Marvell CEO projects 45% revenue growth to $12B in FY27 as AI demand accelerates

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.

Record bookings tell a forward-looking story

Marvell’s Q2 FY2027 earnings, reported on August 27, 2026, showed record revenue of $2.739B, a 37% increase year-over-year. Data center growth within that quarter accelerated to 46% year-over-year, prompting the company to revise its full-year and forward-year projections upward.

Both Q1 and Q2 FY2027 featured record bookings. Marvell’s FY2026 performance had already set the stage: revenue of approximately $8.2B represented 42% growth over the prior year, with the data center segment contributing $6B.

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