshare-Tech, and Broadex.
• Marvell Technology, Inc. is showcasing technology supporting 1.6T PAM4 DSPs for AECs, designed for 200G/lane infrastructure.
• System OEMs and ODMs, like Dell Technologies, Hewlett Packard Enterprise, and Cisco Systems, integrate Marvell's advanced components into their next-gen AI-ready hardware.

Optical Module and Advanced Photonic Partners

The push into optical connectivity, especially for AI scale-up, involves strategic alliances for marketing and technology integration. The recent acquisition of Celestial AI solidifies Marvell Technology, Inc.'s ownership of critical photonic IP.

Marvell Technology, Inc. is working with leading optical and switch companies to cultivate an ecosystem around its 400G/lane technology.

• Optical partners demonstrating with Marvell Technology, Inc. at OFC 2025 included Coherent, Lumentum, and TeraHop.
• Marvell Technology, Inc. showcased its COLORZ 800G ZR/ZR+ modules, supporting transmission up to 2,000km for multi-site AI training interconnects.
• The acquisition of Celestial AI, valued at over $5 billion including earnouts, is expected to contribute an annualized run rate of $500 million by the fourth quarter of fiscal 2028, reaching $1 billion by the fourth quarter of fiscal 2029.

Divested Automotive Ethernet Partnership

The strategic divestiture of the Automotive Ethernet business streamlined Marvell Technology, Inc.'s focus onto data infrastructure. This was a clean exit with a significant cash component.

Marvell Technology, Inc. completed the sale of its Automotive Ethernet business to Infineon Technologies AG for a total consideration of $2.5 billion in an all-cash transaction, effective August 15, 2025.

• The sale price was a firm $2.5 billion.
• The divested business was expected to generate between $225 million and $250 million in revenue for Marvell Technology, Inc.'s fiscal 2026.
• For context, Marvell Technology, Inc.'s total revenue in the last twelve months prior to the sale was $6.5 billion.

Finance: draft 13-week cash view incorporating the $2.5 billion closing proceeds by Friday.

Marvell Technology, Inc. (MRVL) - Canvas Business Model: Key Activities

Intensive Research and Development (R&D) for next-gen silicon

Marvell Technology, Inc. commits substantial resources to R&D to maintain its position in data infrastructure semiconductors. For the twelve months ending July 31, 2025, research and development expenses totaled $2.014B. This investment level is significant, with the FY2025 R&D budget reported at $1.95Bn, which represented about 33% of revenues. Following a restructuring plan initiated in the third quarter of fiscal 2025, R&D investment was specifically increased in the data center end market. Key R&D activities include driving advancements in custom silicon, chiplet integration, next-generation memory architectures, and tightly integrated connectivity to support AI clusters. A concrete example of this development is the introduction of a first-of-its-kind 64 Gbps/wire Bi-Directional die-to-die interface IP in 2nm technology.

Designing custom AI silicon and electro-optical solutions

A core activity is the design of custom Application-Specific Integrated Circuits (ASICs) for AI, cloud data center, and OEM customers, utilizing advanced 5nm and 3nm processes. The company is seeing rapid traction in its AI XPU offerings, currently holding 18 XPU/XPU-attach sockets with more than 50 new pipeline opportunities that represent an estimated $75 billion of lifetime revenue potential. The data center segment's growth is heavily fueled by these custom AI accelerators; for instance, revenue grew 69% year-over-year in the second quarter of fiscal 2026. Marvell Technology is known to be a strategic supplier for cloud-optimized silicon to major hyperscalers, with three out of four of them utilizing Marvell for their custom silicon ambitions.

Managing a complex, world-class semiconductor supply chain

Managing the flow of components and finished goods is critical, especially given the high demand environment. To cope with increased investment amounts across the supply chain, Marvell Technology implemented a price increase across its entire product line starting January 1, 2025. Inventory levels at the end of the third quarter of fiscal 2026 stood at $1.01 billion. Executives noted that for the quarter ending January 2026, there would not be a repeat of prior "air pockets," suggesting improved supply chain predictability.

Integrating acquired photonic technology (Celestial AI) into the core portfolio

Marvell Technology announced the acquisition of Celestial AI to bolster its artificial intelligence push, specifically in photonics, which uses light for data transfer between AI chips and memory. The deal value is set at a minimum of $3.25 billion, structured as $1 billion in cash and 27.2 million Marvell common stock shares valued at $2.25 billion. The integration is strategic, aiming to create a silicon photonics powerhouse. The company expects meaningful revenue contributions from this technology starting in the second half of fiscal 2028, targeting an annualized run rate of $500 million by late fiscal 2028, scaling to $1 billion by the end of fiscal 2029. This technology is anticipated to contribute to a new $10 billion market opportunity for Marvell.

Securing major design wins for future volume production

The success of Marvell Technology hinges on securing sockets in next-generation AI racks with major customers. The company has design wins with two leading tier-one US hyperscalers involving networking and custom XPUs. The custom chip business is expected to see accelerated growth, with sales predicted to increase by 20% in the next fiscal year (FY2027). Overall, Marvell targets data center revenue growth of more than 25% in the next fiscal year (FY2027).

Key Financial and Operational Metrics Supporting Key Activities (Late 2025 View)

The execution of these activities is supported by several operational highlights:

• Custom chip sales expected to increase by 20% next year.
• Data center revenue grew 38% year-over-year in Q3 FY26, reaching $1.52 billion.
• Non-GAAP gross margin reached 59.7% in Q3 FY26.
• Cash flow from operations was $582 million in Q3 FY26.
• The company is leveraging advanced process nodes like 5nm and 3nm for custom ASIC designs.
• The acquisition of Celestial AI is expected to close in the first quarter of calendar year 2026.

Finance: review the cash flow impact of the $1 billion accelerated stock repurchase program announced in Q3 FY26.

Marvell Technology, Inc. (MRVL) - Canvas Business Model: Key Resources

Extensive Intellectual Property (IP) portfolio in data infrastructure

• Total Patents as of November 2025: 17,783
• Active Patents/Applications: Over 62%
• Patents in Networking category: 5,801
• Patents in Computer Systems and Components category: 4,123
• IP built on leading-edge Advanced CMOS processes: 5nm and 3nm

Deep engineering expertise in optics, advanced packaging, and high-speed interconnects

• Expertise includes: 112G XSR SerDes, Long Reach SerDes, and PCIe Gen 6 SerDes
• Introduced in-house: 2.5D advanced packaging platform
• Technology focus includes: Silicon photonics and co-packaged optics (CPO)

Custom AI silicon design wins with major hyperscalers

• Custom chip revenue expected to grow: 20% in the next year (FY2027)
• Data Center revenue growth forecast: 45% in FY2026 and 40% in FY2028
• Custom ASIC segment growth expected: 20% in FY2027
• Custom business expected to double by fiscal year: 2028

Cash and equivalents, bolstered by the $2.5 billion divestiture

Global talent pool of semiconductor architects and software developers

• Employee count reported: Over 6,500
• Manufacturing unit presence in: 14 countries
• Total Patents filed across: 34 jurisdictions

Marvell Technology, Inc. (MRVL) - Canvas Business Model: Value Propositions

You're looking at the core reasons Marvell Technology, Inc. is capturing significant investment interest right now, especially given the massive spending on AI infrastructure. It's all about delivering the foundational speed and efficiency required for these new compute paradigms.

High-performance, energy-efficient data infrastructure solutions for AI workloads

Marvell Technology, Inc. is delivering solutions where performance per watt is the new currency. The focus is clearly on the data center, which is the engine room for artificial intelligence workloads. The results speak to this concentration of effort.

• Data center revenue surged by 98% year-over-year in Q3 FY2025.
• AI-related revenue has grown over six times since 2023, now accounting for 73% of total revenue.
• The company reported Q3 FY26 revenue of $2.075 billion, marking a roughly 37% increase year over year.
• Operating margins expanded to 36.3%, the highest in company history.
• Gross margin reached 59.7% in the third quarter.
• Free cash flow reached $463.5 million, a year-over-year increase of 69.9%.

This focus is translating directly into financial performance, showing that the market is rewarding this strategic pivot. Honestly, the operating leverage expansion is a key metric to watch.

Custom silicon (ASIC) tailored to hyperscaler specifications (e.g., Amazon Trainium3)

The move to custom silicon, or Application-Specific Integrated Circuits (ASICs), is a major value driver, allowing hyperscalers to optimize their specific AI tasks beyond what merchant chips can offer. Marvell Technology, Inc. is deeply embedded in this trend.

The custom business has doubled, reaching approximately $1.5 billion. Furthermore, the company has visibility into a pipeline of 18 XPU/XPU-attach sockets with more than 50 new opportunities, representing an estimated $75 billion of lifetime revenue potential. The XPU segment is showing a rebound, reflecting design wins for accelerators like Amazon's Trainium 4.

Full-stack portfolio: silicon, interconnects, and network switches for AI clusters

Marvell Technology, Inc. isn't just selling one piece; they are offering the necessary components across the AI cluster-from the processing unit attachment to the network fabric. This full-stack approach is designed to increase silicon content per server.

• The custom ASIC and electro-optical segments are projected to contribute roughly equal revenue by FY28.
• Data center revenue in Q3 FY26 of $1.52 billion was driven by custom XPU silicon, electro-optic interconnect products, and next-generation switch offerings.
• Electro-optics revenue specifically was $819 million in Q3 FY26, showing a 2.6X increase.
• Enterprise networking revenues rose 57% year over year to $237.2 million.

This diversification within the data center segment provides a stronger foundation than relying on a single product line, so that's a positive sign for sustainability.

Photonic interconnect technology for ultra-fast, low-power data movement

The acquisition of Celestial AI for at least $3.25 billion (potentially up to $5.5 billion) signals a major commitment to silicon photonics to overcome electrical signaling limits. This technology is key for next-generation scale-up architectures.

Celestial AI's Photonic Fabric technology promises significant efficiency gains, delivering over 25x greater bandwidth while reducing latency and power consumption by up to 10x compared to existing alternatives. Marvell Technology, Inc. expects this new capability to start contributing meaningfully to revenue in the second half of fiscal 2028, projecting an annualized run rate of $500 million by the end of FY2028, doubling to $1 billion by the end of FY2029.

Maximizing performance and scalability while reducing cost-per-bit

The value proposition is ultimately about delivering better economics for massive scale. The company is pushing advanced process nodes and packaging to achieve this.

Marvell Technology, Inc. introduced a first-of-its-kind 64 Gbps/wire Bi-Directional die-to-die interface IP in 2nm, which reduces die area use by 15%. From a valuation perspective, the market is currently pricing in significant growth, though some analysts see it as slightly overvalued relative to a narrative fair value of $91.73, with a last close at $98.19. Still, the company trades on a forward PEG ratio of just 0.70, suggesting a cheap growth story compared to peers like Broadcom. The long-term (3-5 years) expected EPS growth rate is 38.2%, which is well above the S&P 500's long-term rate of 16.1%.

Finance: finalize the Q4 revenue forecast model incorporating the Celestial AI deal projections by Monday.

Marvell Technology, Inc. (MRVL) - Canvas Business Model: Customer Relationships

Marvell Technology, Inc. maintains relationships characterized by deep integration with its largest customers, primarily cloud hyperscalers, which now drive the majority of its revenue.

Deep, collaborative engagement with key customers on custom chip roadmaps

The relationship model is heavily weighted toward strategic partnerships, evidenced by the significant revenue concentration. For the fiscal year ended February 1, 2025, Marvell Technology, Inc. reported that its ten (10) largest customers accounted for 81% of total net revenue. This level of dependence suggests long-term, embedded relationships necessary for custom silicon development.

• Data Center revenue represented approximately 70-73% of total revenue for fiscal year 2025.
• In Q4 of fiscal year 2025, Data Center revenue grew 78% year-over-year, reaching $1.37 billion.
• For Q3 CY2025, Data Center revenue was $1.52 billion.

Dedicated sales and business development teams for major accounts

The concentration of revenue from a limited number of entities necessitates dedicated resources to manage these accounts. For fiscal year 2025, Marvell Technology, Inc. had two customers each contributing 10% or more to total net revenue. The company's success in securing design wins with these giants implies dedicated, high-touch sales engagement.

Co-development model for custom AI accelerators (XPU)

The shift toward custom silicon is a direct result of a co-development approach with major cloud providers. The custom business reached approximately $1.5 billion. AI revenue grew from less than 10% of Data Center revenue in fiscal 2023 to about 50% of Data Center revenue in fiscal 2025. The acquisition of Celestial AI, valued at $3.25 billion, further solidifies this deep engagement in next-generation interconnects for AI clusters.

• Custom ASIC segment growth is projected at 20% in FY27.
• Partnerships include collaborations with Amazon and Microsoft.
• Amazon secured a warrant tied to purchases of Celestial's photonics products through 2030.

Transactional sales through distribution for multi-market products

While the focus is on custom engagements, a portion of the business remains transactional, often facilitated through channel partners. The largest customer group for Marvell Technology, Inc. includes both distributors and direct customers. The multi-market businesses, which include Enterprise networking, carrier infrastructure, and Consumer segments, saw a sharp decrease in Q4 FY2025, by -35% and -38% respectively, suggesting these areas rely more on broader, potentially more transactional channels.

Here's a look at the revenue concentration and segment contribution as of late 2025:

Marvell Technology, Inc. (MRVL) - Canvas Business Model: Channels

You're looking at how Marvell Technology, Inc. gets its specialized silicon and components into the hands of the builders of the digital world. Honestly, the channel strategy is heavily weighted toward direct engagement for the biggest players, which makes sense given the complexity of the products.

Direct sales force for large hyperscale and carrier customers

This is where the real action is, you see. The direct sales motion targets the largest cloud providers-the hyperscalers-and major carrier infrastructure companies. This approach is necessary because Marvell Technology is deeply involved in custom silicon programs, which require close engineering collaboration from the start. For instance, in the third quarter of fiscal 2026, the Data Center segment alone pulled in $1.52 billion, making up 73.2% of the total $2.075 billion revenue for that quarter. That custom AI silicon business has reportedly reached approximately $1.5 billion. Plus, Marvell Technology has disclosed design wins with three of the four major U.S. hyperscale operators. The Carrier Infrastructure segment, also served directly, contributed $167.8 million in that same quarter. It's a high-touch, high-value channel.

Here's a quick look at the revenue contribution from these key direct-served segments in Q3 FY2026:

Global distributors and sales representatives for broader market reach

While the hyperscalers get the direct treatment, the rest of the market-which includes the Enterprise Networking segment generating $237.2 million in Q3 FY2026 and smaller customers across various sectors-relies on a more traditional, scaled approach. Marvell Technology uses global distributors and independent sales representatives to cover these accounts efficiently. This channel helps push standard components like PHYs and switches into a wider, more fragmented customer base that doesn't require the same level of custom design integration as the top-tier cloud builders. It's about market coverage, not just deep design-ins.

System OEMs and ODMs integrating Marvell Technology components

System Original Equipment Manufacturers (OEMs) and Original Design Manufacturers (ODMs) are critical partners, especially in the networking and storage spaces. These partners build the final servers, switches, and storage arrays that incorporate Marvell Technology's chips-like their high-speed Ethernet switches and controllers-before they reach the end customer. This channel acts as a force multiplier, embedding Marvell Technology's IP into high-volume systems. The company's overall fiscal year 2025 revenue hit $5.767 billion, a significant portion of which flows through these large system builders.

Module partners for selling integrated optical solutions

The push into AI requires massive data movement, making optical interconnects a huge growth driver. Marvell Technology works with module partners who take their optical components-like DSPs, TIAs, and drivers-and integrate them into complete optical modules. This specialized channel is key for delivering the high-speed connectivity solutions needed for AI training and inference fabrics. Revenue from Marvell Technology's optical interconnect businesses saw double-digit sequential revenue growth in Q3 FY2026, showing the effectiveness of getting these complex solutions to market via specialized partners.

• Optical interconnect revenue grew by double digits sequentially in Q3 FY2026.
• The company employs over 6,500 people globally to support these complex channel efforts.
• Marvell Technology's total fiscal year 2025 revenue was $5.767 billion.

Finance: draft the Q1 FY2027 channel forecast by mid-January.

Marvell Technology, Inc. (MRVL) - Canvas Business Model: Customer Segments

You're looking at the core of Marvell Technology, Inc.'s value capture, which is heavily concentrated in data infrastructure. Honestly, the customer base has rapidly shifted, making the hyperscalers the undeniable center of gravity for the business as of late 2025.

Hyperscale Cloud Providers (e.g., Amazon, Google, Microsoft) for AI and cloud infrastructure

This segment is the primary engine for Marvell Technology, Inc. right now. For the third quarter of fiscal 2026, the Data Center end market generated revenue of $1.52 billion, which accounted for 73% of the total consolidated revenue for that quarter. That quarterly revenue represented a 38% increase year-over-year. The growth is fundamentally tied to AI adoption; management noted that demand for high-bandwidth connectivity in AI clusters is accelerating faster than general cloud spending. Within this Data Center segment, custom AI silicon programs are now in volume production. Specifically, the custom business, which is roughly one-quarter of the Data Center revenue, was expected to grow by at least 20% in the next fiscal year. Also, electro-optical systems, vital for AI interconnects, made up 50% of the Data Center segment revenue in Q3 FY2026. Marvell Technology, Inc. is positioning itself as a pivotal supplier for these major cloud providers building out next-generation AI infrastructure.

Enterprise Networking customers (for switches and connectivity)

Enterprise Networking is showing a solid recovery as customer inventory digestion normalizes. In the third quarter of fiscal 2026, this segment brought in $237.2 million, representing 11.4% of the total revenue. That figure was a significant jump, rising 57% year-over-year. Management noted that the combined revenue from Enterprise Networking and Carrier Infrastructure was expected to grow sequentially in the mid-teens percentage range for the fourth quarter of fiscal 2026, signaling improving order momentum.

Carrier Infrastructure providers (telecoms building 5G networks)

The Carrier Infrastructure segment is also on a recovery path, driven by demand across telecom customers. For the third quarter of fiscal 2026, revenue hit $167.8 million, making up 8.1% of the total. This marks a substantial year-over-year increase of 98%. The recovery theme is validating the strategy for this market, though management indicated that product shipments were still tracking below end-market consumption levels in the third quarter.

Consumer electronics manufacturers (a smaller, non-core segment)

This is definitely a smaller piece of the overall revenue pie now, given the strategic pivot toward data infrastructure. Consumer revenues in the third quarter of fiscal 2026 totaled $116.6 million, which was 6% of the total revenue. This segment did see year-over-year growth of 21%, but macroeconomic headwinds, like weakening consumer spending, are expected to hurt sales in this area. For the full fiscal year 2025, the Consumer and Industrial segments combined made up about 11.1% of the total revenue of $5.767 billion.

Here's a quick look at the revenue contribution by segment based on the most recent detailed quarterly report (Q3 FY2026):

The Data Center segment's massive contribution, at 73.2%, clearly shows where Marvell Technology, Inc. is placing its chips, so to speak. Finance: draft the Q4 FY2026 segment forecast update by next Tuesday.

Marvell Technology, Inc. (MRVL) - Canvas Business Model: Cost Structure

You're looking at Marvell Technology, Inc.'s cost base as they push hard into AI silicon and photonics. The structure is heavily weighted toward engineering talent and manufacturing partnerships, which is typical for a leading fabless semiconductor firm. Here's the quick math on where the money goes.

High R&D expenditure to maintain technology leadership

Maintaining technology leadership in custom AI silicon and advanced networking requires significant, ongoing investment in Research & Development (R&D). While R&D is often bundled within the total operating expenses, the sheer scale of the data center focus implies this is the largest controllable expense category. For context on the cost of operations, Marvell Technology's GAAP operating expenses in the fourth quarter of fiscal 2025 were $682.2 million.

These GAAP operating expenses included significant non-cash charges that illustrate the cost of innovation and past deals:

• Amortization of acquired intangible assets: $77.6 million in Q4 FY2025.
• Stock-based compensation: $137.5 million in Q4 FY2025.

Cost of Goods Sold (COGS) for wafer fabrication and advanced packaging (fabless model)

As a fabless company, Marvell Technology's COGS is dominated by payments to external foundries for wafer fabrication and costs associated with assembly, testing, and advanced packaging. These costs directly impact the gross margin. Marvell Technology reported a strong non-GAAP gross margin of 60.1% in the fourth quarter of fiscal 2025, though the GAAP gross margin was lower at 50.5% for the same period.

The high volume of custom AI silicon, while driving revenue growth, can put pressure on margins due to the complexity and cost of advanced nodes and packaging. For instance, the non-GAAP gross margin for Q3 FY2026 was guided between 58.5% and 59.5%.

Non-GAAP Operating Expenses guided at approximately $515 million for Q4 FY2026

Management provides specific guidance for operating expenses, which excludes items like stock-based compensation and amortization. For the fourth quarter of fiscal 2026, the guidance for Non-GAAP operating expenses is set at approximately $515 million. This figure is a key indicator of the planned operational spending level, excluding acquisition-related non-cash charges.

For comparison to recent actuals, the Non-GAAP operating expenses for the preceding quarter, Q3 FY2026, were also reported at approximately $515 million, showing a consistent run rate expectation heading into the end of the fiscal year.

Sales, General, and Administrative (SG&A) expenses

SG&A expenses fall within the total operating expenses, covering overhead, sales force costs, and administrative functions. While not broken out separately in the most recent guidance snippets, the difference between GAAP and Non-GAAP operating expenses gives you a sense of the scale of these non-cash and non-recurring items.

The total GAAP operating expenses in Q4 FY2025 were $682.2 million, while the Non-GAAP operating expenses were $479 million for the same quarter. This difference of approximately $203.2 million covers stock-based compensation, amortization, restructuring, and acquisition-related costs.

Acquisition costs and integration expenses (e.g., Celestial AI)

Strategic acquisitions introduce upfront cash and stock costs, plus future integration expenses, which can impact both the balance sheet and operating results. Marvell Technology's announced acquisition of Celestial AI is a major cost event.

The financial commitment for the Celestial AI acquisition is substantial:

The earnout is contingent on Celestial AI achieving cumulative revenue exceeding $2 billion by the end of Marvell Technology's fiscal year 2029. Integration costs, while not explicitly quantified for the near term, will be factored into future operating expenses, likely impacting the GAAP figures more directly than the Non-GAAP metrics which often exclude acquisition-related charges.

Finance: draft 13-week cash view by Friday.

Marvell Technology, Inc. (MRVL) - Canvas Business Model: Revenue Streams

You're looking at the core ways Marvell Technology, Inc. brings in money, which is heavily weighted toward the current AI buildout. Honestly, the numbers tell a clear story about where the focus is right now.

The primary revenue driver is the Sale of Data Center products (AI ASICs, electro-optics, switching) at ~74% of total revenue. This segment is the engine room for Marvell Technology, Inc. right now, reflecting massive investment in cloud and AI infrastructure.

Beyond that major pillar, revenue still comes from the Sale of Enterprise Networking and Carrier Infrastructure semiconductor products. Still, you should note that these other segments have seen some softness recently, even as the Data Center side accelerates. Also, Marvell Technology, Inc. generates income through the Licensing of Intellectual Property (IP) to other companies, providing another layer of recurring or upfront revenue based on their silicon designs.

For context on the scale of the business, Marvell Technology, Inc. reported a Total FY2025 Annual Revenue of $5.767 billion. That figure marks a 4.71% increase from the prior fiscal year. The company's most recent reported quarterly performance shows strong margin execution, with a Non-GAAP Gross Margin of 59.7% in Q3 FY2026.

Here's a quick look at some key financial markers related to revenue and profitability as of late 2025/early 2026:

The revenue streams can be broken down by the key product areas Marvell Technology, Inc. services:

• Data Center products, including AI ASICs and electro-optics.
• Enterprise Networking semiconductor products.
• Carrier Infrastructure semiconductor products.
• Intellectual Property licensing fees.

To be defintely clear on the Data Center segment's weight, in Q3 FY2026, Data Center revenue hit $1.52 billion on total revenue of $2.075 billion, which is about 73.25% of that quarter's revenue, supporting the overall FY2025 figure you mentioned. The company also noted that for FY2025, Data Center revenue represented 75% of total revenue.

Finance: draft 13-week cash view by Friday.