Marvell Technology Targets Up to $90 Billion Revenue by Fiscal 2031 as AI Demand Accelerates
Marvell Technology is setting an ambitious long-term growth target as the rapid expansion of artificial intelligence continues to reshape the semiconductor and data-center industries. The company now expects annual revenue to reach between $70 billion and $90 billion by fiscal 2031, marking a significant increase from the $8.2 billion it generated in fiscal 2026.
The updated outlook was presented during Marvell’s 2026 Investor Day, where management highlighted growing demand for custom AI chips, high-speed connectivity, optical technologies, switching and storage solutions. The company also raised its fiscal 2028 revenue forecast to approximately $20 billion.
Marvell Raises Its Revenue Forecast
Marvell Technology previously expected to generate about $18 billion in revenue during fiscal 2028. The company has now increased that target to approximately $20 billion, reflecting stronger expectations for AI infrastructure spending.
Marvell generated approximately $8.2 billion in revenue during fiscal 2026, including about $6.1 billion from its data-center business. Management expects total revenue to reach around $12 billion in fiscal 2027, representing substantial year-over-year growth.
The higher forecast suggests that Marvell expects AI-related demand to remain strong as major technology companies continue investing heavily in data centers and advanced computing infrastructure.
AI Infrastructure Is Driving Marvell’s Growth
The increasing adoption of artificial intelligence requires significantly more computing power and faster movement of data. As AI models become larger and more complex, data centers need advanced networking, interconnect and semiconductor technologies to keep up with growing workloads. AI investment and global economic growth in 2026 are also being influenced by this rapid expansion of computing infrastructure.
Marvell has positioned itself around these infrastructure requirements. Its products and technologies are used to help move data between chips, servers, racks and data-center systems.
This makes the AI infrastructure buildout an important growth opportunity for the company. Rather than relying on a single semiconductor product, Marvell is targeting multiple areas of the technology stack.
Custom Silicon Becomes a Major Opportunity
One of the most important parts of Marvell’s long-term strategy is custom silicon.
Large cloud providers and hyperscalers are increasingly interested in specialized chips designed for specific workloads. Custom AI accelerators can potentially improve performance and efficiency while allowing companies to tailor computing infrastructure to their own requirements.
Marvell expects its custom silicon business to become a major source of revenue. The company has increased its fiscal 2029 custom revenue target to more than $12 billion, compared with its previous target of more than $10 billion.
By fiscal 2031, Marvell expects custom AI chips to represent a significant portion of its business.
Marvell Sees a $400 Billion Addressable Market
Marvell estimates that the total addressable market connected to its targeted technologies could reach approximately $400 billion by 2030.
The company estimates around $385 billion of that opportunity will come from data-center applications, while communications and other markets could account for roughly $15 billion.
Several major categories are expected to contribute to this opportunity:
- Interconnect: Approximately $65 billion
- Switching and storage: Approximately $85 billion
- Custom silicon: Approximately $235 billion
The size of this market highlights why Marvell believes it has room to expand substantially over the coming years.
Connectivity Is at the Center of the Strategy
Marvell describes itself as a connectivity-focused technology company. This positioning is particularly important as AI systems require increasingly high levels of bandwidth.
Modern AI data centers must transfer enormous amounts of information between processors and memory systems. Faster networking and interconnect technologies can therefore become increasingly important as computing workloads expand.
Marvell is targeting opportunities in optical connectivity, electrical connectivity, switching and other technologies designed to improve data movement.
Data Center Revenue Could Grow Rapidly
Data centers are expected to remain one of the strongest sources of Marvell’s growth.
During its Investor Day presentation, management indicated that data-center revenue could grow significantly as hyperscalers continue expanding AI infrastructure.
Recent financial results also point toward strong momentum. Marvell reported record quarterly revenue of approximately $2.74 billion, representing 37% year-over-year growth. Data-center revenue increased even faster, highlighting the importance of AI infrastructure to the company’s current performance.
If demand remains strong, continued investment from cloud providers could provide Marvell with a multi-year growth opportunity.
Stronger Profitability Targets for 2031
Marvell’s long-term plan is not focused only on revenue growth. The company also outlined ambitious profitability targets for fiscal 2031.
Management expects gross margins to reach approximately 56% to 59%, while operating margins are projected at around 44% to 46%.
The company is also targeting free-cash-flow margins above 36% and non-GAAP earnings per share above $30 at the midpoint of its revenue range.
These targets indicate that Marvell expects its business mix to become increasingly profitable as higher-value custom silicon and connectivity technologies become a larger part of its operations.
Wall Street Raises Its Expectations
Marvell’s updated long-term outlook has also attracted increased attention from Wall Street analysts.
Several analysts raised their price targets following the company’s Investor Day presentation. Some analysts pointed to the strength of Marvell’s connectivity business and the growing number of custom silicon projects as reasons for greater optimism.
However, analysts have also highlighted risks. Marvell’s ambitious targets depend on continued data-center investment, successful execution of custom chip projects and sustained demand for AI infrastructure.
What Could Challenge Marvell’s Growth?
Despite the bullish outlook, reaching $70 billion to $90 billion in annual revenue by fiscal 2031 will not be easy.
One major risk is a potential slowdown in data-center spending. Technology companies are currently investing heavily in AI infrastructure, but changes in economic conditions, capital spending priorities or AI demand could affect future investment.
Supply constraints and geopolitical issues could also create challenges for the semiconductor industry.
Another important factor is execution. Marvell must successfully deliver a large number of custom silicon and connectivity projects while maintaining its targeted margins.
Marvell’s Role in the AI Semiconductor Market
The AI semiconductor market is becoming increasingly competitive, with companies across chips, networking, servers and data-center infrastructure seeking to benefit from the same spending cycle.
Marvell’s strategy is different from companies focused primarily on general-purpose AI processors. Instead, it is targeting the infrastructure surrounding AI computing, including custom silicon, connectivity and data movement.
This approach could give Marvell exposure to the continued expansion of AI infrastructure even as the industry evolves beyond the earliest stages of AI adoption.
What the $90 Billion Target Means for Investors
Marvell’s new fiscal 2031 target represents a dramatic expansion compared with its current revenue base. Reaching the top end of the company’s forecast would require sustained growth over several years.
The opportunity is significant because AI infrastructure spending is expanding across multiple areas rather than being limited to one type of semiconductor.
At the same time, investors should recognize that long-term revenue targets are forecasts, not guarantees. The company’s ability to achieve them will depend on AI demand, hyperscaler spending, custom silicon adoption, product execution and broader semiconductor market conditions.
Bottom Line
Marvell Technology is entering a new phase of growth as artificial intelligence increases demand for advanced data-center infrastructure. The company’s forecast of $70 billion to $90 billion in annual revenue by fiscal 2031 represents a major increase from its fiscal 2026 revenue of $8.2 billion.
The company’s focus on custom silicon, interconnect, switching, storage and optical technologies gives it exposure to several key areas of the expanding AI infrastructure market.
If AI-related capital spending remains strong and Marvell successfully executes its growing project pipeline, the company could become an increasingly important supplier within the next generation of data-center infrastructure. However, investors will need to watch spending trends, competitive pressures and execution closely as Marvell works toward its ambitious long-term targets.
