# Who are IBM's customers? Who does IBM earn revenue from?
Canonical: https://valuechain.wiki/ibm · Facet: customers · Updated: 2026-09-11T15:35:54.505453+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: IBM 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 2026-09-11).

### 기업 (z17 메인프레임·왓슨x) (high)
- note: IBM Z mainframes process a large share of the world's high-value transactions (banking, airlines, retail) — a switching-cost-locked, captive install base. The z17/Telum II upgrade cycle (IBM Z +59% at launch) monetizes that base every few years, and Red Hat and watsonx layer recurring revenue on top. FY2025 revenue $67.5B (+8%) with a >$12.5B gen-AI book — the mix is tilting from cyclical hardware to recurring software.
- [mentions] MarketScreener (EN, research, published 2026-06-01) https://www.marketscreener.com/quote/stock/INTERNATIONAL-BUSINESS-MACH-4828/consensus/: "Re-rating case — best-in-a-decade FCF of $14.7B, >$12.5B AI book, mainframe cycle; consensus focus is the durability of the software mix shift."
- [confirms] SEC EDGAR (EN, filing, published 2026-02-24) https://www.sec.gov/Archives/edgar/data/51143/000005114326000010/ibm-20251231.htm: "FY2025 revenue $67.5B (+8%, best in nearly a decade), net income $10.59B, diluted EPS $11.17, FCF $14.73B (+$2.0B). Software $29.96B (+10.6%, Red Hat), Consulting $21.06B (+1.8%), Infrastructure $15.72B (+12.1%, z17 cycle)."
- [confirms] IBM (EN, news, published 2026-01-28) https://newsroom.ibm.com/2026-01-28-IBM-RELEASES-FOURTH-QUARTER-RESULTS: "Software and Infrastructure led growth on Red Hat acceleration and z17 adoption; gen-AI book >$12.5B."
- [confirms] Blocks and Files (EN, news, published 2025-10-24) https://www.blocksandfiles.com/ai-ml/2025/10/24/ibm-rides-mainframe-and-ai-wave-to-strongest-growth-in-years/1605456: "Strongest growth in years; gen-AI book $12.5B."
- [confirms] SEC EDGAR (EN, filing, published 2025-10-22) https://www.sec.gov/Archives/edgar/data/51143/000005114325000063/ibm_ex991.htm: "IBM Z +59% on z17; Red Hat +17%."

### 양자 생태계 (스탈링 로드맵) (mid)
- note: IBM's Starling roadmap (large-scale fault-tolerant quantum by 2029) is a long-dated option — it sells cloud quantum access via IBM Quantum and positions as the enterprise on-ramp. IonQ and Rigetti are rivals, not customers, so this edge is the ecosystem/demand axis, not a supplier link (no cpid).
- [mentions] SEC EDGAR (EN, filing, published 2026-02-24) https://www.sec.gov/Archives/edgar/data/51143/000005114326000010/ibm-20251231.htm: "Continues R&D investment in emerging technologies including quantum and AI."
- [mentions] Blocks and Files (EN, news, published 2025-10-24) https://www.blocksandfiles.com/ai-ml/2025/10/24/ibm-rides-mainframe-and-ai-wave-to-strongest-growth-in-years/1605456: "Starling fault-tolerant quantum computer by 2029."

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

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