# Who are Mitsubishi Heavy Industries's customers? Who does Mitsubishi Heavy Industries earn revenue from?
Canonical: https://valuechain.wiki/mitsubishi-heavy-industries · Facet: customers · Updated: 2026-07-12T03:24:01.023141+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: Mitsubishi Heavy Industries's confirmed revenue counterparties include Boeing (787 composite wing box) plus 3 undisclosed/aggregate relationships. Per the valuechain.wiki graph: 4 revenue edges, backed by 7 dated sources, 3 of them primary filings (as of 2026-07-12).

### 북미·아시아 발전사·데이터센터 (가스터빈) (high)
- note: The engine of MHI's growth right now: AI-datacenter power scarcity pushed large frame gas-turbine orders to a record (35 units), and energy orders of ~¥3.6T (+40%) form the core of the ¥13T group backlog. With deliveries stretching into the 2030s, capacity-expansion execution — not short-term conditions — is the variable for realizing revenue. A three-way oligopoly with GE Vernova and Siemens Energy.
- [confirms] Mitsubishi Heavy Industries (EN, filing, published 2026-05-12) https://www.mhi.com/finance/library/result/pdf/fy20254q/presentation.pdf: "Booked 35 large frame gas turbines; energy backlog surged on datacenter demand."
- [confirms] Mitsubishi Heavy Industries (EN, filing, published 2026-05-12) https://www.mhi.com/finance/library/result/pdf/fy20254q/financial_results.pdf: "Energy Systems revenue ¥2,053.9B, segment profit ¥267.3B."
- [mentions] Nikkei Asia (EN, news, published 2025-11-01) https://asia.nikkei.com/business/aerospace-defense-industries/mitsubishi-heavy-boosts-order-forecast-on-data-center-power-demand: "Raised order forecast on datacenter power demand."

### 일본 방위성·정부 (방산·미사일·H3) (high)
- note: The prime beneficiary of Japan's security-policy shift: a rising defense budget pushed missile, ship and fighter orders, lifting Aircraft, Defense & Space revenue +40%, while 11 Australian Mogami frigates (Japan's first postwar warship export) signal a structural break beyond the domestic market. Counterparties are the government and JAXA, so individual contracts are undisclosed, but multi-year budget visibility underpins the downside.
- [mentions] Analyst consensus (16 analysts) (EN, research, published 2026-05-15) https://www.investing.com/equities/mitsubishi-heavy-industries,-ltd.-consensus-estimates: "Consensus Buy, average target ¥5,553 (16 analysts, 12 buy)."
- [confirms] Mitsubishi Heavy Industries (EN, filing, published 2026-05-12) https://www.mhi.com/finance/library/result/pdf/fy20254q/financial_results.pdf: "Aircraft, Defense & Space revenue ¥1,392.9B (+40%), segment profit ¥151.5B."
- [confirms] Etoday (KO, news, published 2026-04-21) https://www.etoday.co.kr/news/view/2494479: "Exports 11 upgraded Mogami-class frigates to Australia — Japan's first warship export."
- [mentions] Nikkei Asia (EN, news, published 2025-11-01) https://asia.nikkei.com/business/aerospace-defense-industries/mitsubishi-heavy-boosts-order-forecast-on-data-center-power-demand: "MHI defense benefits from Japan's defense-budget rise."

### Boeing (787 복합재 주익박스) (high)  → /boeing.md
- note: Its window into the commercial-aero cycle: a Tier-1 relationship building Boeing's 787 composite wing box in Nagoya and Shimonoseki, 1,000+ units shipped since 2007. Because it forms the wing from Toray T800 carbon fiber, a recovery in 787 build rates flows through simultaneously to this revenue and to Toray's material demand.
- [confirms] Mitsubishi Heavy Industries (EN, filing, published 2025-01-01) https://www.mhi.com/products/air/boeing_787.html: "Nagoya plant makes the 787 composite wing box."
- [mentions] CompositesWorld (EN, news, published 2024-01-01) https://www.compositesworld.com/articles/boeing-787-update: "MHI forms 787 wing skins/spars from Toray T800 prepreg via ATL."

### 전력사·정부 (원자력·경수로·핵연료) (mid)
- note: Nuclear business within Energy Systems. FY2026 orders rose across Japanese light-water-reactor restarts, fuel-cycle facilities and next-gen reactors; Japanese utilities (e.g. Kansai) and the government are the main counterparties (individual contracts undisclosed).
- [confirms] Mitsubishi Heavy Industries (EN, filing, published 2026-05-12) https://www.mhi.com/finance/library/result/pdf/fy20254q/presentation.pdf: "Nuclear orders rising — Japan LWRs, fuel cycle, next-gen reactors."

Reverse side: https://valuechain.wiki/mitsubishi-heavy-industries/suppliers.md · Ripple: https://valuechain.wiki/mitsubishi-heavy-industries/ripple.md

---
Full node: https://valuechain.wiki/mitsubishi-heavy-industries.md · JSON: https://valuechain.wiki/mitsubishi-heavy-industries.json