Marvell Technology has completed its acquisition of XConn Technologies, a provider of advanced PCIe and CXL switching silicon. The deal expands Marvell’s switching portfolio and enhances its capabilities for next-generation AI and cloud data center architectures. XConn’s engineering team and technology will be central to advancing Marvell’s UALink scale-up switching roadmap as AI systems move toward larger, multi-rack deployments. Marvell expects initial revenue contributions from XConn to begin in the third quarter of fiscal 2027, with a ramp to a $50 million annualized run rate by the fourth quarter of fiscal 2027 and $100 million in revenue anticipated for fiscal 2028. The acquisition added approximately $25 million in annual non-GAAP operating expenses and reduced Marvell’s cash balance by $325 million, which is expected to lower annual interest income by about $12 million. The transaction also increased Marvell’s diluted weighted-average shares outstanding by approximately 2.7 million shares.

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