# Who are Cambricon's customers? Who does Cambricon earn revenue from?
Canonical: https://valuechain.wiki/cambricon · Facet: customers · Updated: 2026-07-12T05:40:53.361068+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: Cambricon discloses no named confirmed revenue counterparties; 2 relationships are tracked as undisclosed/aggregate. Per the valuechain.wiki graph: 2 revenue edges, backed by 5 dated sources, 2 of them primary filings (as of 2026-07-12).

### 중국 클라우드·인터넷 (AI 가속기) (high)
- metric: Amount ¥6.5B · FY2025 云端 매출
- note: The axis that makes effectively all revenue — FY2025 cloud (AI-accelerator) revenue was RMB 6.477bn (+455%), 99%+ of the company. Export controls funnel NVIDIA-seeking Chinese CSPs and internet firms to it, so the top-5 customers are 88.66% of revenue (single largest RMB 1.703bn, ~26%) — extreme concentration that is both the story and the risk. ~12-15% of the domestic data-center accelerator market in 2025.
- [confirms] SSE filing (cninfo) (ZH, filing, published 2026-03-12) https://dataclouds.cninfo.com.cn/shgonggao/hsomarket/2026/20260312/05ca784762a7401b9ed371d917e436dc.PDF: "Top-5 customers 88.66% (largest RMB 1.703bn); cloud revenue RMB 6.477bn (+455%)"
- [confirms] Global Economic (KO, news, published 2026-03-10) https://www.g-enews.com/article/Securities/2026/03/202603100911178711df2f5bc1bc_1: "Export controls funnel NVIDIA-alternative demand."
- [confirms] Cambricon/SSE (EN, filing, published 2026-03-01) https://www.cambricon.com/: "FY2025 revenue RMB 6.5B (first profit), H1 +4348%."
- [confirms] Seoul Economic Daily (KO, news, published 2026-01-20) https://www.sedaily.com/article/20019173: "Revenue RMB 6.497bn +453%, first profit since listing (net income RMB 2.059bn)"
- [mentions] Goldman Sachs (via EET China) (ZH, research, published 2025-09-01) https://www.eet-china.com/news/202509013179.html: "Goldman Buy, target RMB 2,104 (Chinese CSP AI capex, policy, shipment improvement)"

### 스마트컴퓨팅 클러스터 (시스템) (mid)
- note: Sells accelerators bundled into cluster systems and software — a value-added axis extending from chips to datacenter-scale solutions.
- [confirms] Cambricon/SSE (EN, filing, published 2026-03-01) https://www.cambricon.com/: "Cluster/system-software business."

### 창업자·중국과학원 계열 (지배구조·정부지원) (mid)
- note: Spun out of the CAS Institute of Computing Technology (CAS ICT), it is controlled by founder Chen Tianshi and CAS-affiliated entities. Early financial investors Alibaba, SDIC and Lenovo Capital largely sold out in 2023, and today government subsidies and policy support underpin the domestic-substitution push. Counterparties kept anonymous (institutional/state).
- [confirms] SSE filing (cninfo) (ZH, filing, published 2026-03-12) https://dataclouds.cninfo.com.cn/shgonggao/hsomarket/2026/20260312/05ca784762a7401b9ed371d917e436dc.PDF: "Controlling shareholder Chen Tianshi and CAS-affiliated entities; CAS ICT spin-off"
- [mentions] Seoul Economic Daily (KO, news, published 2026-01-20) https://www.sedaily.com/article/20019173: "Turned its first profit on domestic-substitution demand and state support amid US sanctions"

Reverse side: https://valuechain.wiki/cambricon/suppliers.md · Ripple: https://valuechain.wiki/cambricon/ripple.md

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Full node: https://valuechain.wiki/cambricon.md · JSON: https://valuechain.wiki/cambricon.json