Marvell, FY2031까지 맞춤형 실리콘 매출 300억 달러 달성을 목표로 하고 있다.

Marvell Technology wants to turn a side business into a major growth engine. At its October 6, 2026, Investor Day, the chipmaker said it is targeting approximately $30 billion in annual custom silicon revenue by fiscal year 2031.

For reference, that business brought in about $1.5 billion in FY2026. The goal implies roughly 20-fold growth in five fiscal years.

**The numbers behind the pitch**

The custom silicon target sits within a larger company-wide forecast. Marvell is guiding to total revenue of between $70 billion and $90 billion for FY2031. The $30 billion custom silicon figure represents the midpoint contribution within that range. Marvell's total revenue for FY2026 was $8.2 billion.

The custom silicon strategy has two main components. The first is custom XPUs, AI accelerators built to order for specific hyperscale cloud customers. The second is what Marvell calls "XPU attach," the supporting silicon that surrounds an accelerator, including networking and storage chips. Marvell estimates the XPU attach opportunity could reach $15 billion by FY2031. If that materializes, attach revenue would be roughly balanced with standalone XPU sales.

**Who is buying**

Marvell is not starting from zero with customers. The company said it already ships custom silicon to all four major US hyperscalers and cited more than 35 sockets at those top four customers.

The most prominent relationship is with Google. On July 29, 2026, Marvell secured a commercial agreement covering custom products for Google's TPU ecosystem, including accelerators and memory controllers. The Google deal could be worth up to $120 billion through FY2033, contingent on certain conditions being met.

Beyond custom chips, Marvell pointed to a broader opportunity in interconnect and optics, with a total addressable market estimated at around $400 billion by calendar 2030.

**How the market responded**

Wall Street's initial reaction was positive. The announcements were followed by price target upgrades and a rise in Marvell's stock.

Some analysts cautioned that the company's already high valuation calls for restraint. They also noted that the projections depend heavily on Marvell successfully executing programs it has already won, rather than on landing significant new business.

**Why this matters beyond Marvell**

By targeting attach revenue on par with XPU revenue, Marvell is positioning itself as a supplier for the entire system: accelerators alongside the networking, storage, and memory controllers that turn a collection of chips into a functioning AI cluster.

Customer concentration is the obvious risk. Selling heavily to four hyperscalers means that a shift in spending at even one of them could hurt the forecast. The conditional structure of the Google agreement adds another layer of uncertainty.

The width of the guidance also deserves attention. A $70 billion to $90 billion range leaves $20 billion of latitude, a reminder that even Marvell sees meaningful uncertainty in how the AI buildout unfolds.

*Disclosure: This article was edited by Diego Almada Lopez. For more information on how we create and review content, see our Editorial Policy.*