# Who are Coherent's customers? Who does Coherent earn revenue from?
Canonical: https://valuechain.wiki/coherent · Facet: customers · Updated: 2026-07-12T03:55:46.023815+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: Coherent's confirmed revenue counterparties include NVIDIA, Mitsubishi Electric (SiC wafer supply), InnoLight plus 2 undisclosed/aggregate relationships. Per the valuechain.wiki graph: 5 revenue edges, backed by 10 dated sources, 2 of them primary filings (as of 2026-07-12).

### NVIDIA (high)  → /nvidia.md
- note: NVIDIA invests $2B in Coherent (optics alliance).
- [confirms] Coherent (EN, news, published 2026-03-02) https://www.coherent.com/news/press-releases/nvidia-and-coherent-announce-strategic-partnership: "NVIDIA is investing $2 billion in Coherent to support R&D, future capacity and US-based manufacturing, confirming the investor relationship via an equity stake."
- [confirms] Ledesk (KO, news, published 2026-01-01) https://www.ledesk.co.kr/view.php?uid=15600: "NVIDIA invests $2B in Coherent (optics alliance)."

### NVIDIA (high)  → /nvidia.md
- note: NVIDIA is the anchor that pre-commits Coherent's optics demand — a $2B investment and multi-billion purchase commitment lock in 1.6T transceiver/laser volume, the core of Coherent's revenue visibility.
- [confirms] Coherent (EN, news, published 2026-03-02) https://www.coherent.com/news/press-releases/nvidia-and-coherent-announce-strategic-partnership: "The agreement includes an NVIDIA multibillion-dollar purchase commitment plus future access and capacity rights for advanced laser and optical networking products, confirming NVIDIA as a Coherent customer."
- [confirms] Ledesk (KO, news, published 2026-01-01) https://www.ledesk.co.kr/view.php?uid=15600: "NVIDIA invested $2B in Coherent, committed multi-billion purchases of lasers/optics."
- [confirms] SEC EDGAR (EN, filing, published 2025-11-01) https://www.sec.gov/Archives/edgar/data/820318/000082031825000019/iivi-20250930.htm: "NVIDIA invested $2B in Coherent, committed multi-billion purchases of lasers/optics."

### 미쓰비시전기 (SiC 웨이퍼 공급) (high)  → /mitsubishi-electric.md
- note: Its SiC subsidiary (Silicon Carbide LLC) supplies Mitsubishi Electric with 150mm/200mm SiC substrates and epi wafers under a long-term arrangement tied to the 2023 investment.
- [confirms] Coherent (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: "Long-term SiC substrate/epi-wafer supply to Mitsubishi Electric and DENSO."
- [confirms] KIPOST (KO, news, published 2023-10-11) https://www.kipost.net/news/articleView.html?idxno=313241: "DENSO and Mitsubishi Electric source Coherent's SiC wafers."

### 미쓰비시전기 (SiC 12.5% 지분) (high)  → /mitsubishi-electric.md
- note: Mitsubishi Electric holds a $500M / 12.5% non-controlling stake in the SiC subsidiary (Silicon Carbide LLC), matched by DENSO; closed Dec 2023.
- [confirms] Coherent (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: "DENSO and Mitsubishi Electric hold 12.5% each."
- [confirms] KIPOST (KO, news, published 2023-10-11) https://www.kipost.net/news/articleView.html?idxno=313241: "$500M and 12.5% each."

### 하이퍼스케일러·통신 (광트랜시버) (mid)
- note: Hyperscalers and telecoms source DCI and telecom optical transceivers — the core demand tied to the AI capex cycle.
- [confirms] LightCounting (EN, research, published 2026-03-01) https://www.lightcounting.com/newsletter/en/march-2026-quarterly-market-update-380: "As the optical transceiver market hit $23.8B in 2025 (up 55%), Coherent's datacenter segment reached a record $1.2B, up 48% YoY, confirming hyperscaler and datacom transceiver demand driving revenue."
- [confirms] Ledesk (KO, news, published 2026-01-01) https://www.ledesk.co.kr/view.php?uid=15600: "Coherent transceivers used for AI datacenter interconnect (DCI)."
- [confirms] Newspim (KO, news, published 2025-10-27) https://www.newspim.com/news/view/20251027001267: "Coherent transceivers used for AI datacenter interconnect (DCI)."

### InnoLight (mid)  → /innolight.md
- note: InnoLight is both a transceiver customer and a finished-module rival — Coherent supplies the key EML laser, a dual structure where component sales ride on a competitor's volume.
- [mentions] Photon Capital (EN, news, published 2026-04-18) https://photoncap.net/p/chinese-optical-modules-own-7-of: "By the same structure, top Chinese module makers such as InnoLight must source high-speed EMLs from the five overseas suppliers including Coherent, given sub-15% chip localization."
- [confirms] IP-Fiber (Baudcom) (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: "Supplies EML lasers to InnoLight transceivers."

### Eoptolink (mid)  → /eoptolink.md
- note: Supplies EMLs for Eoptolink transceivers — a component-revenue axis selling the key laser to a finished-module rival.
- [mentions] Photon Capital (EN, news, published 2026-04-18) https://photoncap.net/p/chinese-optical-modules-own-7-of: "It names five firms dominating the EML market: Lumentum, Coherent, Mitsubishi, Broadcom, Sumitomo. With China's high-speed optical-chip localization below 15%, Chinese module makers like Eoptolink depend on overseas EML suppliers including Coherent."
- [confirms] Eoptolink/SZSE (EN, filing, published 2026-03-01) https://www.eoptolink.com: "Supplies EMLs to Eoptolink."

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

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