# Who are Fabrinet's customers? Who does Fabrinet earn revenue from?
Canonical: https://valuechain.wiki/fabrinet · Facet: customers · Updated: 2026-07-12T04:03:11.685558+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: Fabrinet's confirmed revenue counterparties include NVIDIA, Cisco, Lumentum plus 4 undisclosed/aggregate relationships. Per the valuechain.wiki graph: 7 revenue edges, backed by 7 dated sources, 5 of them primary filings (as of 2026-07-12).

### NVIDIA (high)  → /nvidia.md
- metric: Market share 27.6% · FY2025(2025.6 결산) · 10-K customer concentration
- note: Contract-manufactures NVIDIA's AI optical modules/transceivers as the largest customer relationship — 27.6% of revenue (from 12.5% in FY23 to 35.1% in FY24), both the engine of Fabrinet's growth and the core of its single-customer concentration risk.
- [confirms] MatrixBCG (EN, research, published 2026-01-01) https://matrixbcg.com/blogs/how-it-works/fabrinet: "Fabrinet packages/assembles/tests optics for nvidia."
- [confirms] SEC EDGAR (EN, filing, published 2025-08-19) https://www.sec.gov/Archives/edgar/data/1408710/000140871025000039/fn-20250627.htm: "10-K: NVIDIA at 27.6% of revenue (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: "Fabrinet packages/assembles/tests optics for nvidia."

### Cisco (high)  → /cisco.md
- metric: Market share 18.2% · FY2025(2025.6 결산) · 10-K customer concentration
- note: Contract-manufactures optical modules/transceivers for cisco.
- [confirms] MatrixBCG (EN, research, published 2026-01-01) https://matrixbcg.com/blogs/how-it-works/fabrinet: "Fabrinet packages/assembles/tests optics for cisco."
- [confirms] Fabrinet (EN, filing, published 2025-08-19) https://investor.fabrinet.com/static-files/9a916b94-df74-471d-971e-a5ac4b02107c: "Fabrinet 10-K: optical-packaging contract-manufacturing revenue."
- [confirms] SEC EDGAR (EN, filing, published 2025-08-19) https://www.sec.gov/Archives/edgar/data/1408710/000140871025000039/fn-20250627.htm: "10-K: Cisco at 18.2% of revenue (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: "Fabrinet packages/assembles/tests optics for cisco."

### Lumentum (high)  → /lumentum.md
- metric: Market share 15.4% · FY2023 · 10-K
- note: Contract-manufactures Lumentum's optical modules/transceivers — 15.4% of revenue in FY23 but diluted below 10% in FY24-25 as NVIDIA and Cisco grew, illustrating the shift in customer concentration.
- [confirms] MatrixBCG (EN, research, published 2026-01-01) https://matrixbcg.com/blogs/how-it-works/fabrinet: "Fabrinet packages/assembles/tests optics for lumentum."
- [confirms] SEC EDGAR (EN, filing, published 2025-08-19) https://www.sec.gov/Archives/edgar/data/1408710/000140871025000039/fn-20250627.htm: "10-K: Lumentum at 15.4% of revenue in FY2023; below 10% (undisclosed) in FY2024-25."
- [confirms] SEC EDGAR (EN, filing, published 2025-08-18) https://www.sec.gov/Archives/edgar/data/0001408710/000140871025000036/fn-2025818xex991q425.htm: "Fabrinet packages/assembles/tests optics for lumentum."

### 노키아 (인피네라 포함) (high)
- metric: Market share 12.4% · FY2023(인피네라 기준) · 10-K
- note: Infinera was 12.4% of revenue in FY2023; Nokia acquired Infinera in February 2025, rolling the relationship up under Nokia (12.0% of accounts receivable at FYE2025).
- [confirms] SEC EDGAR (EN, filing, published 2025-08-19) https://www.sec.gov/Archives/edgar/data/1408710/000140871025000039/fn-20250627.htm: "Infinera at 12.4% of revenue (FY2023); Nokia completed the Infinera acquisition in Feb 2025 (12.0% of AR at FYE2025)."

### Coherent (high)  → /coherent.md
- note: Contract-manufactures optical modules/transceivers for coherent.
- [confirms] MatrixBCG (EN, research, published 2026-01-01) https://matrixbcg.com/blogs/how-it-works/fabrinet: "Fabrinet packages/assembles/tests optics for coherent."
- [confirms] SEC EDGAR (EN, filing, published 2025-08-18) https://www.sec.gov/Archives/edgar/data/0001408710/000140871025000036/fn-2025818xex991q425.htm: "Fabrinet packages/assembles/tests optics for coherent."

### 아마존 (high)  → /amazon.md
- note: A first direct hyperscaler tie with AWS (Mar 2025; a warrant for up to 381,922 shares vesting with Amazon purchases) — a direct channel bypassing transceiver vendors, with HPC revenue surging from $15M in Q1 FY26 to $85.6M in Q2 as a new growth axis.
- [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: "First direct AWS relationship; HPC revenue rose from ~$15M (Q1 FY2026) to $85.6M (Q2)."
- [confirms] SEC EDGAR (EN, filing, published 2025-08-19) https://www.sec.gov/Archives/edgar/data/1408710/000140871025000039/fn-20250627.htm: "Warrant to Amazon NV Investment Holdings for up to 381,922 shares, vesting on Amazon payments under a commercial agreement."

### Ouster (mid)  → /ouster.md
- note: Contract-manufactures Ouster's digital lidar (Thailand).
- [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)"

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

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