Marvell Technology Inc (NASDAQ:MRVL) just put a very loud stake in the ground: revenue could reach roughly $10 billion next year, CEO Matt Murphy said in the company's third quarter earnings call Q&A, and the market's reaction feels like it's still absorbing the size of that ambition. What sounded like cautious guidance quickly morphed into something closer to a multi-year AI supercycle roadmap.
Sequential Growth Every Quarter — And Acceleration Ahead
Murphy didn't hedge. "You're absolutely in the ballpark when you add up the numbers I gave you on $10 billion for next year," he said, calling it a motivational target for the team. He then dropped the part Wall Street wasn't expecting: Marvell expects sequential revenue growth every quarter of next year, with the second half materially stronger than the first and building into what he described as a "compelling exit rate" into fiscal 2027.
If that wasn't bold enough, Murphy mapped out a path where data center revenue grows 25% next year, then leaps to roughly 40% in FY28, powered by custom silicon and interconnect demand driven by hyperscalers scrambling for AI horsepower.
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Custom AI Revenue Momentum & Celestial AI Upside
Marvell's custom AI business is scaling at a pace few outside the company seemed prepared for. The CEO reminded investors that the business quadrupled from 2023 to 2024, doubled again in 2025, and is set for another 20% jump next year before re-accelerating in FY28.
And that's before factoring in Celestial AI, which Murphy called "a home run," with a tier-one hyperscaler already pulling demand forward and a $2 billion earn-out target by FY29.
Rack-scale Is The Strategy — And Marvell Wants The Keys
"We're playing offense," Murphy said, outlining a one-stop-shop vision spanning XPUs, silicon photonics, retimers, packaging and full rack-level integration.
The message: AI's future won't be won by parts, but platforms.
Investor Takeaway
Marvell isn't pitching a quarter. It's pitching a runway. If the $10 billion number materializes and data center growth hits the cadence Murphy outlined, this could shift from a semiconductor story to one of the quietest AI-infrastructure power plays on the market.
The question now is whether investors believe the execution matches the ambition — because Marvell is acting like it already has the blueprint.
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