Marvell and Google Warrant Links Custom Silicon Milestones to Upside
Google’s warrant converts only as Marvell delivers silicon, aligning both companies with a potential $120 billion custom revenue opportunity through 2033. Marvell reported Q2 FY2027 revenue of $2.739 billion (+36.55% YoY) and non-GAAP EPS of $0.94. Management disclosed a warrant allowing Google to acquire up to 7% of Marvell shares as milestones are hit and expects custom revenue to more than double in fiscal 2028, with margin guidance easing in Q3.