Marvell issues Google warrant tied to custom chip deal

Marvell Technology, Inc. (NASDAQ: MRVL) entered into a commercial agreement with Google LLC, a subsidiary of Alphabet Inc. (NASDAQ: GOOGL), on July 29, 2026, covering the development of custom semiconductor products for Google.

The agreement covers a range of custom silicon programs connected to Google's TPU ecosystem, including AI inference accelerators, storage controllers, network interface controllers, memory interface controllers, and near-memory compute products.

In connection with the deal, Marvell issued Google a warrant on August 18, 2026, to purchase up to 58,970,907 shares of Marvell common stock at an exercise price of $206.58 per share. The warrant is exercisable until August 18, 2033.

Of the total warrant shares, 1,360,867 vest in equal quarterly installments over the first year following the agreement. The remaining shares vest based on Google's discretionary purchases of custom products, with one tranche vesting for each $500 million in custom product revenue recognized from Marvell's third quarter of fiscal 2027 through the end of fiscal year 2033.

The warrant may not be transferred to parties other than controlled affiliates without Marvell's consent. Google holds customary registration rights with respect to the warrant shares, which are subject to securities laws and specified trading volume restrictions.

Marvell issued the warrant under the exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933. The information is based on a Current Report on Form 8-K filed by Marvell Technology.

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