# Google Takes a Warrant on Marvell — Up to $12.2B if Fully Exercised

Times of AI Desk · 2026-08-19 · Work

[https://timesof.ai/2026/08/google-marvell-12-billion-warrant](https://timesof.ai/2026/08/google-marvell-12-billion-warrant)

> 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.

## Sources

- [Reuters: Marvell gives Google option to buy $12.2 billion stake in custom AI chip deal (August 19, 2026)](https://www.reuters.com/technology/marvell-grants-google-122-billion-stock-warrant-custom-chip-deal-2026-08-19/)
- [Bloomberg: Marvell gives Google right to buy up to $12.2 billion in shares (August 19, 2026)](https://www.bloomberg.com/news/articles/2026-08-19/marvell-gives-google-right-to-buy-up-to-12-2-billion-in-shares)
- [Marvell Form 8-K (August 19, 2026)](https://investor.marvell.com/sec-filings/all-sec-filings/content/0001193125-26-356217/d412696d8k.htm)