Marvell vs SpaceX: Revenue, Profit and Business Model
Marvell reported $8.2B of revenue in FY2026 and $2.7B of net income. SpaceX reported $18.7B of revenue in FY2025 and a net loss of $4.9B.
Latest financial snapshot
Financial summary
Marvell
Marvell's revenue was $2.70 billion in fiscal 2020 and $5.77 billion in fiscal 2025, then jumped 42% to $8.195 billion in fiscal 2026 as AI data-center demand ramped. GAAP results were losses from fiscal 2021 through fiscal 2025, mainly due to amortization from the Inphi and Cavium deals and restructuring charges. Fiscal 2026 GAAP net income was $2.67 billion, helped by a pre-tax gain of about $1.8 billion on the $2.5 billion sale of the automotive Ethernet unit to Infineon. In Q2 fiscal 2027 (quarter ended August 1, 2026) revenue was $2.739 billion, GAAP net income $308.0 million ($0.33 per share), non-GAAP EPS $0.94 and operating cash flow $605.5 million. Marvell guided Q3 fiscal 2027 revenue to $3.15 billion, plus or minus 5%.
SpaceX
SpaceX revenue grew from $10.387 billion in 2023 to $14.015 billion in 2024 and $18.674 billion in 2025, but heavy Starship, Starlink, and AI spending produced a $4.937 billion FY2025 net loss. In Q2 2026, its first quarter reported as a public company, revenue was $7.8 billion (up 92%), adjusted EBITDA was $3.5 billion, net loss was $541 million, and backlog was $47.5 billion. The IPO raised $85.7 billion and a $25 billion bond sale added more liquidity. In late September 2026 the stock traded near $145, for a market capitalization around $1.9 trillion.
Revenue and profit by year
Marvell
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | $8.2B | $2.7B | 32.6% | +42.1% | Source |
| FY2025 | $5.8B | -$885M | -15.3% | +4.7% | Source |
| FY2024 | $5.5B | -$933.4M | -16.9% | -7.0% | Source |
| FY2023 | $5.9B | -$163.5M | -2.8% | +32.7% | Source |
| FY2022 | $4.5B | -$421M | -9.4% | +50.3% | Source |
| FY2021 | $3B | -$277.3M | -9.3% | +10.0% | Source |
| FY2020 | $2.7B | $1.6B | 58.7% | — | Source |
SpaceX
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $18.7B | -$4.9B | -26.4% | +33.2% | Source |
| FY2024 | $14B | $18M | 0.1% | +34.9% | Source |
| FY2023 | $10.4B | -$4.6B | -44.6% | — | Source |
Where the revenue comes from
Marvell
- Data Center
74% of FY2026 revenue
Generated $6.1003 billion in fiscal 2026 revenue from custom silicon, networking, optical connectivity, storage, and data-center infrastructure products.
- Communications and Other
26% of FY2026 revenue
Generated $2.0943 billion in fiscal 2026 revenue from carrier, enterprise, automotive legacy, and other communications-related products.
- Direct Customers
57% of FY2026 revenue
Direct customer sales accounted for $4.6304 billion of fiscal 2026 revenue.
- Distributors
43% of FY2026 revenue
Distributor sales accounted for $3.5642 billion of fiscal 2026 revenue.
SpaceX
- Launch services
Not formally reported
Commercial, civil, and national-security launches priced by rocket, payload, orbit, and service type.
- Starlink consumer broadband
Not formally reported
Monthly subscriptions and terminals for residential and mobile broadband.
- Enterprise and government connectivity
Not formally reported
Starlink enterprise, aviation, maritime, backup connectivity, Starshield, and government services.
- AI infrastructure
Not formally reported
Compute and cloud services from SpaceX's AI segment, formed through the xAI combination; $2.6B revenue in Q2 2026.
Business model and strategy
Marvell
How it makes money
Marvell runs a fabless model: it designs chips and licenses-in or builds IP (SerDes, PAM4 and coherent DSPs, Arm compute subsystems, packaging), while foundries such as TSMC manufacture them. It makes money in two ways. First, it sells standard products, including electro-optics DSPs and drivers for optical modules, Teralynx Ethernet switches, PCIe/CXL retimers, storage controllers and OCTEON processors.
Growth strategy
Marvell's growth plan centers on AI infrastructure. It is expanding custom XPU and XPU-attach programs with large cloud providers, upgrading optical DSPs from 800G to 1.6T and beyond, growing Teralynx switches and retimers, and adding optical scale-up interconnect through Celestial AI.
Competitive advantage
Marvell's edge is breadth of data-center IP. It combines high-speed SerDes, PAM4 and coherent optical DSPs (largely from the 2021 Inphi deal), Ethernet switching, custom ASIC design services and, since 2026, Celestial AI's photonic interconnect technology. That lets it sell several components into the same AI cluster and offer hyperscalers a full custom-chip design and packaging service on advanced TSMC nodes.
SpaceX
How it makes money
SpaceX earns money in three segments. Space sells launches on Falcon 9 and Falcon Heavy, plus Dragon cargo and crew missions for NASA, the U.S. government, and commercial customers ($962 million in Q2 2026).
Growth strategy
SpaceX's growth plan has four parts: add Starlink subscribers and raise enterprise, aviation, and mobile revenue; launch higher-capacity Starlink V3 satellites on Starship; expand national-security work through Starshield and launch contracts (over $6 billion in U.S. government awards in Q2 2026); and scale AI compute capacity, which grew from 400 megawatts a year earlier to 1.4 gigawatts at the end of Q2 2026.
Competitive advantage
SpaceX's advantage is reusability combined with vertical integration. It builds its own engines, avionics, rockets, and satellites, and reflies Falcon 9 boosters many times, which lowers its marginal launch cost below rivals that still expend most hardware. Being its own largest launch customer lets it deploy Starlink at a cadence no other operator has matched, and Starlink revenue then funds Starship.
Questions about Marvell vs SpaceX
Which company has higher revenue — Marvell Technology, Inc. or SpaceX?
Marvell Technology, Inc. reported $8.2B (FY2026), while SpaceX reported $18.7B (FY2025). By last reported revenue, SpaceX is the larger business, with Marvell Technology, Inc. reporting a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of Marvell Technology, Inc. vs SpaceX?
Marvell Technology, Inc.'s market capitalisation stands at $225.7B, while SpaceX's is $1.92T. SpaceX carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Marvell Technology, Inc..
Which is more financially efficient — Marvell Technology, Inc. or SpaceX?
Marvell Technology, Inc. generates $1.11M / employee in revenue per employee, while SpaceX generates $826k / employee. Marvell Technology, Inc. shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Marvell Technology, Inc. and SpaceX make money?
Marvell Technology, Inc. and SpaceX generate revenue in fundamentally different ways. Marvell Technology, Inc.: Marvell runs a fabless model: it designs chips and licenses-in or builds IP (SerDes, PAM4 and coherent DSPs, Arm compute subsystems, packaging), while foundries such as TSMC manufacture them. SpaceX: SpaceX earns money in three segments.
Which company is valued higher relative to revenue — Marvell Technology, Inc. or SpaceX?
On a price-to-sales (P/S) basis, Marvell Technology, Inc. trades at 27.5x P/S and SpaceX at 102.8x P/S. SpaceX commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Marvell Technology, Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Marvell Technology, Inc. bigger than SpaceX?
By last reported revenue, SpaceX ($18.7B (FY2025)) is the larger company compared to Marvell Technology, Inc. ($8.2B (FY2026)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Marvell vs SpaceX overview