# Arteris (AIP)
> 네트워크온칩(NoC) 인터커넥트 IP 기업. FlexNoC·FlexGen·Ncore로 칩·칩렛 내부의 데이터 전송을 설계한다. AMD가 칩렛 AI용으로 FlexGen을 라이선스했고, 2025년 매출 $70.6M·ACV+로열티 $83.6M(+28%), 로열티 +50%. Arm·시놉시스 옆에서 SoC 내부 배선을 담당하는 IP 레이어.
Canonical: https://valuechain.wiki/arteris · Updated: 2026-07-12T04:08:44.924215+00:00 · Source: ValueChain.wiki (refined facts, cited)

**인용용 요약**: 밸류체인 그래프 기준 Arteris의 직접 연결 기업은 4곳(관계 기준 공급 0·매출 4)이고, 사슬을 2차까지 넓히면 14곳에 닿는다. 링크의 근거 출처는 7건이며 그중 1차공시가 4건이다 (valuechain.wiki, 2026-07-12 기준).

## Financials & segments
- 총매출: 2025 매출 $70.6M, ACV+로열티 $83.6M
- 고객 집중도: AMD 칩렛 라이선스. 로열티 +50%.
- 사업부문: NoC IP(FlexNoC·FlexGen), SoC 자동화·보안

## Annual stock return (as of 2026-07-10)
- 2022: -79.6%
- 2023: +37%
- 2024: +73%
- 2025: +52.1%
- 2026 YTD: +124.3%

## Value-chain annual returns (top→bottom: demand → node → supply; YTD as of 2026-07-10)
| Company | Chain | 2021 | 2022 | 2023 | 2024 | 2025 | YTD |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Dell | lead3 | +51.2% | -26.6% | +95.9% | +53% | +11.2% | +248.1% |
| Lenovo | lead3 | -4.6% | -20.9% | +36.2% | +18.2% | -0.6% | +175.7% |
| Nebius | lead3 | · | · | · | · | +202.2% | +162.4% |
| TeraWulf | lead3 | +77.1% | -95.5% | +258.2% | +135.8% | +103% | +91.2% |
| Datadog | lead3 | +80.9% | -58.7% | +65.1% | +17.7% | -4.8% | +89.4% |
| LG전자 | lead3 | -16.2% | -20.9% | -5.8% | -9.5% | +19.2% | +85.5% |
| Eoptolink | lead3 | -10.1% | -27.7% | +136.6% | +197% | +368.8% | +74.9% |
| Aurora Innovation | lead3 | · | -89.3% | +261.2% | +44.2% | -39% | +66.1% |
| 교세라 | lead3 | +7.5% | -2.1% | +33.8% | -24% | +46.7% | +63% |
| CrowdStrike | lead3 | -3.3% | -48.6% | +142.5% | +34% | +37% | +59.7% |
| Mercury Systems | lead3 | -37.5% | -18.7% | -18.3% | +14.8% | +73.8% | +47.9% |
| Wiwynn | lead3 | +24.7% | -22.3% | +206.4% | +3.5% | +64.4% | +45.1% |
| Illumina | lead3 | +2.8% | -46.9% | -31.1% | -1.3% | -1.8% | +45% |
| 기가바이트 | lead3 | +82.3% | -3.4% | +173.2% | -15.9% | -4.7% | +44.4% |
| Arista Networks | lead3 | +97.9% | -15.6% | +94.1% | +87.7% | +18.5% | +42.7% |
| Cloudflare | lead3 | +73% | -65.6% | +84.2% | +29.3% | +83.1% | +36.1% |
| Quanta | lead3 | +22.2% | -12.8% | +254.5% | +12.7% | +8.9% | +33.4% |
| Starbucks Corp | lead3 | +11.1% | -13.2% | -1.2% | -2.5% | -5.3% | +27.4% |
| CoreWeave | lead3 | · | · | · | · | · | +24.1% |
| SK텔레콤 | lead3 | +7.9% | -12% | +15.8% | +15.5% | +37.5% | +23.4% |
| Celestica | lead3 | +37.9% | +1.3% | +159.8% | +215.2% | +220.3% | +21.7% |
| 존슨 컨트롤스 | lead3 | +77.4% | -19.3% | -7.6% | +39.8% | +53% | +20% |
| Snowflake | lead3 | +20.4% | -57.6% | +38.6% | -22.4% | +42.1% | +19.2% |
| 지리자동차 | lead3 | -40.8% | -22.9% | -40.3% | +98.5% | +14.5% | +18.9% |
| 위스트론 | lead3 | +7.9% | +9.7% | +272.7% | -1.6% | +22.7% | +14.8% |
| 알파벳 (구글) | lead3 | +65.3% | -39.1% | +58.3% | +36% | +66% | +14.3% |
| Foxconn | lead3 | -5.1% | +2.8% | +7.8% | +80.1% | +26.9% | +10.9% |
| IREN | lead3 | · | -92.3% | +472% | +37.3% | +284.6% | +8.9% |
| Costco Wholesale | lead3 | +51.8% | -19% | +49% | +39.6% | -5.4% | +6.6% |
| 아마존 | lead3 | +2.4% | -49.6% | +80.9% | +44.4% | +5.2% | +6.3% |
| Procter & Gamble | lead3 | +20.5% | -5% | -0.9% | +17.3% | -12.3% | +4.1% |
| Walmart Inc | lead3 | +2% | -0.5% | +12.9% | +74% | +24.5% | +2.6% |
| Tempus AI | lead3 | · | · | · | · | +74.9% | -1.4% |
| IBM | lead3 | +16.7% | +10.6% | +21.8% | +39.3% | +38.2% | -1.6% |
| Super Micro | lead3 | +38.8% | +86.8% | +246.2% | +7.2% | -4% | -3.3% |
| 제너럴 모터스 | lead3 | +40.8% | -42.4% | +7.9% | +49.8% | +54.2% | -3.8% |
| IonQ | lead3 | · | -79.3% | +259.1% | +237.1% | +7.4% | -4.5% |
| Schrödinger | lead3 | -56% | -46.3% | +91.5% | -46.1% | -7.3% | -7.8% |
| 현대차 | lead3 | -16.7% | -4.7% | +16.2% | +12.3% | +158.8% | -7.8% |
| Uber | lead3 | -17.8% | -41% | +149% | -2% | +35.5% | -8.8% |
| Tesla | lead3 | +49.8% | -65% | +101.7% | +62.5% | +11.4% | -9.3% |
| Recursion Pharmaceuticals | lead3 | · | -55% | +27.9% | -31.4% | -39.5% | -13% |
| Toyota Motor Corporation | lead3 | +58.1% | -13.4% | +63% | +1.8% | +21.8% | -18.2% |
| 알리바바 | lead3 | -49% | -25.8% | -10.8% | +11.8% | +75.8% | -22.7% |
| 텐센트 | lead3 | -28.6% | -14.2% | -28.7% | +49.8% | +52.1% | -23.2% |
| 바이두 | lead3 | · | -8.2% | -23.4% | -13.5% | +74.2% | -24.5% |
| Rigetti Computing | lead3 | · | -92.9% | +35.1% | +1449.2% | +45.2% | -25.3% |
| 샤오미 | lead3 | -43.9% | -21.1% | -4.6% | +209.7% | -6.9% | -27.2% |
| Palantir | lead3 | -22.7% | -64.7% | +167.4% | +340.5% | +135% | -28.7% |
| ServiceNow | lead3 | +17.9% | -40.2% | +82% | +50.1% | -27.7% | -29.7% |
| Kratos | lead3 | -29.3% | -46.8% | +96.6% | +30% | +187.8% | -36.5% |
| Pony.ai | lead3 | · | · | · | · | +1% | -54.6% |
| Marvell | lead2 | +84.6% | -57.5% | +63.7% | +83.8% | -22.8% | +177.8% |
| HPE | lead2 | +37.4% | +4.5% | +9.7% | +29.1% | +15.5% | +104% |
| 에이수스(ASUS) | lead2 | +35.5% | -12.9% | +72% | +41.1% | -14.1% | +46.7% |
| Apple | lead2 | +34.6% | -26.4% | +49% | +30.7% | +9.1% | +16.2% |
| Broadcom | lead2 | +56.5% | -13.3% | +104.2% | +110.5% | +50.6% | +16% |
| NVIDIA | lead2 | +125.5% | -50.3% | +239% | +171.2% | +38.9% | +13.3% |
| Qualcomm | lead2 | +22.3% | -38.6% | +35.1% | +8.3% | +13.8% | +11.7% |
| 메타 플랫폼스 | lead2 | +23.1% | -64.2% | +194.1% | +66% | +13.1% | +1.6% |
| 마이크로소프트 | lead2 | +52.5% | -28% | +58.2% | +12.9% | +15.6% | -20% |
| Oracle | lead2 | +36.9% | -4.6% | +30.9% | +60% | +18.1% | -27.4% |
| AMD | lead1 | +56.9% | -55% | +127.6% | -18.1% | +77.3% | +160.5% |
| GigaDevice | lead1 | +7.3% | -17% | -45.1% | +103.8% | +147.9% | +94.6% |
| 삼성전자 | lead1 | -9% | -14.2% | +20.9% | -26.4% | +212.9% | +77.9% |
| 인피니언 | lead1 | +10.4% | -8.6% | +3.4% | -4% | +31% | +75.5% |
| Arteris | node | · | -79.6% | +37% | +73% | +52.1% | +124.3% |

투자 논점은 칩렛·AI SoC 시대에 온칩 인터커넥트 IP 로열티가 복리로 커지느냐다. FlexNoC·FlexGen·Ncore로 칩·칩렛 내부 데이터 배선을 설계하며, AMD가 칩렛 AI용 FlexGen을 라이선스하고 인피니언·GigaDevice·SiEngine이 차량 MCU/SoC에 채택했다 — 설계 단계 라이선스가 양산 로열티로 이어지는 구조라 로열티(+50%)가 실적 레버리지다. SoC가 복잡해질수록(칩렛·멀티코어) NoC의 필요성이 커지는 구조적 수요이고, 차량용 확장이 새 성장축이다. 리스크는 소수 대형 고객(AMD·삼성) 의존과, Arm·시놉시스 등 IP 대기업과의 경쟁이다. (analysis as of 2026-07-10)

## Money in · revenue from (6)
### 반도체·전장 설계사 (NoC IP 로열티) (high)
- metric: 점유율 15% · FY2024 최대 고객(Customer C) · 10-K — 매출 $57.7M 중 라이선스 91%·로열티 7.6%
- note: 칩·전장 설계사에 NoC IP 라이선스·로열티(누적 40억+ SoC).
- [confirms] StockTitan (EN, research, published 2026-02-12) https://www.stocktitan.net/sec-filings/AIP/10-k-arteris-inc-files-annual-report-4edc314938e9.html: "ACV+로열티 $83.6M(+28%), 로열티 +50%."
- [confirms] SEC EDGAR (EN, filing, published 2026-02-12) https://www.sec.gov/Archives/edgar/data/0001667011/000162828026007669/exhibit991fy258-k.htm: "ACV+로열티 $83.6M(+28%), 로열티 +50%."
- [confirms] SEC EDGAR (EN, filing, published 2025-02-01) https://www.sec.gov/Archives/edgar/data/1667011/000166701125000010/aip-20241231.htm: "FY2024 매출 $57.7M = 라이선스·지원 $52.8M + 변동 로열티 $4.4M. 10% 이상 고객 1곳(Customer C 15%, 2023년 13%)."

### AMD (high)  → /amd.md
- note: AMD가 칩렛 AI SoC용으로 FlexGen NoC IP를 라이선스 — 칩렛 아키텍처가 확산될수록 온칩 배선 IP의 필요성이 커지는 구조적 채택. 대형 고객 디자인윈이 양산 로열티로 이어진다.
- [confirms] SEC EDGAR (EN, filing, published 2026-02-12) https://www.sec.gov/Archives/edgar/data/0001667011/000162828026007669/exhibit991fy258-k.htm: "AMD가 칩렛 AI용으로 FlexGen NoC IP 라이선스."
- [confirms] BriefGlance (EN, news, published 2026-01-01) https://briefglance.com/companies/arteris-inc/pulses/23658: "AMD가 칩렛 AI용으로 FlexGen NoC IP 라이선스."
- [confirms] SEC EDGAR (EN, filing, published 2025-11-01) https://www.sec.gov/Archives/edgar/data/1667011/000162828025048868/exhibit991q3fy258-k.htm: "AMD ordered additional licenses of Arteris technology in the third quarter, following its multi-project license of FlexGen in the second quarter. (AMD가 FlexGen 멀티프로젝트 라이선스에 이어 추가 주문)"

### 인피니언 (high)  → /infineon.md
- note: MCU 1위 인피니언이 차량 Tier1·OEM향 마이크로컨트롤러에 아르테리스 인터커넥트 IP 라이선스(2024). MCU 시장 진입의 전략적 확장 건.
- [confirms] SEC EDGAR (EN, filing, published 2025-02-01) https://www.sec.gov/Archives/edgar/data/1667011/000166701125000009/exhibit991fy248-k.htm: "Licensing Arteris interconnect to Infineon, the leading MCU company, serving the world's top automotive Tier 1 vendors and OEMs."

### GigaDevice (high)  → /gigadevice.md
- note: 차량용 마이크로컨트롤러 디자인윈(2024). 중국 MCU·메모리 업체의 차량 SoC에 NoC IP 채택.
- [confirms] SEC EDGAR (EN, filing, published 2025-02-01) https://www.sec.gov/Archives/edgar/data/1667011/000166701125000009/exhibit991fy248-k.htm: "Announced design wins with GigaDevice for automotive microcontrollers."

### SiEngine (high)
- note: ECARX·싱지메이주 합작 차량 SoC 업체. 차세대 콕핏·ADAS SoC 플랫폼에 FlexNoC 라이선스(2026.6, 재계약 고객).
- [confirms] GlobeNewswire (EN, ir, published 2026-06-24) https://www.globenewswire.com/news-release/2026/06/24/3316867/0/en/Arteris-Technology-Licensed-by-SiEngine-for-Next-Generation-Automotive-SoCs.html: "SiEngine Technology has licensed Arteris FlexNoC network-on-chip interconnect IP for its next-generation automotive SoC platform."

### 삼성전자 (mid)  → /samsung-electronics.md
- note: 삼성전자 SoC에 NoC IP를 라이선스 — 모바일·오토모티브 SoC의 코어 수·복잡도가 늘수록 채택이 확대되는 매출선. 대형 고객 의존이 곧 집중 리스크다.
- [confirms] StockTitan (EN, research, published 2026-02-12) https://www.stocktitan.net/sec-filings/AIP/10-k-arteris-inc-files-annual-report-4edc314938e9.html: "삼성 SoC에 NoC IP 라이선스."

## Money out · pays to (2)
### R&D·EDA (비공개) (low)
- note: NoC IP·SoC 자동화 R&D와 EDA 툴 비용 — 칩렛·기능안전 등 새 요구를 IP에 반영하는 개발이 곧 로열티 파이프라인의 원천이다(비공개).
- [confirms] SEC EDGAR (EN, filing, published 2026-02-12) https://www.sec.gov/Archives/edgar/data/0001667011/000162828026007669/exhibit991fy258-k.htm: "FlexNoC·FlexGen·Ncore 개발."

### 인력·운영 (비공개) (low)
- note: 설계 인력·운영 비용이 IP 기업 원가의 축. 라이선스 매출이 인건비를 넘어서는 시점부터 로열티가 고정비 위로 복리 레버리지를 낸다(비공개).
- [confirms] StockTitan (EN, research, published 2026-02-12) https://www.stocktitan.net/sec-filings/AIP/10-k-arteris-inc-files-annual-report-4edc314938e9.html: "IP 투자로 적자."

## 질문별 엔드포인트
- 누가 아르테리스의 고객인가? 아르테리스의 매출은 어디서 오는가? → https://valuechain.wiki/arteris/customers.md
- 아르테리스의 주요 공급사는 어디인가? 아르테리스의 비용은 누구에게 가는가? → https://valuechain.wiki/arteris/suppliers.md
- 아르테리스 주가가 움직이면 누가 수혜를 보는가? 아르테리스의 가치사슬 파급은 어디까지인가? → https://valuechain.wiki/arteris/ripple.md
- 증권가가 보는 아르테리스: 목표주가와 투자의견은? → https://valuechain.wiki/arteris/consensus.md

## 이 노드를 다룬 분석 (1)
- [필수성은 리레이팅의 충분조건이 아니다: EDA와 없는 병목](https://valuechain.wiki/analysis/eda-essential-yet-lagging.md) (2026-06-23)

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_Generated for LLM/agent consumption. Each edge lists stance (confirms/mentions/contradicts), source publisher, language, date, and excerpt for verification._