# Coherent (COHR)
> AI 데이터센터 광네트워킹의 핵심 부품(광트랜시버·레이저) 공급사. FY2025 매출 $57.8억(+23%), 데이터센터·통신 부문이 견인. 1.6T 트랜시버(실리콘포토닉스·EML·VCSEL) 양산. 엔비디아가 $20억 투자하고 차세대 광·레이저 제품을 수십억 달러 규모로 구매 약속.
Canonical: https://valuechain.wiki/coherent · Updated: 2026-07-12T03:55:46.023815+00:00 · Source: ValueChain.wiki (refined facts, cited)

**인용용 요약**: 밸류체인 그래프 기준 Coherent의 직접 연결 기업은 7곳(관계 기준 공급 3·매출 4·투자 2)이고, 사슬을 2차까지 넓히면 73곳에 닿는다. 링크의 근거 출처는 14건이며 그중 1차공시가 3건이다 (valuechain.wiki, 2026-07-12 기준).

## Financials & segments
- 총매출: FY2025 매출 $5.78B (+23%)
- 고객 집중도: AI 데이터센터 광트랜시버 수요 견인.
- 사업부문: 데이터센터·통신 광부품, 레이저·소재

## Annual stock return (as of 2026-07-10)
- 2021: -10%
- 2022: -48.6%
- 2023: +24%
- 2024: +117.6%
- 2025: +94.8%
- 2026 YTD: +75.8%

## Value-chain annual returns (top→bottom: demand → node → supply; YTD as of 2026-07-10)
| Company | Chain | 2021 | 2022 | 2023 | 2024 | 2025 | YTD |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Nebius | lead3 | · | · | · | · | +202.2% | +162.4% |
| Datadog | lead3 | +80.9% | -58.7% | +65.1% | +17.7% | -4.8% | +89.4% |
| 팔로알토 네트웍스 | lead3 | +56.7% | -24.8% | +111.3% | +23.4% | +1.2% | +76.9% |
| CrowdStrike | lead3 | -3.3% | -48.6% | +142.5% | +34% | +37% | +59.7% |
| Illumina | lead3 | +2.8% | -46.9% | -31.1% | -1.3% | -1.8% | +45% |
| 플래닛랩스 | lead3 | · | -29.3% | -43.2% | +63.6% | +388.1% | +32.1% |
| Starbucks Corp | lead3 | +11.1% | -13.2% | -1.2% | -2.5% | -5.3% | +27.4% |
| CoreWeave | lead3 | · | · | · | · | · | +24.1% |
| 존슨 컨트롤스 | lead3 | +77.4% | -19.3% | -7.6% | +39.8% | +53% | +20% |
| Snowflake | lead3 | +20.4% | -57.6% | +38.6% | -22.4% | +42.1% | +19.2% |
| Apple | lead3 | +34.6% | -26.4% | +49% | +30.7% | +9.1% | +16.2% |
| Airbnb Inc | lead3 | · | -48.6% | +59.2% | -3.5% | +3.3% | +9.5% |
| Lockheed Martin | lead3 | +3.2% | +40.5% | -4.3% | +10% | +2.5% | +9.5% |
| RTX | lead3 | +23.3% | +20% | -14.4% | +40.8% | +61.4% | +7.6% |
| Costco Wholesale | lead3 | +51.8% | -19% | +49% | +39.6% | -5.4% | +6.6% |
| Procter & Gamble | lead3 | +20.5% | -5% | -0.9% | +17.3% | -12.3% | +4.1% |
| Walmart Inc | lead3 | +2% | -0.5% | +12.9% | +74% | +24.5% | +2.6% |
| 마쓰다 | lead3 | +18.8% | +22.8% | +81.1% | -39% | +17.3% | -3.2% |
| Schrödinger | lead3 | -56% | -46.3% | +91.5% | -46.1% | -7.3% | -7.8% |
| MercadoLibre | lead3 | -19.5% | -37.2% | +85.7% | +8.2% | +18.5% | -8% |
| Uber | lead3 | -17.8% | -41% | +149% | -2% | +35.5% | -8.8% |
| McDonald's | lead3 | +27.8% | +0.5% | +15.1% | +0.1% | +7.9% | -9% |
| LVMH | lead3 | +46.6% | +12.7% | -1.8% | -7.3% | -20.4% | -9% |
| Recursion Pharmaceuticals | lead3 | · | -55% | +27.9% | -31.4% | -39.5% | -13% |
| Disney | lead3 | -14.5% | -43.9% | +4.3% | +24.4% | +3.3% | -15.3% |
| 메이퇀 | lead3 | -38.1% | -20.7% | -64.2% | +137.6% | -34.6% | -19% |
| Coupang | lead3 | · | -49.9% | +10.1% | +35.8% | +7.3% | -20.3% |
| Netflix | lead3 | +11.4% | -51.1% | +65.1% | +83.1% | +5.2% | -21.7% |
| Shopify | lead3 | +21.7% | -74.8% | +124.4% | +36.5% | +51.4% | -23.9% |
| Palantir | lead3 | -22.7% | -64.7% | +167.4% | +340.5% | +135% | -28.7% |
| ServiceNow | lead3 | +17.9% | -40.2% | +82% | +50.1% | -27.7% | -29.7% |
| 킹소프트 오피스 | lead3 | -41.3% | +16% | -23.7% | +47.1% | +7.6% | -30.2% |
| Dell | lead2 | +51.2% | -26.6% | +95.9% | +53% | +11.2% | +248.1% |
| Lenovo | lead2 | -4.6% | -20.9% | +36.2% | +18.2% | -0.6% | +175.7% |
| HPE | lead2 | +37.4% | +4.5% | +9.7% | +29.1% | +15.5% | +104% |
| TeraWulf | lead2 | +77.1% | -95.5% | +258.2% | +135.8% | +103% | +91.2% |
| Aurora Innovation | lead2 | · | -89.3% | +261.2% | +44.2% | -39% | +66.1% |
| Mercury Systems | lead2 | -37.5% | -18.7% | -18.3% | +14.8% | +73.8% | +47.9% |
| 에이수스(ASUS) | lead2 | +35.5% | -12.9% | +72% | +41.1% | -14.1% | +46.7% |
| Wiwynn | lead2 | +24.7% | -22.3% | +206.4% | +3.5% | +64.4% | +45.1% |
| 기가바이트 | lead2 | +82.3% | -3.4% | +173.2% | -15.9% | -4.7% | +44.4% |
| Cloudflare | lead2 | +73% | -65.6% | +84.2% | +29.3% | +83.1% | +36.1% |
| Quanta | lead2 | +22.2% | -12.8% | +254.5% | +12.7% | +8.9% | +33.4% |
| SK텔레콤 | lead2 | +7.9% | -12% | +15.8% | +15.5% | +37.5% | +23.4% |
| Celestica | lead2 | +37.9% | +1.3% | +159.8% | +215.2% | +220.3% | +21.7% |
| 지리자동차 | lead2 | -40.8% | -22.9% | -40.3% | +98.5% | +14.5% | +18.9% |
| 위스트론 | lead2 | +7.9% | +9.7% | +272.7% | -1.6% | +22.7% | +14.8% |
| 알파벳 (구글) | lead2 | +65.3% | -39.1% | +58.3% | +36% | +66% | +14.3% |
| Foxconn | lead2 | -5.1% | +2.8% | +7.8% | +80.1% | +26.9% | +10.9% |
| IREN | lead2 | · | -92.3% | +472% | +37.3% | +284.6% | +8.9% |
| 아마존 | lead2 | +2.4% | -49.6% | +80.9% | +44.4% | +5.2% | +6.3% |
| 메타 플랫폼스 | lead2 | +23.1% | -64.2% | +194.1% | +66% | +13.1% | +1.6% |
| Tempus AI | lead2 | · | · | · | · | +74.9% | -1.4% |
| IBM | lead2 | +16.7% | +10.6% | +21.8% | +39.3% | +38.2% | -1.6% |
| Super Micro | lead2 | +38.8% | +86.8% | +246.2% | +7.2% | -4% | -3.3% |
| 제너럴 모터스 | lead2 | +40.8% | -42.4% | +7.9% | +49.8% | +54.2% | -3.8% |
| IonQ | lead2 | · | -79.3% | +259.1% | +237.1% | +7.4% | -4.5% |
| 현대차 | lead2 | -16.7% | -4.7% | +16.2% | +12.3% | +158.8% | -7.8% |
| Tesla | lead2 | +49.8% | -65% | +101.7% | +62.5% | +11.4% | -9.3% |
| Toyota Motor Corporation | lead2 | +58.1% | -13.4% | +63% | +1.8% | +21.8% | -18.2% |
| 마이크로소프트 | lead2 | +52.5% | -28% | +58.2% | +12.9% | +15.6% | -20% |
| 알리바바 | lead2 | -49% | -25.8% | -10.8% | +11.8% | +75.8% | -22.7% |
| 텐센트 | lead2 | -28.6% | -14.2% | -28.7% | +49.8% | +52.1% | -23.2% |
| 바이두 | lead2 | · | -8.2% | -23.4% | -13.5% | +74.2% | -24.5% |
| Rigetti Computing | lead2 | · | -92.9% | +35.1% | +1449.2% | +45.2% | -25.3% |
| Oracle | lead2 | +36.9% | -4.6% | +30.9% | +60% | +18.1% | -27.4% |
| Kratos | lead2 | -29.3% | -46.8% | +96.6% | +30% | +187.8% | -36.5% |
| Pony.ai | lead2 | · | · | · | · | +1% | -54.6% |
| Eoptolink | lead1 | -10.1% | -27.7% | +136.6% | +197% | +368.8% | +74.9% |
| InnoLight | lead1 | -30.7% | -18.3% | +253.7% | +12% | +468.1% | +68.8% |
| 미쓰비시전기 | lead1 | -8.1% | +2.5% | +58.7% | +19.1% | +91% | +21.3% |
| NVIDIA | lead1 | +125.5% | -50.3% | +239% | +171.2% | +38.9% | +13.3% |
| Coherent | node | -10% | -48.6% | +24% | +117.6% | +94.8% | +75.8% |
| 미쓰비시전기 | benef1 | -8.1% | +2.5% | +58.7% | +19.1% | +91% | +21.3% |
| NVIDIA | benef1 | +125.5% | -50.3% | +239% | +171.2% | +38.9% | +13.3% |
| 키옥시아 | benef2 | · | · | · | · | +1082.1% | +260.5% |
| Micron Technology | benef2 | +24.2% | -45.9% | +71.9% | -1% | +240.2% | +243.3% |
| Murata | benef2 | -14% | -11.7% | +24.7% | -16.5% | +29.9% | +217.4% |
| 난야PCB | benef2 | +110.6% | -46.7% | -0.5% | -38.3% | +188.2% | +213.4% |
| ASE테크놀로지 | benef2 | +38.3% | -12.8% | +60.9% | +10.1% | +65.6% | +167.6% |
| Nebius | benef2 | · | · | · | · | +202.2% | +162.4% |
| Astera Labs | benef2 | · | · | · | · | +25.6% | +148.2% |
| Ibiden | benef2 | +30.4% | -19.6% | +51.6% | -38.6% | +261% | +147.1% |
| SK하이닉스 | benef2 | -0.4% | -25.6% | +53.9% | +48.6% | +361.1% | +140.3% |
| 유니마이크론 | benef2 | +133.5% | -30.2% | +35.2% | -19.7% | +175.7% | +131.6% |
| Corning | benef2 | +5.9% | -11.6% | -1.2% | +60.6% | +87.8% | +118.8% |
| Lumentum | benef2 | +11.6% | -50.7% | +0.5% | +60.1% | +339.1% | +117.6% |
| 삼성전자 | benef2 | -9% | -14.2% | +20.9% | -26.4% | +212.9% | +77.9% |
| onsemi | benef2 | +107.5% | -8.2% | +33.9% | -24.5% | -14.1% | +77.2% |
| Eoptolink | benef2 | -10.1% | -27.7% | +136.6% | +197% | +368.8% | +74.9% |
| InnoLight | benef2 | -30.7% | -18.3% | +253.7% | +12% | +468.1% | +68.8% |
| Keysight | benef2 | +56.3% | -17.2% | -7% | +1% | +26.5% | +58.5% |
| Delta Electronics | benef2 | -3.4% | +10.4% | -0.3% | +59.2% | +183.8% | +54.9% |
| Monolithic Power | benef2 | +35.5% | -27.8% | +79.8% | -5.6% | +54.5% | +49.8% |
| Analog Devices | benef2 | +21% | -4.9% | +23.4% | +8.8% | +29.8% | +46.7% |
| TSMC | benef2 | +12.1% | -36.7% | +42.3% | +92.6% | +55.9% | +43.6% |
| ABB | benef2 | +23.9% | +7.3% | +18.9% | +39% | +36.1% | +27.2% |
| 페가트론 | benef2 | -5.9% | +0.6% | +35.3% | +21.2% | -23.8% | +24% |
| Luxshare | benef2 | -11.9% | -30.2% | -21.2% | +58.8% | +29.3% | +20.6% |
| Digital Realty | benef2 | +30.7% | -41% | +39.9% | +35.9% | -10.1% | +18.2% |
| Amphenol | benef2 | +34.9% | -12% | +31.5% | +41.3% | +96.1% | +18.1% |
| 위스트론 | benef2 | +7.9% | +9.7% | +272.7% | -1.6% | +22.7% | +14.8% |
| KYEC | benef2 | +26.7% | -7.7% | +132.4% | +38.6% | +171% | +4.2% |
| BlackRock | benef2 | +29.4% | -20.4% | +17.9% | +29.3% | +6.6% | -2.1% |
| TE Connectivity | benef2 | +35.1% | -27.7% | +24.6% | +3.5% | +61.1% | -11.3% |
| Recursion Pharmaceuticals | benef2 | · | -55% | +27.9% | -31.4% | -39.5% | -13% |
| BYD일렉트로닉스 | benef2 | -56.1% | +16% | -0.4% | +60.6% | -19.4% | -34.4% |
| 삼성전기 | benef3 | -11.8% | -18.5% | -1.4% | -2.5% | +110% | +467.7% |
| 주성엔지니어링 | benef3 | +127.9% | -42.6% | +173.3% | -3.1% | +30.7% | +364.1% |
| 섬코 | benef3 | -4.3% | -3.9% | +21.3% | -48.1% | +41.7% | +225.8% |
| 피에스케이 | benef3 | +22.7% | -19.6% | +14.2% | -2.6% | +228.2% | +208% |
| LG이노텍 | benef3 | +78.2% | -22% | -28.8% | -22.1% | +66.8% | +204.6% |
| Arm Holdings | benef3 | · | · | · | +64.2% | -11.4% | +195.8% |
| GlobalWafers | benef3 | +26.9% | -29.9% | +14.3% | -39% | +48.9% | +171.6% |
| ACM Research | benef3 | +4.9% | -72.9% | +153.4% | -22.7% | +161.3% | +161.1% |
| AMD | benef3 | +56.9% | -55% | +127.6% | -18.1% | +77.3% | +160.5% |
| Kulicke & Soffa | benef3 | +92.4% | -25.8% | +25.5% | -13.2% | -0.3% | +150.1% |
| 코후 | benef3 | -0.2% | -15.9% | +10.4% | -24.6% | -12.8% | +141.4% |
| 어플라이드 머티어리얼즈 | benef3 | +83.6% | -37.5% | +68% | +1.1% | +59.6% | +135% |
| 미디어텍 | benef3 | +27.8% | -26.6% | +52.9% | +58.3% | +24.9% | +124.3% |
| Arteris | benef3 | · | -79.6% | +37% | +73% | +52.1% | +124.3% |
| FormFactor | benef3 | +6.3% | -51.4% | +87.6% | +5.5% | +26.8% | +110.7% |
| 케이씨텍 | benef3 | -24.2% | -6.1% | +57.9% | +5.9% | +56.7% | +108.1% |
| 램리서치 | benef3 | +53.7% | -40.7% | +88.6% | -6.8% | +139.2% | +105% |
| JCET | benef3 | -34% | +0.2% | -15.2% | +73.3% | +28% | +104.6% |
| Onto Innovation | benef3 | +112.9% | -32.7% | +124.6% | +9% | -5.3% | +103.6% |
| 심텍 | benef3 | +119.6% | -34.6% | +12.4% | -63.3% | +392.9% | +94.9% |
| 대덕전자 | benef3 | +64.2% | -0.3% | +13.3% | -22.7% | +250.2% | +92.1% |
| KLA | benef3 | +68% | -11.2% | +56% | +9.4% | +94.5% | +91% |
| Tower Semiconductor | benef3 | +53.7% | +8.9% | -29.4% | +68.8% | +128% | +89.7% |
| SCREEN Holdings | benef3 | +40.7% | -13.2% | +220.1% | -24.1% | +84.9% | +86.3% |
| Teradyne | benef3 | +36.8% | -46.3% | +24.8% | +16.5% | +54.4% | +85.9% |
| ASMPT | benef3 | -29% | -12.4% | +21.8% | -4.8% | +47.6% | +82% |
| Resonac | benef3 | -2.6% | -4% | +37.5% | +30.3% | +137.9% | +80.4% |
| MACOM | benef3 | +42.3% | -19.6% | +47.6% | +39.8% | +31.8% | +80.1% |
| 도쿄일렉트론 | benef3 | +40.4% | -14.5% | +89.8% | -4.4% | +61.6% | +78.2% |
| 퀴니티 일렉트로닉스 | benef3 | · | · | · | · | · | +76.3% |
| Entegris | benef3 | +44.6% | -52.5% | +83.5% | -17.1% | -14.6% | +72.8% |
| Kokusai Electric | benef3 | · | · | · | -35.4% | +165.3% | +70% |
| ASML | benef3 | +64.1% | -30.5% | +39.9% | -7.7% | +55.8% | +68.6% |
| Global Unichip | benef3 | +21.4% | +67.6% | +99.4% | -13.7% | +101.4% | +66.4% |
| Ajinomoto | benef3 | +31% | +36% | +44.5% | +4% | +14.1% | +63.7% |
| 후성 | benef3 | +59.9% | -33.5% | -34.5% | -39.1% | +67.4% | +62.2% |
| BESI | benef3 | +33.7% | -6.1% | +121.8% | -9.3% | +35% | +56.2% |
| Fujimi | benef3 | +64.7% | -1.6% | +40.4% | -24.2% | +28.4% | +54.6% |
| 유진테크 | benef3 | +28.1% | -45.1% | +64.1% | -12.6% | +202.5% | +49.5% |
| Montage Technology | benef3 | -18.2% | -21.8% | -18% | +51.4% | +169% | +47.4% |
| 기가바이트 | benef3 | +82.3% | -3.4% | +173.2% | -15.9% | -4.7% | +44.4% |
| 신에쓰화학 | benef3 | +6.3% | +3.1% | +57.8% | -15.6% | +7.6% | +44% |
| 삼성E&A | benef3 | +74.5% | +20% | -13.7% | -15.9% | +76.7% | +43.2% |
| Tokyo Ohka Kogyo | benef3 | -2.7% | -3% | +63.8% | +4.3% | +111.5% | +42.9% |
| Camtek | benef3 | +110.1% | -52.3% | +215.9% | +18.3% | +31.7% | +35.2% |
| Ebara | benef3 | +58.1% | +2.3% | +76.1% | +41% | +84% | +32.3% |
| ASM International | benef3 | +44.2% | +2.9% | +68.7% | +10.3% | +25.9% | +28.8% |
| 파워텍 (PTI) | benef3 | +4.8% | -7.5% | +86% | -16% | +128.6% | +26% |
| Linde | benef3 | +33.4% | -4.4% | +27.7% | +3.2% | +3.2% | +25.1% |
| CoreWeave | benef3 | · | · | · | · | · | +24.1% |
| 에어프로덕츠 | benef3 | +13.8% | +3.9% | -9% | +8.1% | -12.7% | +23.7% |
| Cadence Design Systems | benef3 | +36.6% | -13.8% | +69.6% | +10.3% | +4% | +22.9% |
| Lasertec | benef3 | +78.9% | +2.4% | +57% | -60.6% | +138.9% | +22.4% |
| Advantest | benef3 | +17% | -2.3% | +155.7% | +49.5% | +196% | +17.1% |
| 스미토모화학 | benef3 | +19.6% | -9.1% | -27.7% | -2.2% | +43.9% | +16% |
| Broadcom | benef3 | +56.5% | -13.3% | +104.2% | +110.5% | +50.6% | +16% |
| 네패스 | benef3 | -29.5% | -44% | +6.7% | -62.7% | +179.2% | +15.1% |
| 알파벳 (구글) | benef3 | +65.3% | -39.1% | +58.3% | +36% | +66% | +14.3% |
| Merck KGaA | benef3 | +42.2% | -0.4% | -19.1% | -2.5% | -12.7% | +13.5% |
| Air Liquide | benef3 | +14.1% | +7.9% | +20.9% | +8.5% | -4.8% | +12.5% |
| 디스코 | benef3 | -6.6% | +27.7% | +218.5% | +11.6% | +49.6% | +10.2% |
| 원익QnC | benef3 | +26.2% | +2% | +11.9% | -33.7% | +53.4% | +9.3% |
| 원익IPS | benef3 | -19.7% | -19.8% | -0.2% | -25.5% | +408.8% | +9.3% |
| Siemens Energy | benef3 | -35.4% | -2.7% | -27% | +314.2% | +149.9% | +5.7% |
| 한미반도체 | benef3 | +98.5% | -21.7% | +313.1% | +93.7% | +87.9% | +5.5% |
| 하나마이크론 | benef3 | +109% | -41% | +143.5% | -52.4% | +269.3% | +5.3% |
| Fabrinet | benef3 | +52.7% | +8.2% | +48.4% | +15.5% | +107.1% | +3.5% |
| 소프트뱅크그룹 | benef3 | +10.2% | +9.9% | +39.2% | +6.5% | +8.5% | +3.2% |
| 코보 | benef3 | -5.9% | -42% | +24.2% | -37.9% | +20.8% | +1.5% |
| 이오테크닉스 | benef3 | +7.6% | -28.2% | +130.5% | -16.2% | +163.2% | +0.7% |
| 아이에스시 | benef3 | +43.2% | +14.2% | +116.5% | -11.9% | +126.8% | +0.3% |
| HD Hyundai Electric | benef3 | +4.2% | +132.5% | +159.4% | +300.5% | +120.2% | -3.7% |
| HPSP | benef3 | · | · | +216.5% | -30.4% | +54.7% | -4.5% |
| Synopsys | benef3 | +42.1% | -13.4% | +61.3% | -5.7% | -3.2% | -5.2% |
| 캐논 | benef3 | +22.5% | +11.1% | +46.4% | +27% | -3.2% | -5.6% |
| LG디스플레이 | benef3 | -6.8% | -30.9% | -8.5% | -20.6% | +26.2% | -5.7% |
| Photronics | benef3 | +68.9% | -10.7% | +86.4% | -24.9% | +35.8% | -6.6% |
| 파크시스템스 | benef3 | +25.1% | +1.6% | +41.6% | +37.3% | +28.9% | -11.2% |
| BYD | benef3 | -6.5% | +10.5% | -28.5% | +58.9% | +8.7% | -12.7% |
| 하나머티리얼즈 | benef3 | +106% | -30.5% | +26.1% | -47.4% | +173.9% | -15.7% |
| 동진쎄미켐 | benef3 | +28.1% | -13.7% | +16.1% | -42.8% | +160.1% | -15.8% |
| 마이크로소프트 | benef3 | +52.5% | -28% | +58.2% | +12.9% | +15.6% | -20% |
| 유니테스트 | benef3 | +23.4% | -57.8% | +11.3% | -1.6% | +6.8% | -24.8% |
| Oracle | benef3 | +36.9% | -4.6% | +30.9% | +60% | +18.1% | -27.4% |
| 이엔에프테크놀로지 | benef3 | -32.9% | -23.6% | +1.3% | -16.1% | +204.6% | -28.4% |
| 리노공업 | benef3 | +21% | -5.3% | +18.3% | +9.5% | +150.1% | -30.3% |
| SFA반도체 | benef3 | -5.8% | -34.1% | +48.7% | -48.7% | +139.8% | -31.8% |
| 솔브레인 | benef3 | -8.2% | -3.9% | +16.6% | -37.6% | +192.8% | -35.9% |
| 에스앤에스텍 | benef3 | -17.3% | -5% | +45.8% | -31.2% | +210.8% | -47.5% |

AI 데이터센터 광네트워킹의 핵심 부품(광트랜시버·레이저) 공급사로, 하이퍼스케일러의 광연결 수요에 직접 노출된다. 성장 논지는 엔비디아 동맹($20억 투자·수십억 구매 약속)이 수요를 선확정하고 1.6T 트랜시버(실리콘포토닉스·EML)로 세대교체를 주도한다는 것 — 다만 InnoLight·Eoptolink처럼 고객이자 경쟁자에 EML을 파는 이중 구조가 특징이다. 공급단에서는 Tower·MACOM·Fabrinet 의존이 원가·캐파를 좌우하고, SiC 자회사(미쓰비시전기·덴소 지분 참여)가 별도 성장 옵션이다. 리스크는 광트랜시버 세대교체 속도와 하이퍼스케일러 캡엑스 사이클이다. (analysis as of 2026-07-09)

## Money in · revenue from (5)
### NVIDIA (high)  → /nvidia.md
- note: 엔비디아가 코히어런트 광부품 수요를 선확정한 앵커 — $20억 투자와 수십억 규모 구매 약속으로 1.6T 트랜시버·레이저 물량을 확보. 코히어런트 매출 가시성의 핵심 축.
- [confirms] 코히어런트 (EN, news, published 2026-03-02) https://www.coherent.com/news/press-releases/nvidia-and-coherent-announce-strategic-partnership: "이 합의에는 엔비디아의 수십억 달러 구매 약정과 첨단 레이저·광네트워킹 제품에 대한 향후 접근·캐파 권리가 포함돼, 엔비디아가 코히어런트의 고객임을 확인한다."
- [confirms] 르데스크 (KO, news, published 2026-01-01) https://www.ledesk.co.kr/view.php?uid=15600: "엔비디아가 코히어런트에 $20억 투자, 차세대 광·레이저 수십억 구매 약속."
- [confirms] SEC EDGAR (EN, filing, published 2025-11-01) https://www.sec.gov/Archives/edgar/data/820318/000082031825000019/iivi-20250930.htm: "엔비디아가 코히어런트에 $20억 투자, 차세대 광·레이저 수십억 구매 약속."

### 미쓰비시전기 (SiC 웨이퍼 공급) (high)  → /mitsubishi-electric.md
- note: SiC 자회사(Silicon Carbide LLC)가 미쓰비시전기에 150mm·200mm SiC 기판·에피웨이퍼를 장기 공급(2023년 지분투자 연계).
- [confirms] 코히어런트 (EN, news, published 2023-12-04) https://www.globenewswire.com/news-release/2023/12/04/2790493/11543/en/Coherent-s-Silicon-Carbide-Semiconductor-Business-Completes-1-Billion-in-Investments-From-DENSO-and-Mitsubishi-Electric.html: "미쓰비시전기·덴소와 SiC 기판·에피웨이퍼 장기 공급계약."
- [confirms] KIPOST (KO, news, published 2023-10-11) https://www.kipost.net/news/articleView.html?idxno=313241: "덴소·미쓰비시전기가 코히어런트 SiC 웨이퍼를 조달."

### 하이퍼스케일러·통신 (광트랜시버) (mid)
- note: 하이퍼스케일러·통신사가 데이터센터 상호연결(DCI)·통신용 광트랜시버를 조달 — AI 캡엑스 사이클에 연동되는 핵심 수요단.
- [confirms] 라이트카운팅 (EN, research, published 2026-03-01) https://www.lightcounting.com/newsletter/en/march-2026-quarterly-market-update-380: "광트랜시버 시장이 2025년 238억 달러로 전년 대비 55% 성장한 가운데, 코히어런트의 데이터센터 부문 매출이 12억 달러로 전년 대비 48% 늘어 사상 최고를 기록했다. 하이퍼스케일러·데이터컴 트랜시버 수요가 매출을 견인함을 확인한다."
- [confirms] 르데스크 (KO, news, published 2026-01-01) https://www.ledesk.co.kr/view.php?uid=15600: "AI 데이터센터 간 연결(DCI)에 코히어런트 광트랜시버 사용."
- [confirms] 뉴스핌 (KO, news, published 2025-10-27) https://www.newspim.com/news/view/20251027001267: "AI 데이터센터 간 연결(DCI)에 코히어런트 광트랜시버 사용."

### InnoLight (mid)  → /innolight.md
- note: InnoLight는 트랜시버 고객이자 완제품 경쟁자 — 코히어런트가 핵심 부품 EML 레이저를 공급하는 이중 구조로, 부품 판매가 곧 경쟁사 물량에 올라탄다.
- [mentions] 포톤캐피털 (EN, news, published 2026-04-18) https://photoncap.net/p/chinese-optical-modules-own-7-of: "같은 구조로, 이노라이트 등 중국 상위 모듈업체도 고속 EML을 코히어런트 등 해외 5대 공급사에서 조달해야 한다(중국 광칩 국산화율 15% 미만)."
- [confirms] IP-Fiber (EN, news, published 2025-11-11) https://ip-fiber.com/blogs/news/nvidia-orders-surge-innolight-and-eoptolink-dominate-60-of-800g-sfp-optical-modules-supply: "InnoLight 트랜시버에 EML 레이저 공급."

### Eoptolink (mid)  → /eoptolink.md
- note: Eoptolink에 트랜시버용 EML 공급 — 완제품 경쟁자에 핵심 레이저를 파는 부품 매출 축.
- [mentions] 포톤캐피털 (EN, news, published 2026-04-18) https://photoncap.net/p/chinese-optical-modules-own-7-of: "EML 시장을 지배하는 5개사로 루멘텀, 코히어런트, 미쓰비시, 브로드컴, 스미토모를 든다. 중국의 25G 이상 고속 광칩 국산화율이 15% 미만이라, 이오플링크 등 중국 모듈업체가 코히어런트 등 해외 EML 공급사에 의존함을 시사한다."
- [confirms] Eoptolink/SZSE (EN, filing, published 2026-03-01) https://www.eoptolink.com: "이오플링크 트랜시버에 EML 공급."

## Money out · pays to (5)
### Fabrinet (high)  → /fabrinet.md
- note: 광모듈·트랜시버 제조를 Fabrinet에 위탁.
- [confirms] MatrixBCG (EN, research, published 2026-01-01) https://matrixbcg.com/blogs/how-it-works/fabrinet: "광모듈·트랜시버 제조를 Fabrinet에 위탁."
- [confirms] SEC EDGAR (EN, filing, published 2025-08-18) https://www.sec.gov/Archives/edgar/data/0001408710/000140871025000036/fn-2025818xex991q425.htm: "광모듈·트랜시버 제조를 Fabrinet에 위탁."

### Tower Semiconductor (high)  → /tower-semiconductor.md
- note: 트랜시버용 SiPho·SiGe를 Tower 파운드리에서 조달.
- [confirms] TipRanks (EN, research, published 2025-11-10) https://www.tipranks.com/news/company-announcements/tower-semiconductor-bets-big-on-photonics-growth: "트랜시버용 SiPho·SiGe를 Tower 파운드리에서 조달."

### MACOM (high)  → /macom.md
- note: 트랜시버용 레이저 드라이버·TIA를 MACOM에서 조달.
- [confirms] Converge Digest (EN, news, published 2026-01-01) https://convergedigest.com/macom-revenue-jumps-23-as-ai-optical-demand-accelerates/: "트랜시버용 레이저 드라이버·TIA를 MACOM에서 조달."

### R&D·엔지니어 (비공개) (low)
- note: 실리콘포토닉스·광부품 R&D.
- [confirms] 르데스크 (KO, news, published 2026-01-01) https://www.ledesk.co.kr/view.php?uid=15600: "실리콘포토닉스·코패키지 광학 R&D."

### 화합물 반도체·광소재 (비공개) (low)
- note: InP·GaAs 등 화합물 반도체 소재·자체 팹.
- [confirms] SEC EDGAR (EN, filing, published 2025-11-01) https://www.sec.gov/Archives/edgar/data/820318/000082031825000019/iivi-20250930.htm: "화합물 반도체 기반 레이저·광부품 자체 생산."

## Investors (2)
### NVIDIA (high)  → /nvidia.md
- note: 엔비디아가 코히어런트에 $20억 투자(광학 동맹).
- [confirms] 코히어런트 (EN, news, published 2026-03-02) https://www.coherent.com/news/press-releases/nvidia-and-coherent-announce-strategic-partnership: "엔비디아가 코히어런트에 20억 달러를 투자해 R&D, 향후 캐파, 미국 내 생산 확대를 지원한다고 명시했다. 지분 투자로 투자자 관계를 확인한다."
- [confirms] 르데스크 (KO, news, published 2026-01-01) https://www.ledesk.co.kr/view.php?uid=15600: "엔비디아가 코히어런트에 $20억 투자(광학 동맹)."

### 미쓰비시전기 (SiC 12.5% 지분) (high)  → /mitsubishi-electric.md
- note: 미쓰비시전기가 SiC 자회사(Silicon Carbide LLC)에 5억 달러·12.5% 소수지분 투자(덴소도 동일). 2023.12 종결.
- [confirms] 코히어런트 (EN, news, published 2023-12-04) https://www.globenewswire.com/news-release/2023/12/04/2790493/11543/en/Coherent-s-Silicon-Carbide-Semiconductor-Business-Completes-1-Billion-in-Investments-From-DENSO-and-Mitsubishi-Electric.html: "덴소·미쓰비시전기 각 12.5% 지분."
- [confirms] KIPOST (KO, news, published 2023-10-11) https://www.kipost.net/news/articleView.html?idxno=313241: "각 5억달러·12.5%씩."

## 질문별 엔드포인트
- 누가 코히어런트의 고객인가? 코히어런트의 매출은 어디서 오는가? → https://valuechain.wiki/coherent/customers.md
- 코히어런트의 주요 공급사는 어디인가? 코히어런트의 비용은 누구에게 가는가? → https://valuechain.wiki/coherent/suppliers.md
- 코히어런트 주가가 움직이면 누가 수혜를 보는가? 코히어런트의 가치사슬 파급은 어디까지인가? → https://valuechain.wiki/coherent/ripple.md
- 증권가가 보는 코히어런트: 목표주가와 투자의견은? → https://valuechain.wiki/coherent/consensus.md

## 이 노드를 다룬 분석 (3)
- [1.6T 광모듈의 돈은 위로 흐른다: 조립이 아니라 레이저가 병목](https://valuechain.wiki/analysis/optical-bottleneck-moves-upstream.md) (2026-07-10)
- [같은 칸이 두 번 끓는다: 닷컴 공급사슬 과부하는 지금도 진행 중이다](https://valuechain.wiki/analysis/dotcom-supply-chain.md) (2026-06-23)
- [돈의 입구는 하나다: AI 수요는 하이퍼스케일러 capex 한 곳으로 수렴한다](https://valuechain.wiki/analysis/ai-capex-demand-to-supply.md) (2026-06-23)

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