Marvell completes Celestial AI acquisition, adding optical scale-up technology

Marvell said it completed its previously announced acquisition of Celestial AI, whose Photonic Fabric optical interconnect technology is meant to link AI chips and memory at high bandwidth. The closing cut Marvell's cash by about $1 billion and issued equity that added about 27 million diluted weighted-average shares. Management expects first revenue in the second half of fiscal 2028.

• Cash balance reduced by about $1 billion
• About 27 million diluted weighted-average shares added from the equity issued
• First revenue expected in the second half of fiscal 2028
• Targets a $500 million annualized run rate by Q4 fiscal 2028 and $1 billion by Q4 fiscal 2029
• About $50 million of added annual non-GAAP operating expenses