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MRVL
~10 min read · 2,264 words ·updated 2026-04-29 · confidence 82%

Confidence legend: ✓ SEC-filing-verified · ◐ press-release-verified · ⚠ inferred / speculation / community-source

Company Founding & Early Growth

Core Competency Build & Storage Growth

Expansion into Infrastructure & Networking

  • 2006-07-25: Marvell completes 2-for-1 stock split. ✓ 26 Year Stock Split History - MacroTrends
  • 2006-09-07 / 2006-09-28 / 2006-12-06: Cluster of NT 10-Q filings (Bermuda CIK 0001058057, accessions 0001104659-06-059942, -063724, -079803) signals stock-option grant timing investigation; internal review committee formed; FY2007 10-K subsequently restated. ✓ EDGAR NT 10 filings — Marvell Technology Group Ltd.
  • 2007-07-02: Marvell files FY2007 10-K (accession 0001104659-07-051778, period ended 2007-01-27) containing the restatement of historical consolidated financial statements arising from the stock-option granting practices investigation; original 10-K filed late as a result of the special review. ✓ Marvell FY2007 10-K (restated)
  • 2007-07-13: Marvell files 10-K/A (accession 0001104659-07-053897) including reformation/amendment of stock-option agreements with revised measurement dates. ✓ Marvell 10-K/A 2007-07-13
  • 2007-2014: HDD/SSD controller dominance era — 88SS / 88NV families ship into Seagate, Western Digital, Toshiba; Marvell becomes the merchant-controller leader for spinning-disk and early SSD platforms. ⚠ industry consensus / multiple analyst reports
  • 2008-05-08: SEC files and simultaneously settles civil action SEC v. Marvell Technology Group, Ltd. and Weili Dai, Case No. CV 08-2367-HRL (N.D. Cal.). Marvell pays $10M civil penalty + permanent injunction; co-founder/COO Weili Dai pays $500K civil penalty + 5-year officer/director bar (no admit/deny). Underlying scheme: Dai backdated stock-option grant dates to low share-price dates and signed falsified Stock Option Committee minutes; income overstated by $362M across FY2000–FY2006. ✓ SEC Press Release 2008-82 | ✓ Litigation Release LR-20559 | Cross-ref: legal_contingencies.md, leadership.md
  • 2014-12-26: Federal jury awards Carnegie Mellon University $1.54B in HDD-controller patent suit (later reduced on appeal). ◐ CMU v. Marvell — case docket
  • 2015-09-11: Marvell publicly announces independent Audit Committee investigation of accounting and internal-control matters (revenue recognition / “pull-in” sales practices in Q2 FY2016); subsequent NT 10-K and NT 10-Q filings, delayed periodic reporting, PwC resignation, and replacement by Deloitte & Touche LLP. ✓ Marvell FY2016 10-K, filed 2016-07-21 (accession 0001193125-16-653778) — Item 9A “Controls and Procedures” / Audit Committee investigation disclosure
  • 2016-07-21: Marvell files FY2016 10-K (accession 0001193125-16-653778) restating prior-period financial statements; identifies material weaknesses in internal control over financial reporting; new policy bars pull-in sales transactions starting in fiscal 2017. ✓ Marvell FY2016 10-K filed 2016-07-21
  • 2016-08-10: Marvell files 10-K/A Amendment No. 1 (accession 0001193125-16-678143) for FY2016 to add Part III information (Schedule 14A elements) following Audit Committee investigation closure. ✓ Marvell 10-K/A 2016-08-10
  • 2016-02-17: Marvell agrees to pay Carnegie Mellon University $750M to settle HDD-controller patent litigation. ◐ Marvell, Carnegie Mellon Settle Patent Suit for $750M — Reuters
  • 2019-05-07: DFAN14A filed by Marvell Technology Group Ltd. as soliciting material under Rule 14a-12 in connection with the Aquantia Corp. acquisition (NOT an activist campaign); transmits Matt Murphy’s all-hands letter to Aquantia employees announcing the May 6, 2019 definitive agreement. Filed jointly under Aquantia CIK 0001316016 and MRVL CIK 0001058057, accession 0001193125-19-139610. ✓ DFAN14A filing — d730778ddfan14a.htm

Data Center Infrastructure Pivot Era (2016–Present)

Major M&A Consolidation (2018–2021)

Capital-Return & Re-Rating Cycle (2022–2024)

  • 2022-05-26: Board authorizes incremental $3.0B share repurchase program. ✓ Marvell Q1 FY23 8-K and 10-Q — buyback authorization
  • 2022-2023: Rate-cycle compression — peak-to-trough drawdown ~−61% on macro / 5G destocking; data-center optical thesis temporarily de-rated. ⚠ derived from kb/06_market_data/stock_price_history.md peak-to-trough range
  • 2023-03-13: Marvell announces acquisition of Tanzanite Silicon Logic Ltd. (CXL DRAM-fabric IP, Bangalore-based engineering team); financial terms undisclosed. ◐ Marvell Completes Acquisition of Tanzanite Silicon Logic
  • 2024: AI-infrastructure rally — data-center segment grows to dominant share of revenue (~73% of FY25 mix); custom-AI ASIC narrative (AWS Trainium 2 / Google Axion / Microsoft) drives multiple expansion. ⚠ derived from kb/05_financials/earnings_calls.md segment commentary
  • 2024-12-03: Q3 FY25 earnings print — guidance + AI-revenue framing drive +23.2% single-day gap (largest single-day move on record at the time). ✓ price-history file data/price_history.json

M&A Cycle Acceleration & Tariff Shock (2025)

  • 2025-03-12: S-3ASR shelf registration filed (universal shelf — establishes capacity for senior-notes issuance + ASR mechanics over the following ~12 months; the Apr 2026 senior-notes cluster issues from this shelf). ✓ EDGAR S-3ASR — CIK 0001835632
  • 2025-04: Tariff shock and AI-trade pullback drag MRVL to 52-week low $47.09. ✓ price-history file companies/mrvl/data/price_history.json
  • 2025-08-06: Marvell agrees to divest Automotive Ethernet business to Infineon Technologies for $2.5B all-cash; eliminates ~$225-250M FY26 projected revenue but sharpens data-center / AI-infra focus. ◐ Marvell to Divest Automotive Ethernet Business to Infineon
  • 2025-09-02: Buyback authorization increased by an additional $5B; $1B accelerated share repurchase (ASR) program layered on (one of the largest single-tranche tech ASRs of 2025). ◐ Marvell Increases Buyback + ASR Announcement — investor PR
  • 2025-11-18: Marvell announces definitive agreement to acquire Celestial AI for $3.25B base + up to $5.5B with earnouts (Photonic Fabric chiplet for scale-up GPU / accelerator interconnect). ◐ Marvell to Acquire Celestial AI — investor PR
  • 2025-12-02: Q3 FY26 earnings call held (corrected from prior KB date 2025-11-28 which was the press-release issuance date, not the live-call date). ✓ Marvell Q3 FY26 webcast archive

Recent Strategic Acquisitions & Capital Markets (2026)

  • 2026-02-02: Celestial AI acquisition closes — faster than originally guided (initial framing implied 1H CY2026 close). Dave Lazovsky becomes EVP & GM, Data Center Networking. ◐ Marvell Completes Acquisition of Celestial AI — investor PR

  • 2026-03-05: Q4 FY26 + FY26 earnings print — record FY26 revenue $8.195B; new FY28 $15B revenue framing introduced as multi-year aspiration. ✓ Marvell Q4 FY26 / FY26 Press Release

  • 2026-03-06: +18.4% single-day gap post Q4 FY26 print (second-largest single-day move on record after Dec 3 2024 +23.2%). ✓ price-history file companies/mrvl/data/price_history.json

  • 2026-02-02: First sale date for Marvell common-stock issuance in connection with Celestial AI, Inc. acquisition (later memorialized in Form D). ✓ Form D 2026-02-17 (accession 0001835632-26-000001)

  • 2026-02-10: XConn Technologies Holdings, Ltd. acquisition closes (announced 2026-01-06). Authoritative deal terms per FY2026 10-K Note 16 — Subsequent Events: $280.0M cash + ~2.1M MRVL common shares (total headline ~$540M, ~60% cash / 40% stock). No earnouts. Same date is first-sale date for the equity component memorialized in Form D 2026-02-25 (accession 0001835632-26-000002). No Item 1.01/2.01 8-K filed — Marvell treated XConn as below 8-K materiality threshold (~0.4% of market cap); disclosure path was S-8 (2026-02-10, accession 0001193125-26-044970) → 8-K Item 8.01 with Wilson Sonsini Ex. 5.1 legal opinion (2026-02-18, accession 0001193125-26-055923) → 424B7 resale prospectus for 2,116,573 shares (2026-02-18) → Form D 506(b) (2026-02-25) → 10-K Note 16 (2026-03-11). ✓ Marvell FY2026 10-K Note 16 | ✓ XConn company profile

  • 2026-02-17: First-ever Marvell Technology, Inc. Form D filing (accession 0001835632-26-000001) — exempt offering under Reg D 506(b); equity issuance of $2,037,292,093 (Total Offering) / $2,030,804,418 (sold) to 131 accredited investors as merger consideration in the Celestial AI acquisition. No cash sales commissions or finder’s fees. Signed by Mark Casper, EVP & Chief Legal Officer. ✓ Form D 2026-02-17 primary_doc.xml

  • 2026-02-25: Second-ever Marvell Form D filing (accession 0001835632-26-000002) — Reg D 506(b) equity issuance of $199,956,892 to 40 accredited investors as merger consideration in the XConn Technologies Holdings acquisition. No cash sales commissions. Signed by Mark Casper. ✓ Form D 2026-02-25 primary_doc.xml

  • 2026-04-06: Marvell prices $1.0B 5.300% Senior Notes due April 15, 2036 under March 2025 S-3ASR shelf — preliminary 424B5 filed (accession 0001193125-26-142958) and FWP pricing term sheet filed (accession 0001193125-26-143660). Trade date April 6, 2026; 10-year senior unsecured; UST+97 bps spread. ✓ 424B5 Apr 6 2026 / FWP pricing term sheet Apr 6 2026

  • 2026-04-08: Final prospectus 424B2 filed (accession 0001193125-26-147640) confirming $1.0B / 5.300% / 2036-04-15 maturity / 5.315% YTM / 99.885% public offering price / $998,850,000 gross proceeds; CUSIP 573874 AT1, ISIN US573874AT14; ratings Moody’s Baa2 / S&P BBB / Fitch BBB+; joint book-runners Wells Fargo, BofA, J.P. Morgan, Mizuho (Citi/HSBC/MUFG/SMBC also book-running). Use of proceeds: refinance 1.650% Senior Notes due 2026 ($500M maturity April 2026) + general corporate purposes (working capital, dividends, capex, buybacks, M&A). ✓ 424B2 Apr 8 2026

  • 2026-04-10: 2026 DEF 14A definitive proxy statement filed. ✓ EDGAR DEF 14A 2026 — CIK 0001835632

  • 2026-04-15: Senior-notes settlement date (T+7 cycle); $1.0B funded; 1.650% 2026 notes redeemed/refinanced. Concurrent 8-K filed (item code TBD — to be cross-referenced once 08_sources/edgar_full_catalog.md is populated). ✓ FWP pricing term sheet

  • 2026-04-22: Marvell announces acquisition of Polariton Technologies (plasmonics-organic-hybrid silicon photonics for ultra-high-bandwidth optical modulation; targets 3.2T+ optical interconnect scaling); KPMG-advised; financial terms not disclosed. No Item 1.01/2.01 8-K filed as of 2026-04-29 — EDGAR FTS for “Polariton” 8-K April 1–29 returns zero hits. Pattern is consistent with the XConn precedent (sub-materiality-threshold treatment); implies headline value almost certainly sub-$1B. Press release contains no closing-conditions language, no expected close date, no CFIUS/regulatory mentions — closing-path analysis in polariton_deal_terms.md finds no triggered jurisdiction (CFIUS doesn’t apply to outbound US M&A; Swiss ISA doesn’t reach a non-state-owned acquirer; EU merger threshold not met; BIS export-control unaffected). ✓ Marvell Announces Acquisition of Polariton Technologies | ✓ EDGAR FTS Polariton 8-K — 0 results

  • 2026-04-23: Closing all-time high $165.56 post-Polariton announcement. ✓ price-history file companies/mrvl/data/price_history.json

  • 2026-04-24: Intraday all-time high $170.84 on Polariton-driven optical-leadership rally. ✓ price-history file companies/mrvl/data/price_history.json

  • 2026-04-28: Stock closes $153.23 (−3.15%); market cap ~$132B; Q1 FY27 earnings expected ~late May 2026. ✓ price-snapshot companies/mrvl/data/price_snapshot.json

  • 2026-04-29 (forward-looking): Matt Murphy COMPUTEX 2026 keynote scheduled Jun 2 2026 — next narrative reset. Marvell Industry Analyst Day 2026 not publicly scheduled (broke historic April cadence); watch Q1 FY27 earnings call (~late May) for IAD announcement. ⚠ COMPUTEX 2026 program

Fiscal & Governance

Cross-references