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| Period | Item | Printed figure |
|---|---|---|
| 2 Feb 2026. Close | Acquisition close | Completed 2 Feb 2026. Photonic Fabric platform for next-generation scale-up interconnect. Results included from the close date through the quarter ended 2 May 2026. |
| Q1 FY2027 10-Q. Purchase consideration | Total purchase consideration | $3,537.4 million. Cash $1,279.7 million. Common stock issued $1,929.0 million (24.5 million shares). Replacement equity awards $12.9 million. Contingent consideration $315.8 million. Net of cash acquired $3,234.6 million. |
| Q1 FY2027 10-Q. Goodwill and IPR&D | Allocation | Goodwill $2,404.4 million. Acquired intangible assets $951.0 million, all in-process research and development. Transaction costs $29.1 million in the quarter ended 2 May 2026. |
| Q1 FY2027 10-Q. Contingent consideration cap | Earn-out (maximum) | Maximum potential settlement approximately $233.0 million of undiscounted cash and approximately 22.4 million shares of common stock, contingent on specified revenue milestones through fiscal 2029. |
| Q1 FY2027 10-Q. Post-close contribution | Celestial revenue and earnings | Not material from the acquisition date through 2 May 2026. No Celestial dollar line is printed. |
| Q4 FY2026 call. CPO run-rate outlook | Celestial CPO outlook (as of 5 Mar 2026) | On track for CPO revenue from Celestial to reach a $500 million annualized run rate in 2028, doubling to a $1 billion annualized run rate by 2029. |
| Q1 FY2027 call. Scale-up optics outlook | Scale-up optics outlook (as of 27 May 2026) | Selected by a Tier 1 hyperscaler for its next generation of XPU scale-up networks. Scale-up optics next fiscal year forecasted to more than double the prior approximately $150 million outlook, which at that time was based solely on Celestial. |
| Period | Topic | Printed update |
|---|---|---|
| FY2026. Custom revenue | Custom ASIC / XPU revenue | Scaled from zero to $1.5 billion in fiscal 2026. First meaningful ramp in fiscal 2025. First full production year in fiscal 2026. Doubled year over year. |
| FY2027 outlook. Custom growth | Custom revenue growth (outlook) | On track to grow more than 20% year over year, led by the flagship XPU program. Reaffirmed on the Q1 FY2027 call. |
| FY2028 outlook. Custom growth | Custom revenue growth (outlook) | Expected to more than double year over year, higher than the prior outlook. Drivers: existing programs including the flagship XPU, over 10 XPU-attach programs at higher volume, and a new Tier 1 XPU program entering volume production. |
| FY2029 target. Custom model | Custom revenue target (outlook) | Management reaffirmed line of sight to the target model of over $10 billion of custom revenue in fiscal 2029. Context given on the Q1 FY2027 call: April 2024 long-term custom TAM implied about $8 billion; June 2025 custom silicon event implied over $10 billion at a 20% share of a larger TAM. |
| Q1 FY2027. XPU-attach programs | XPU-attach (CXL and NIC) | Several XPU-attach programs ramping in fiscal 2027, including CXL and NIC products. Over 10 XPU-attach programs expected at higher production volumes, with demand above prior forecasts, particularly NIC and CXL memory-attach for inference KV cache. |
| Q1 FY2027. New Tier 1 XPU | New Tier 1 XPU program | In development and progressing through milestones. Firm requirements in place for all of fiscal 2028. Management said the program is a key part of fiscal 2028 custom growth but not the only piece. |
| Aug 2026. Google TPU-attach agreement | Google custom products (named) | Commercial agreement dated 29 Jul 2026 covering custom silicon that attaches to the TPU ecosystem: AI inference accelerators, storage controllers, network interface controllers, memory interface controllers, and near-memory compute. Warrant issued 18 Aug 2026 for up to 58,970,907 shares at $206.58. 1,360,867 shares vest in equal quarterly installments in the first year. Remaining shares vest in 240 equal tranches from Q3 FY2027 through FY2033, one tranche per $500 million of Custom Products revenue. |
| Period | Program | Printed update |
|---|---|---|
| FY2026. Record design wins | Company-wide design wins | CEO: design wins in fiscal 2026 hit an all-time record. Q&A: 20-plus design wins or product sockets that are in production or going into production, layering in through fiscal 2028 and fiscal 2029. |
| Q4 FY2026 / Q1 FY2027. AEC Golden Cable | Active electrical cable (Golden Cable) | Design wins with three Tier 1 U.S. hyperscalers, plus several other customers including model builders and hardware OEMs (Q4). Reaffirmed on the Q1 FY2027 call. |
| Q4 FY2026 / Q1 FY2027. Celestial scale-up | Celestial Photonic Fabric / CPO | Q4: Celestial brought a significant design win and engagement for CPO in scale-up / UALink. Q1: selected by a Tier 1 hyperscaler for its next generation of XPU scale-up networks. |
| Q1 FY2027. New custom sockets | Custom XPU and XPU-attach | Several new designs won since the prior quarter. Expected to contribute after a typical development cycle of approximately two years. Custom engagements described as spanning all U.S. hyperscalers (mix of XPU, XPU plus attach, or attach-only). |
| Q1 FY2027. Scale-up switches | UALink, ESUN, NVLink Fusion switches | Multiple engagements with Tier 1 customers for the scale-up switch portfolio. Each engagement described as a multi-billion-dollar lifetime revenue opportunity. Not a printed booked-revenue figure. |
| Q1 FY2027. DCI hyperscalers | DCI pluggable modules | Ships DCI solutions to all five major U.S. hyperscalers. |
| Q1 FY2027. NVIDIA collaboration | NVIDIA optics, NVLink Fusion, AI RAN | Three printed pillars: optics collaboration extending DSPs, TIAs, and drivers into silicon photonics for scale-up; NVLink Fusion so Marvell custom and networking silicon can interface with NVIDIA infrastructure; AI RAN pairing Octeon base-station processors with NVIDIA GPUs. Not a printed design-win dollar. |
| Aug 2026. Google custom products | Google TPU-attach custom silicon (named) | Commercial agreement dated 29 Jul 2026. Custom silicon attaching to the TPU ecosystem (AI inference accelerators, storage controllers, NICs, memory interface controllers, near-memory compute). Warrant for up to 58,970,907 shares at $206.58, with performance vesting from Q3 FY2027 through FY2033. |
| Period | Product line | Printed update |
|---|---|---|
| FY2027 outlook. Interconnect growth | Interconnect (scale-out, scale-across, scale-up) | Q4 FY2026 outlook was more than 50% year-over-year growth in fiscal 2027. Q1 FY2027 call raised that to more than 70% year over year. Interconnect described as the largest portion of the data center business. |
| FY2026-H2 / FY2027. PAM4 800G and 1.6T | PAM4 DSP (800G and 1.6T) | 800G demand remained strong. 200-gig-per-lane 1.6T solutions launched production in the second half of fiscal 2026 and were ramping in fiscal 2027. Management expects another substantial 1.6T step-up in fiscal 2028. |
| Q1 FY2027. TIA and drivers | Broadband analog TIAs and drivers | Expected quarterly revenue from TIAs and drivers to exceed a $1 billion annualized run rate in the next few quarters. |
| FY2026 / FY2028 outlook. DCI modules | Data center interconnect modules | Fiscal 2026 DCI module revenue roughly $500 million. Line of sight to a $1 billion annualized run rate during fiscal 2028. Industry-first secure 1.6T ZR and ZR+ modules on a new 2nm coherent DSP, expected to begin sampling in calendar 2026. Ships DCI to all five major U.S. hyperscalers. |
| Q1 FY2027. Scale-up optics | NPO / CPO / silicon photonics light engines | Engaged with multiple Tier 1 customers on a third-generation 6.4T light engine for NPO and CPO. Scale-up optics revenue next fiscal year forecasted to more than double the prior approximately $150 million outlook (that prior outlook was Celestial-only at the time). |
| Q4 FY2026 / Q1 FY2027. AEC and retimers | AEC DSPs and PCIe retimers | Golden Cable AEC design wins at three Tier 1 U.S. hyperscalers plus other customers. Combined AEC and retimer revenue expected to more than double year over year in fiscal 2027 (Q4: double; Q1: more than double). |
| Apr 2026. Polariton plasmonics | Plasmonic silicon photonics (Polariton) | Acquisition announced 22 Apr 2026. Polariton demonstrated plasmonic modulator bandwidth exceeding 1 terahertz. Financial terms were not disclosed. Intended for DCI and coherent-lite roadmaps at 3.2T and beyond. |
| Period | Node | Printed status |
|---|---|---|
| FY2026 10-K. 5nm designs | 5nm | Successfully executed multiple 5nm designs in the last few years. No 5nm share of revenue is printed. |
| FY2026 10-K. 3nm designs | 3nm | Progressing through 3nm designs. No 3nm share of revenue is printed. |
| FY2026 10-K. 2nm platform | 2nm | Developing the advanced 2nm generation platform. Foundational IP listed on 5nm, 3nm, 2nm, and 1.4nm (A14). Products in development at 2nm, 1.4nm, and smaller geometries. |
| Q4 FY2026. 2nm coherent DSP | 2nm coherent DSP (DCI) | Announced industry-first secure 1.6T ZR and ZR+ DCI modules powered by a new 2nm coherent DSP, plus a 2nm 800G DSP for lower-power second-generation 800G DCI modules. Modules expected to begin sampling later in calendar 2026. |
| Q4 FY2026. 2nm and below custom | 2nm and below (custom) | Management cited a massive opportunity on 2nm and below process technologies in custom chip discussions with hyperscalers. Not a printed revenue mix. |