Marvell sells $2 billion of Series A convertible preferred stock to NVIDIA

What the company reported

• On March 31, 2026 it sold 2,000,000 shares of Series A Convertible Preferred Stock to NVIDIA for $2,000,000,000 in cash.
• The preferred shares convert into up to 21,778,000 common shares at an initial conversion price of approximately $91.8355 per share.
• Except for electing directors, preferred holders vote together with common holders on an as-converted basis.
• The companies also announced a strategic partnership connecting Marvell to NVIDIA through NVLink Fusion.