Marvell signs custom chip deal with Google and issues Google a warrant for up to 58.97 million shares

Marvell and Google LLC signed a commercial agreement on July 29, 2026 for custom semiconductors that attach to Google's TPU ecosystem, and Marvell issued Google a warrant on August 18. The warrant covers up to 58,970,907 shares at $206.58, about $12.2 billion at that price. Vesting depends on Google's future purchases, so the stake is conditional on Marvell's custom revenue growing.

• Commercial agreement dated July 29, 2026, for TPU-attached custom silicon
• Warrant for up to 58,970,907 shares at $206.58 per share
• Only 1,360,867 shares vest in equal quarterly installments in year one
• Remaining shares vest in 240 tranches, one per $500 million of Custom Products revenue
• Reuters reports the deal could generate up to $120 billion in sales through fiscal 2033 if milestones are met