Marvell grants Google the right to buy nearly 59 million of its shares, a warrant whose acquisition is indexed to the volume of custom chips ordered until 2033.
Marvell Technology has granted Google a warrant to acquire up to 58,970,907 shares at a price of $206.58 per share, or about $12.2 billion if the option is exercised in full. The information, revealed on August 19, 2026, is part of the expansion of their partnership on custom chips.
The arrangement is not a gift: the rights are only acquired as Google purchases, in tranches linked to each level of orders, and the entire voucher would only be acquired at the end of a volume of purchases in the tens of billions of dollars spread out until the 2033 financial year. In other words, Marvell is exchanging a potential stake for a long-term industrial commitment.
The technical scope goes beyond Google's in-house processor. According to the filings, the deal covers several custom silicon programs revolving around the TPU ecosystem: inference accelerators, storage controllers, network cards, memory interface controllers and near-memory computing products. Until now, Google has entrusted most of its custom chips to Broadcom. Marvell's stock jumped on the announcement, with investors seeing the group entering a second circle of strategic suppliers, alongside Amazon, Meta and Microsoft, all committed to their own AI chips.
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