Marvell Technology is betting big on AI infrastructure, and the numbers suggest the bet is paying off. CEO Matthew Murphy has laid out revenue projections that would take the company from roughly $8.2B in FY2026 to approximately $11.5B in FY2027, representing around 40% year-over-year growth.
The trajectory doesn’t stop there. FY2028 revenue is projected at approximately $16.5B, which would represent another 45% jump from FY2027.
Data centers are the engine
The driving force behind Marvell’s optimism is its data center business, which crossed $6B in FY2026 revenue, up 46% year-over-year. That segment alone accounts for the majority of the company’s total sales, and it’s expected to grow roughly 50% in FY2027 and approximately 55% in FY2028.
Within that data center bucket, two product lines stand out. Interconnects are anticipated to grow over 70% in FY2027. Then there’s the custom silicon business, also referred to as XPU. This segment reached $1.5B in FY2026 and is projected to grow more than 20% in FY2027. By FY2028, it’s expected to more than double.
