Marvell Technology, Inc. has entered into an expanded commercial agreement with Google LLC to develop a range of custom semiconductor products. In connection with this partnership, Marvell issued a warrant to Google to purchase up to 58,970,907 shares of its common stock, incentivizing future product purchases.
Key Details
- Agreement: The partnership, effective July 29, 2026, covers the development of custom silicon for AI accelerators, storage controllers, and network interface controllers related to Google's TPU ecosystem.
- Warrant Terms: Issued on August 18, 2026, the warrant allows Google to purchase up to 58,970,907 shares at an exercise price of $206.58 per share. The warrant is exercisable until August 18, 2033.
- Vesting Conditions: A portion of the shares (1,360,867) vest quarterly over the first year. The remainder vests in tranches for every $500 million in revenue Marvell recognizes from Google for custom products through fiscal year 2033.