Google Takes a Warrant on Marvell — Up to $12.2B if Fully Exercised
Marvell granted Google a warrant for up to 58.97 million shares at $206.58 — about $12.18 billion if fully exercised — vesting against custom-chip purchases through FY2033. Commercial terms closed July 29; the 8-K is the securities disclosure.
Corrected October 14, 2026: Corrected Marvell's share move to Reuters' 'nearly 8%' intraday and removed unverified claims about a Broadcom selloff and Alphabet's close.
Google has been Broadcom’s largest custom-accelerator customer. A warrant worth up to $12 billion if fully exercised ties Google to Marvell as a second custom-chip supplier, vesting only against chip purchases.
Marvell Technology filed that it granted Google a warrant for up to 58,970,907 common shares at $206.58 — ~$12.18 billion if fully exercised. Nearly 1.4 million shares vest in year one; the rest vest in tranches tied to every $500 million of chips Google buys, through fiscal 2033. The commercial custom-silicon agreement was signed July 29; August 19 is the 8-K / warrant news. Marvell stock jumped as much as nearly 8% intraday (Reuters).
Deal sheet#
| Piece | 8-K / Reuters / Bloomberg Aug 19 |
|---|---|
| Warrant | 58,970,907 shares @ $206.58 ≈ $12.18B fully exercised |
| Vesting | ~1.4M year one; remainder per $500M of Google chip purchases |
| Horizon | Through FY2033 |
| Commercial close | July 29, 2026 (disclosed Wednesday) |
| What it is not | No stated minimum purchase; filing does not say Marvell replaces Broadcom |
This is supplier equity-for-volume, the same family as Nvidia’s customer-financing stack — not a new TPU generation announcement. The signal is Marvell vs Broadcom as Google suppliers.
Limits#
- No minimum purchase commitment in the filing.
- Whether the $500M tranches actually print is the test.
- Broadcom’s Google revenue concentration rewrite waits on the next earnings call.