# 누가 패브리넷의 고객인가? 패브리넷의 매출은 어디서 오는가?
Canonical: https://valuechain.wiki/fabrinet · Facet: customers · Updated: 2026-07-12T04:03:11.685558+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**인용용 요약**: 패브리넷의 확인된 매출 상대는 NVIDIA·Cisco·Lumentum 외 익명·묶음 관계 4건이다. 밸류체인 그래프 기준 매출 엣지 7건, 근거 출처 7건 중 1차공시 5건 (valuechain.wiki, 2026-07-12 기준).

### NVIDIA (high)  → /nvidia.md
- metric: 점유율 27.6% · FY2025(2025.6 결산) · 10-K 고객 집중도
- note: 엔비디아 AI 광모듈·트랜시버를 위탁생산하는 최대 고객 관계 — 매출의 27.6%(FY23 12.5%→FY24 35.1%)로, 패브리넷 성장의 엔진이자 동시에 단일 고객 집중 리스크의 핵심.
- [confirms] MatrixBCG (EN, research, published 2026-01-01) https://matrixbcg.com/blogs/how-it-works/fabrinet: "Fabrinet이 NVIDIA 광부품을 광패키징·조립·테스트."
- [confirms] SEC EDGAR (EN, filing, published 2025-08-19) https://www.sec.gov/Archives/edgar/data/1408710/000140871025000039/fn-20250627.htm: "10-K: NVIDIA 매출 비중 27.6% (FY2024 35.1%·FY2023 12.5%, 매출채권의 25.5%)."
- [confirms] SEC EDGAR (EN, filing, published 2025-08-18) https://www.sec.gov/Archives/edgar/data/0001408710/000140871025000036/fn-2025818xex991q425.htm: "Fabrinet이 NVIDIA 광부품을 광패키징·조립·테스트."

### Cisco (high)  → /cisco.md
- metric: 점유율 18.2% · FY2025(2025.6 결산) · 10-K 고객 집중도
- note: Cisco의 광모듈·트랜시버를 위탁생산.
- [confirms] MatrixBCG (EN, research, published 2026-01-01) https://matrixbcg.com/blogs/how-it-works/fabrinet: "Fabrinet이 Cisco 광부품을 광패키징·조립·테스트."
- [confirms] Fabrinet (EN, filing, published 2025-08-19) https://investor.fabrinet.com/static-files/9a916b94-df74-471d-971e-a5ac4b02107c: "Fabrinet 10-K: 광패키징·위탁생산 매출."
- [confirms] SEC EDGAR (EN, filing, published 2025-08-19) https://www.sec.gov/Archives/edgar/data/1408710/000140871025000039/fn-20250627.htm: "10-K: Cisco 매출 비중 18.2% (FY2024 13.4%·FY2023 15.6%)."
- [confirms] SEC EDGAR (EN, filing, published 2025-08-18) https://www.sec.gov/Archives/edgar/data/0001408710/000140871025000036/fn-2025818xex991q425.htm: "Fabrinet이 Cisco 광부품을 광패키징·조립·테스트."

### Lumentum (high)  → /lumentum.md
- metric: 점유율 15.4% · FY2023 · 10-K
- note: 루멘텀 광모듈·트랜시버를 위탁생산 — FY23 매출의 15.4%였으나 엔비디아·시스코 급성장으로 FY24~25엔 10% 미만으로 희석된, 집중도 이동을 보여주는 관계.
- [confirms] MatrixBCG (EN, research, published 2026-01-01) https://matrixbcg.com/blogs/how-it-works/fabrinet: "Fabrinet이 Lumentum 광부품을 광패키징·조립·테스트."
- [confirms] SEC EDGAR (EN, filing, published 2025-08-19) https://www.sec.gov/Archives/edgar/data/1408710/000140871025000039/fn-20250627.htm: "10-K: Lumentum FY2023 매출 비중 15.4%, FY2024~25는 10% 미만으로 미공시 (NVIDIA·시스코 성장으로 집중 완화)."
- [confirms] SEC EDGAR (EN, filing, published 2025-08-18) https://www.sec.gov/Archives/edgar/data/0001408710/000140871025000036/fn-2025818xex991q425.htm: "Fabrinet이 Lumentum 광부품을 광패키징·조립·테스트."

### 노키아 (인피네라 포함) (high)
- metric: 점유율 12.4% · FY2023(인피네라 기준) · 10-K
- note: 인피네라가 FY2023 매출의 12.4%를 차지하던 고객. 2025년 2월 노키아가 인피네라를 인수하며 관계가 노키아로 승계(FYE2025 매출채권의 12.0%).
- [confirms] SEC EDGAR (EN, filing, published 2025-08-19) https://www.sec.gov/Archives/edgar/data/1408710/000140871025000039/fn-20250627.htm: "Infinera Corporation 12.4% (FY2023). Nokia Corporation completed its acquisition of Infinera Corporation in February 2025; Nokia 12.0% of accounts receivable at FYE2025."

### Coherent (high)  → /coherent.md
- note: Coherent의 광모듈·트랜시버를 위탁생산.
- [confirms] MatrixBCG (EN, research, published 2026-01-01) https://matrixbcg.com/blogs/how-it-works/fabrinet: "Fabrinet이 Coherent 광부품을 광패키징·조립·테스트."
- [confirms] SEC EDGAR (EN, filing, published 2025-08-18) https://www.sec.gov/Archives/edgar/data/0001408710/000140871025000036/fn-2025818xex991q425.htm: "Fabrinet이 Coherent 광부품을 광패키징·조립·테스트."

### 아마존 (high)  → /amazon.md
- note: 2025년 3월 AWS와 첫 하이퍼스케일러 직거래(최대 381,922주 워런트, 아마존 구매액 연동 베스팅) — 트랜시버 벤더를 거치지 않는 직접 채널로, HPC 매출이 FY26 1분기 $15M에서 2분기 $85.6M로 급증하며 성장의 새 축이 됐다.
- [confirms] FinancialContent (EN, news, published 2026-04-10) https://www.financialcontent.com/article/marketminute-2026-4-10-the-silicon-backbone-fabrinet-shatters-records-as-aws-partnership-ignites-high-performance-computing-surge: "Fabrinet announced a new commercial relationship with AWS, its first direct relationship with the hyperscaler; HPC revenue rose from ~$15M in Q1 2026 to $85.6M in Q2."
- [confirms] SEC EDGAR (EN, filing, published 2025-08-19) https://www.sec.gov/Archives/edgar/data/1408710/000140871025000039/fn-20250627.htm: "On March 12, 2025, the Company issued a warrant to Amazon.com NV Investment Holdings LLC to acquire up to 381,922 ordinary shares... based on payments to the Company from or on behalf of Amazon under a commercial agreement."

### Ouster (mid)  → /ouster.md
- note: Ouster 디지털 라이다 위탁제조(태국).
- [confirms] SEC EDGAR (Ouster 10-K) (EN, filing, published 2026-03-02) https://www.sec.gov/Archives/edgar/data/1816581/000162828026013313/oust-20251231.htm: "Ouster, Inc. Form 10-K FY2025"
- [confirms] SEC EDGAR (EN, filing, published 2025-03-01) https://www.sec.gov/Archives/edgar/data/1816581/000162828025014318/oust-20241231.htm: "Benchmark and Fabrinet manufacture the majority of our products. (Ouster 10-K)"

반대 방향: https://valuechain.wiki/fabrinet/suppliers.md · 파급: https://valuechain.wiki/fabrinet/ripple.md

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