Marvell's $30 billion 2028 data center goal narrows the picture investors got this week

Chief executive Matt Murphy frames a nearer-term checkpoint a day after the company's six-year revenue target.

Marvell Technology CEO Matt Murphy says data center revenue could top $30 billion by 2028, a figure that sits inside the broader fiscal 2031 target of $70 billion to $90 billion he laid out at the company's Investor Day in New York on Tuesday.

At that event, Marvell raised its overall fiscal 2028 revenue target to about $20 billion from a prior $18 billion, with data center business expected to supply nearly $18 billion of that total, according to The Crypto Basic. The company also lifted its fiscal 2029 custom silicon revenue target to more than $12 billion from more than $10 billion, the outlet reported. Needham responded by raising its price target on Marvell to $400 from $300 while keeping a Buy rating.

Tuesday's target news sent Marvell shares up 7.0% to $290.16, a move that came after the stock had swung from an early premarket loss to a gain. That advance has partly reversed this week: shares fell 2.18% in Wednesday premarket trading to $280.75, according to The Crypto Basic, and by mid-morning had pulled back below $280 after surging above $300 in the prior session, FX Leaders reported.

Murphy's $30 billion figure gives investors a more specific checkpoint than the broad six-year range already on the table, effectively asking the market to extrapolate the 2028 milestone backward from the 2031 target. That could reinforce confidence in the pace of Marvell's custom silicon buildout, or it could invite scrutiny over whether near-term bookings can plausibly support the trajectory. Whether the number holds up depends on hyperscaler commitments arriving on a schedule consistent with both targets.