Marvell said on 19 August that it has handed Google a warrant over 58,970,907 of its shares at $206.58 apiece — about $12.2 billion of stock if Google ever exercises the lot.
Google is not writing a cheque for that. Just under 1.4 million shares vest in the first year, and the rest unlock in tranches: one for roughly every $500 million of chips Google buys, with targets running out to Marvell's fiscal 2033. Buy the silicon, earn the equity.
📦 What Google is buying is not the TPU itself. It is everything that bolts onto it — inference accelerators, storage and network controllers. Marvell becomes a second supplier alongside Broadcom, whose stock fell about 5% on the day while Marvell's climbed.
If every target is hit, Marvell books something like $120 billion in custom-chip revenue through fiscal 2033. That is the figure both sides want quoted, and it is a projection, not a contract.
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