Marvell Snaps Up XConn: The $540M Play to Beat Nvidia & Broadcom?

Marvell Technology has made headlines with its definitive agreement to acquire XConn Technologies, a San Jose-based provider of PCIe and CXL switching silicon, in a deal valued at approximately $540 million. Structured as a mix of 60% cash and 40% stock—equating to around 2.5 million Marvell shares—the acquisition is poised to close in early 2026. This move comes as part of Marvell’s broader strategy to enhance its position in the fast-growing AI and cloud data center market, particularly in high-performance connectivity infrastructure. XConn, which already has over 20 customer engagements, offers PCIe 5.0 and CXL 2.0 switches in production and is currently sampling PCIe 6.0 and CXL 3.1 variants. The deal is expected to add $100 million in revenue by fiscal 2028 and become accretive to non-GAAP earnings starting in the second half of fiscal 2027.