Conditional stock warrants in the Google-Marvell custom-silicon deal

Marvell has filed a warrant allowing Google to buy up to 58,970,907 Marvell shares at $206.58, it was reported on 19 August 2026. Most tranches vest only if custom products - AI accelerators, storage, networking, memory interfaces and near-memory compute - are actually purchased. Full vesting could imply about $120 billion of qualifying purchases, but that is neither a firm order nor a current cash transaction.

The arrangement matters because the TPU ecosystem is expanding beyond the accelerator itself, and supplier upside is being tied to purchasing volume.

Long-term design slots are now a possibility, but both the $12.2 billion notional warrant value and the $120 billion purchase implication are conditional.