Broadcom (AVGO): from a $15 IPO to a $1.7 trillion company built on deals and AI chips

Broadcom sells two very different things: semiconductors, and the software that runs corporate data centers. In fiscal 2025, which ended on November 2, 2025, the company booked $63.9 billion in revenue, 23.9% more than the year before. Chips were 57.7% of it and infrastructure software 42.3%. At the Oct 9, 2026 close, the stock was worth $1.73 trillion — 4.774 billion shares at $361.54.

Almost every one of those numbers traces back to an acquisition. This profile follows the money through the company’s own SEC filings: where it came from, where the revenue is now, what the AI business looks like in the figures management discloses, and who has been buying and selling the stock.

From Avago to Broadcom

The company listed today began as Avago Technologies, which bought Agilent’s semiconductor business on December 1, 2005, with KKR and Silver Lake as equity sponsors. Hock Tan has been chief executive since March 2006. Avago went public on Nasdaq on August 6, 2009, at $15.00 a share, under the ticker it still uses: AVGO.

The name came later, with the largest deal of its first decade. On February 1, 2016, Avago bought Broadcom Corporation for about $35.7 billion and took its name. Henry Samueli, who co-founded Broadcom Corporation in 1991, has chaired the board since 2018.

One deal did not happen. On November 6, 2017, Broadcom proposed to buy Qualcomm for $70 a share, in a transaction it valued at $130 billion. On March 12, 2018, the President of the United States issued an order prohibiting the acquisition, and Broadcom withdrew the offer two days later. Weeks after that, on April 4, 2018, the company moved its legal home from Singapore to the United States and became Broadcom Inc., a Delaware corporation.

Where the revenue comes from

Broadcom does not break revenue down by product in its annual report, only by its two segments. Both are very profitable before the costs the company keeps outside them:

The unallocated line is mostly the cost of the deals themselves: $8.06 billion of amortization of acquired intangible assets and $7.57 billion of stock-based compensation in fiscal 2025. That is why the company-wide operating margin, 39.9%, is far below either segment’s.

The software jump is VMware. Infrastructure software revenue went from $7.6 billion in fiscal 2023 to $21.5 billion in fiscal 2024, the first year with VMware, and to $27.0 billion in fiscal 2025. Note that fiscal 2024 had 53 weeks, one more than fiscal 2025.

Two concentration facts from the 10-K stand out. One customer — the filing does not say which — accounted for 32% of fiscal 2025 revenue, up from 28% and 21% in the two prior years, all of it in semiconductors. And by delivery location, the United States took 25.8% of revenue, China 17.5%, Singapore 16.9% and Taiwan 10.1%; the company itself warns that the delivery country says little about where its customers’ end products are sold.

The AI line

Broadcom does not report AI revenue in its financial statements. Its chief executive states it in each quarterly earnings release, and those statements are the only source for the series below. In fiscal 2024 the figure was $12.2 billion, up 220%.

The acceleration shows in the reported totals too. In the first nine months of fiscal 2026, revenue reached $71.1 billion, 55% more than a year earlier: semiconductors grew 88% and software 13%, and chips rose to 68% of revenue.

Three filings from 2026 describe where the chip business is headed. In April, Broadcom disclosed a long-term agreement to develop and supply Google’s future custom TPU chips, and said Anthropic would access about 3.5 gigawatts of TPU-based computing through Broadcom from 2027 — adding that this depends on Anthropic’s continued commercial success. In July, it expanded its collaboration with Apple through 2031 to supply custom chips for several generations of Apple products. And in September 2025 the board granted Hock Tan performance stock units that vest only if AI-related revenue targets are met in fiscal 2028 through 2030 and he stays through fiscal 2030.

Profit, and the years that need a footnote

Net income was $23.1 billion in fiscal 2025, including a $397 million tax benefit; before taxes it was $22.7 billion. Several earlier years are not comparable without a note:

• Fiscal 2016: a $1.74 billion loss in the year of the Broadcom Corporation deal, driven by deal accounting — $1.19 billion of inventory step-up, $2.64 billion of intangible amortization and $1.05 billion of restructuring and impairment charges.
• Fiscal 2018: $12.26 billion of profit, of which $8.08 billion was a tax benefit from the 2017 U.S. tax reform and the move to the United States.
• Fiscal 2024: $5.9 billion, after a $3.75 billion tax charge that the company attributes mainly to a one-time internal transfer of intellectual property rights to the United States. It was also the first year with VMware.

Dividends

Broadcom pays $0.65 a share per quarter in fiscal 2026, 10% more than a year earlier. In the company’s words, the fiscal 2026 target of $2.60 a share is “the fifteenth consecutive increase in annual dividends since we initiated dividends in fiscal 2011.” At $361.54, that is a 0.72% yield.

A data-quality note: a widely used market data feed records the March and June 2018 payments at twice their real size. Broadcom’s releases and its XBRL filing show $1.75 a share per quarter that year ($0.175 after the 2024 split). With the doubled values, 2019 looks like a dividend cut that never happened. This site corrected it on Oct 11, 2026.

Who owns it, and who sold

Thirteen of the 38 investment managers this site tracks reported Broadcom in their 13F filings for the quarter ended June 30, 2026, down from 15 a quarter earlier. The largest holder among them is Cliff Asness of AQR, with 6.68 million shares worth $2.52 billion at the June 30 price. Baillie Gifford added the most, going from 95,726 to 1.36 million shares; Daniel Sundheim, Stanley Druckenmiller, Brad Gerstner and Dan Loeb sold out. These are positions as of June 30 — the stock has since moved from $377.75 to $361.54.

Over the twelve months to October 10, 2026, insiders sold $879 million of stock under pre-arranged 10b5-1 plans, almost all of it by chairman Henry Samueli through two entities, D95GT LLC and H&S Investments I. Another $150 million was sold to cover taxes on vesting shares, and $103 million was sold without a plan, the largest amounts by chief legal officer Mark Brazeal ($48.7 million) and Hock Tan ($24.3 million in January 2026). The only open-market purchases were two lots of 1,000 shares by director Harry You.

Two details matter for anyone reading the raw filings. A 130,000-share “sale” by Hock Tan in December 2025 ($42.4 million) was, according to the form’s own footnote, a contribution of shares to an exchange fund, not a sale on the market. And two charitable foundations that received shares from Samueli’s entities — the Samueli Foundation and the Rinks Foundation — filed notices to sell about $209 million of stock; foundations like these do not file Form 4, so their sales do not appear in insider trade lists.

Valuation and the long run

At $361.54 the stock trades at 46 times its earnings of the last twelve months. Those earnings include a $1.65 billion tax benefit in the fourth quarter of fiscal 2025; on pre-tax profit the multiple is 42.6, and on operating profit 40.3. The share price is 24.9% below its highest close, $481.57 on June 2, 2026, and 4.8% above where it was a year earlier.

For the long view: $1,000 invested at the IPO price of $15.00 in August 2009 — $1.50 after the 10-for-1 split of July 2024 — would be worth about $241,000 at the Oct 9, 2026 close on price alone, and about $339,000 with dividends reinvested. Someone who bought at the first day’s close paid $16.18 instead.

The figures above come from Broadcom’s filings and the 13F and Form 4 filings listed below. They describe what happened; they are not a forecast and not investment advice. The Broadcom page on this site has the same data updated daily, with a fair-price calculation explained in the methodology.