Marvell to acquire Lumentum for $115B

Marvell Technology plans an all-stock, $115 billion acquisition of photonics supplier Lumentum, adding lasers, optical transceivers, optical circuit switches and indium phosphide manufacturing. The deal is due to close in the first half of 2028 and targets demand for optical interconnects as AI racks scale beyond copper's reach.

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Marvell is buying Lumentum in a $115B all-stock deal to become a one-stop shop for AI photonics. The deal fills gaps in lasers, transceivers, optical circuit switches and indium phosphide fabrication. It follows Marvell's roughly $3.5B Celestial AI purchase in February 2026 and Nvidia's $2B investment in Lumentum eight months ago. Copper reach falls as per-lane speeds pass 400 Gbps, which pushes AI rack-scale builders toward optics. Marvell's market cap is about $180B, so the stock-funded deal is large relative to the company, and it does not close until the first half of 2028.