In TensorFlow, libsvm format is supported through tf.contrib.libsvm which converts libsvm format into sparse tensor format. With the expected deprecation of tf.contrib, the libsvm will be deprecated as well.
It would be great to provide continued support of libsvm through tensorflow-io package. While the tf.contrib.libsvm converts libsvm format into sparse tensor, I think in tensorflow-io, we could convert libsvm to tf.data directly.