# Aurora Innovation (AUR)
> 자율주행 트럭 기업. 2025년 2분기 무인 상업운행을 시작해 첫 매출($1M)을 냈고, 워너·허쉬바흐와 야간 운행까지 확대했다. NVIDIA DRIVE Thor·DriveOS와 컨티넨탈을 묶어 2027년 양산 하드웨어를 준비한다(현금 $13억, 적자 $201M). 라이다·컴퓨트를 사서 무인 운송을 파는 자율주행 수요 노드다.
Canonical: https://valuechain.wiki/aurora · Updated: 2026-07-12T04:14:19.1061+00:00 · Source: ValueChain.wiki (refined facts, cited)

**인용용 요약**: 밸류체인 그래프 기준 Aurora Innovation의 직접 연결 기업은 4곳(관계 기준 공급 3·매출 1)이고, 사슬을 2차까지 넓히면 39곳에 닿는다. 링크의 근거 출처는 5건이며 그중 1차공시가 2건이다 (valuechain.wiki, 2026-07-12 기준).

## Financials & segments
- 총매출: 2Q25 첫 매출 $1M
- 고객 집중도: NVIDIA·컨티넨탈. 워너·허쉬바흐.
- 사업부문: 무인 트럭 운송, Aurora Driver 라이선스

## Annual stock return (as of 2026-07-10)
- 2022: -89.3%
- 2023: +261.2%
- 2024: +44.2%
- 2025: -39%
- 2026 YTD: +66.1%

## Value-chain annual returns (top→bottom: demand → node → supply; YTD as of 2026-07-10)
| Company | Chain | 2021 | 2022 | 2023 | 2024 | 2025 | YTD |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Uber | lead1 | -17.8% | -41% | +149% | -2% | +35.5% | -8.8% |
| Aurora Innovation | node | · | -89.3% | +261.2% | +44.2% | -39% | +66.1% |
| 팩카 | benef1 | +5.6% | +17% | +55% | +10.8% | +8% | +14.4% |
| NVIDIA | benef1 | +125.5% | -50.3% | +239% | +171.2% | +38.9% | +13.3% |
| Hesai | benef1 | · | · | · | +55.1% | +62.1% | -27.9% |
| 키옥시아 | benef2 | · | · | · | · | +1082.1% | +260.5% |
| Micron Technology | benef2 | +24.2% | -45.9% | +71.9% | -1% | +240.2% | +243.3% |
| Murata | benef2 | -14% | -11.7% | +24.7% | -16.5% | +29.9% | +217.4% |
| 난야PCB | benef2 | +110.6% | -46.7% | -0.5% | -38.3% | +188.2% | +213.4% |
| ASE테크놀로지 | benef2 | +38.3% | -12.8% | +60.9% | +10.1% | +65.6% | +167.6% |
| Nebius | benef2 | · | · | · | · | +202.2% | +162.4% |
| Astera Labs | benef2 | · | · | · | · | +25.6% | +148.2% |
| Ibiden | benef2 | +30.4% | -19.6% | +51.6% | -38.6% | +261% | +147.1% |
| SK하이닉스 | benef2 | -0.4% | -25.6% | +53.9% | +48.6% | +361.1% | +140.3% |
| 유니마이크론 | benef2 | +133.5% | -30.2% | +35.2% | -19.7% | +175.7% | +131.6% |
| Corning | benef2 | +5.9% | -11.6% | -1.2% | +60.6% | +87.8% | +118.8% |
| Lumentum | benef2 | +11.6% | -50.7% | +0.5% | +60.1% | +339.1% | +117.6% |
| 삼성전자 | benef2 | -9% | -14.2% | +20.9% | -26.4% | +212.9% | +77.9% |
| onsemi | benef2 | +107.5% | -8.2% | +33.9% | -24.5% | -14.1% | +77.2% |
| Coherent | benef2 | -10% | -48.6% | +24% | +117.6% | +94.8% | +75.8% |
| Eoptolink | benef2 | -10.1% | -27.7% | +136.6% | +197% | +368.8% | +74.9% |
| InnoLight | benef2 | -30.7% | -18.3% | +253.7% | +12% | +468.1% | +68.8% |
| Keysight | benef2 | +56.3% | -17.2% | -7% | +1% | +26.5% | +58.5% |
| Delta Electronics | benef2 | -3.4% | +10.4% | -0.3% | +59.2% | +183.8% | +54.9% |
| Monolithic Power | benef2 | +35.5% | -27.8% | +79.8% | -5.6% | +54.5% | +49.8% |
| Analog Devices | benef2 | +21% | -4.9% | +23.4% | +8.8% | +29.8% | +46.7% |
| TSMC | benef2 | +12.1% | -36.7% | +42.3% | +92.6% | +55.9% | +43.6% |
| Cummins | benef2 | -1.7% | +14.1% | +1.7% | +48.9% | +49.4% | +33.3% |
| ABB | benef2 | +23.9% | +7.3% | +18.9% | +39% | +36.1% | +27.2% |
| 페가트론 | benef2 | -5.9% | +0.6% | +35.3% | +21.2% | -23.8% | +24% |
| Luxshare | benef2 | -11.9% | -30.2% | -21.2% | +58.8% | +29.3% | +20.6% |
| Digital Realty | benef2 | +30.7% | -41% | +39.9% | +35.9% | -10.1% | +18.2% |
| Amphenol | benef2 | +34.9% | -12% | +31.5% | +41.3% | +96.1% | +18.1% |
| 위스트론 | benef2 | +7.9% | +9.7% | +272.7% | -1.6% | +22.7% | +14.8% |
| KYEC | benef2 | +26.7% | -7.7% | +132.4% | +38.6% | +171% | +4.2% |
| BlackRock | benef2 | +29.4% | -20.4% | +17.9% | +29.3% | +6.6% | -2.1% |
| TE Connectivity | benef2 | +35.1% | -27.7% | +24.6% | +3.5% | +61.1% | -11.3% |
| Recursion Pharmaceuticals | benef2 | · | -55% | +27.9% | -31.4% | -39.5% | -13% |
| BYD일렉트로닉스 | benef2 | -56.1% | +16% | -0.4% | +60.6% | -19.4% | -34.4% |
| 삼성전기 | benef3 | -11.8% | -18.5% | -1.4% | -2.5% | +110% | +467.7% |
| 주성엔지니어링 | benef3 | +127.9% | -42.6% | +173.3% | -3.1% | +30.7% | +364.1% |
| 섬코 | benef3 | -4.3% | -3.9% | +21.3% | -48.1% | +41.7% | +225.8% |
| 피에스케이 | benef3 | +22.7% | -19.6% | +14.2% | -2.6% | +228.2% | +208% |
| LG이노텍 | benef3 | +78.2% | -22% | -28.8% | -22.1% | +66.8% | +204.6% |
| Arm Holdings | benef3 | · | · | · | +64.2% | -11.4% | +195.8% |
| GlobalWafers | benef3 | +26.9% | -29.9% | +14.3% | -39% | +48.9% | +171.6% |
| ACM Research | benef3 | +4.9% | -72.9% | +153.4% | -22.7% | +161.3% | +161.1% |
| AMD | benef3 | +56.9% | -55% | +127.6% | -18.1% | +77.3% | +160.5% |
| Kulicke & Soffa | benef3 | +92.4% | -25.8% | +25.5% | -13.2% | -0.3% | +150.1% |
| 코후 | benef3 | -0.2% | -15.9% | +10.4% | -24.6% | -12.8% | +141.4% |
| 어플라이드 머티어리얼즈 | benef3 | +83.6% | -37.5% | +68% | +1.1% | +59.6% | +135% |
| 미디어텍 | benef3 | +27.8% | -26.6% | +52.9% | +58.3% | +24.9% | +124.3% |
| Arteris | benef3 | · | -79.6% | +37% | +73% | +52.1% | +124.3% |
| FormFactor | benef3 | +6.3% | -51.4% | +87.6% | +5.5% | +26.8% | +110.7% |
| 케이씨텍 | benef3 | -24.2% | -6.1% | +57.9% | +5.9% | +56.7% | +108.1% |
| 램리서치 | benef3 | +53.7% | -40.7% | +88.6% | -6.8% | +139.2% | +105% |
| JCET | benef3 | -34% | +0.2% | -15.2% | +73.3% | +28% | +104.6% |
| Onto Innovation | benef3 | +112.9% | -32.7% | +124.6% | +9% | -5.3% | +103.6% |
| 심텍 | benef3 | +119.6% | -34.6% | +12.4% | -63.3% | +392.9% | +94.9% |
| 대덕전자 | benef3 | +64.2% | -0.3% | +13.3% | -22.7% | +250.2% | +92.1% |
| KLA | benef3 | +68% | -11.2% | +56% | +9.4% | +94.5% | +91% |
| Tower Semiconductor | benef3 | +53.7% | +8.9% | -29.4% | +68.8% | +128% | +89.7% |
| SCREEN Holdings | benef3 | +40.7% | -13.2% | +220.1% | -24.1% | +84.9% | +86.3% |
| Teradyne | benef3 | +36.8% | -46.3% | +24.8% | +16.5% | +54.4% | +85.9% |
| ASMPT | benef3 | -29% | -12.4% | +21.8% | -4.8% | +47.6% | +82% |
| Resonac | benef3 | -2.6% | -4% | +37.5% | +30.3% | +137.9% | +80.4% |
| MACOM | benef3 | +42.3% | -19.6% | +47.6% | +39.8% | +31.8% | +80.1% |
| 도쿄일렉트론 | benef3 | +40.4% | -14.5% | +89.8% | -4.4% | +61.6% | +78.2% |
| 퀴니티 일렉트로닉스 | benef3 | · | · | · | · | · | +76.3% |
| Entegris | benef3 | +44.6% | -52.5% | +83.5% | -17.1% | -14.6% | +72.8% |
| Kokusai Electric | benef3 | · | · | · | -35.4% | +165.3% | +70% |
| ASML | benef3 | +64.1% | -30.5% | +39.9% | -7.7% | +55.8% | +68.6% |
| Global Unichip | benef3 | +21.4% | +67.6% | +99.4% | -13.7% | +101.4% | +66.4% |
| Ajinomoto | benef3 | +31% | +36% | +44.5% | +4% | +14.1% | +63.7% |
| 후성 | benef3 | +59.9% | -33.5% | -34.5% | -39.1% | +67.4% | +62.2% |
| BESI | benef3 | +33.7% | -6.1% | +121.8% | -9.3% | +35% | +56.2% |
| Fujimi | benef3 | +64.7% | -1.6% | +40.4% | -24.2% | +28.4% | +54.6% |
| 유진테크 | benef3 | +28.1% | -45.1% | +64.1% | -12.6% | +202.5% | +49.5% |
| Montage Technology | benef3 | -18.2% | -21.8% | -18% | +51.4% | +169% | +47.4% |
| 기가바이트 | benef3 | +82.3% | -3.4% | +173.2% | -15.9% | -4.7% | +44.4% |
| 신에쓰화학 | benef3 | +6.3% | +3.1% | +57.8% | -15.6% | +7.6% | +44% |
| 삼성E&A | benef3 | +74.5% | +20% | -13.7% | -15.9% | +76.7% | +43.2% |
| Tokyo Ohka Kogyo | benef3 | -2.7% | -3% | +63.8% | +4.3% | +111.5% | +42.9% |
| Camtek | benef3 | +110.1% | -52.3% | +215.9% | +18.3% | +31.7% | +35.2% |
| Ebara | benef3 | +58.1% | +2.3% | +76.1% | +41% | +84% | +32.3% |
| ASM International | benef3 | +44.2% | +2.9% | +68.7% | +10.3% | +25.9% | +28.8% |
| 파워텍 (PTI) | benef3 | +4.8% | -7.5% | +86% | -16% | +128.6% | +26% |
| Linde | benef3 | +33.4% | -4.4% | +27.7% | +3.2% | +3.2% | +25.1% |
| CoreWeave | benef3 | · | · | · | · | · | +24.1% |
| 에어프로덕츠 | benef3 | +13.8% | +3.9% | -9% | +8.1% | -12.7% | +23.7% |
| Cadence Design Systems | benef3 | +36.6% | -13.8% | +69.6% | +10.3% | +4% | +22.9% |
| Lasertec | benef3 | +78.9% | +2.4% | +57% | -60.6% | +138.9% | +22.4% |
| 미쓰비시전기 | benef3 | -8.1% | +2.5% | +58.7% | +19.1% | +91% | +21.3% |
| Advantest | benef3 | +17% | -2.3% | +155.7% | +49.5% | +196% | +17.1% |
| 스미토모화학 | benef3 | +19.6% | -9.1% | -27.7% | -2.2% | +43.9% | +16% |
| Broadcom | benef3 | +56.5% | -13.3% | +104.2% | +110.5% | +50.6% | +16% |
| 네패스 | benef3 | -29.5% | -44% | +6.7% | -62.7% | +179.2% | +15.1% |
| 알파벳 (구글) | benef3 | +65.3% | -39.1% | +58.3% | +36% | +66% | +14.3% |
| Merck KGaA | benef3 | +42.2% | -0.4% | -19.1% | -2.5% | -12.7% | +13.5% |
| Air Liquide | benef3 | +14.1% | +7.9% | +20.9% | +8.5% | -4.8% | +12.5% |
| 디스코 | benef3 | -6.6% | +27.7% | +218.5% | +11.6% | +49.6% | +10.2% |
| 원익QnC | benef3 | +26.2% | +2% | +11.9% | -33.7% | +53.4% | +9.3% |
| 원익IPS | benef3 | -19.7% | -19.8% | -0.2% | -25.5% | +408.8% | +9.3% |
| Siemens Energy | benef3 | -35.4% | -2.7% | -27% | +314.2% | +149.9% | +5.7% |
| 한미반도체 | benef3 | +98.5% | -21.7% | +313.1% | +93.7% | +87.9% | +5.5% |
| 하나마이크론 | benef3 | +109% | -41% | +143.5% | -52.4% | +269.3% | +5.3% |
| Fabrinet | benef3 | +52.7% | +8.2% | +48.4% | +15.5% | +107.1% | +3.5% |
| 소프트뱅크그룹 | benef3 | +10.2% | +9.9% | +39.2% | +6.5% | +8.5% | +3.2% |
| 코보 | benef3 | -5.9% | -42% | +24.2% | -37.9% | +20.8% | +1.5% |
| 이오테크닉스 | benef3 | +7.6% | -28.2% | +130.5% | -16.2% | +163.2% | +0.7% |
| 아이에스시 | benef3 | +43.2% | +14.2% | +116.5% | -11.9% | +126.8% | +0.3% |
| HD Hyundai Electric | benef3 | +4.2% | +132.5% | +159.4% | +300.5% | +120.2% | -3.7% |
| HPSP | benef3 | · | · | +216.5% | -30.4% | +54.7% | -4.5% |
| Synopsys | benef3 | +42.1% | -13.4% | +61.3% | -5.7% | -3.2% | -5.2% |
| 캐논 | benef3 | +22.5% | +11.1% | +46.4% | +27% | -3.2% | -5.6% |
| LG디스플레이 | benef3 | -6.8% | -30.9% | -8.5% | -20.6% | +26.2% | -5.7% |
| Photronics | benef3 | +68.9% | -10.7% | +86.4% | -24.9% | +35.8% | -6.6% |
| 파크시스템스 | benef3 | +25.1% | +1.6% | +41.6% | +37.3% | +28.9% | -11.2% |
| BYD | benef3 | -6.5% | +10.5% | -28.5% | +58.9% | +8.7% | -12.7% |
| 하나머티리얼즈 | benef3 | +106% | -30.5% | +26.1% | -47.4% | +173.9% | -15.7% |
| 동진쎄미켐 | benef3 | +28.1% | -13.7% | +16.1% | -42.8% | +160.1% | -15.8% |
| 마이크로소프트 | benef3 | +52.5% | -28% | +58.2% | +12.9% | +15.6% | -20% |
| 유니테스트 | benef3 | +23.4% | -57.8% | +11.3% | -1.6% | +6.8% | -24.8% |
| Oracle | benef3 | +36.9% | -4.6% | +30.9% | +60% | +18.1% | -27.4% |
| 이엔에프테크놀로지 | benef3 | -32.9% | -23.6% | +1.3% | -16.1% | +204.6% | -28.4% |
| 리노공업 | benef3 | +21% | -5.3% | +18.3% | +9.5% | +150.1% | -30.3% |
| SFA반도체 | benef3 | -5.8% | -34.1% | +48.7% | -48.7% | +139.8% | -31.8% |
| 솔브레인 | benef3 | -8.2% | -3.9% | +16.6% | -37.6% | +192.8% | -35.9% |
| 에스앤에스텍 | benef3 | -17.3% | -5% | +45.8% | -31.2% | +210.8% | -47.5% |

투자 논점은 무인 트럭 상용화가 매출 곡선으로 전환되는 초입에서 현금소진을 견디느냐다. 2025년 2분기 무인 상업운행을 시작해 첫 매출($1M)을 냈지만 매출원가가 $17M로 아직 규모의 경제 이전이고, 워너·허쉬바흐·우버프레이트로 노선을 넓히며 야간 운행까지 확대 중이다. 구조는 라이다(허사이)·컴퓨트(엔비디아 토르)·트럭 플랫폼(PACCAR)·하드웨어(아우모비오 HaaS)를 사서 무인 운송을 파는 통합자로, 2027년 3세대 하드웨어 양산이 대당 원가를 낮추는 변곡점이다. 현금 $13억·연 적자 $201M이라, 운행 대수 확장 속도와 하드웨어 원가 하락이 흑자 경로를 가른다. (analysis as of 2026-07-10)

## Money in · revenue from (3)
### 물류·트럭 운송 (워너·허쉬바흐) (high)
- metric: 금액 $3M · FY2025(상용 첫해) · 10-K 손익계산서
- note: 2025년 4월 허쉬바흐·우버 프레이트와 무인 상용 운행 개시, FedEx·슈나이더·워너·볼보AS 파일럿 병행. FY2025 매출 300만달러(상용 첫해, 매출원가 1,700만달러).
- [confirms] 미국 증권거래위원회(SEC) (EN, filing, published 2026-02-13) https://www.sec.gov/Archives/edgar/data/1828108/000182810826000016/aur-20251231.htm: "In April 2025, we launched driverless commercial operations with Hirschbach and Uber Freight... commercial trucking pilots throughout 2025 with FedEx, Schneider, Volvo Autonomous Solutions, and Werner."
- [confirms] Transport Topics (EN, news, published 2025-08-01) https://www.ttnews.com/articles/aurora-earnings-q2-2025: "워너·허쉬바흐 등 물류사에 무인 트럭 운송 서비스(2Q25 첫 매출)."
- [confirms] Aurora (EN, filing, published 2025-01-15) https://ir.aurora.tech/news-events/press-releases/detail/112/aurora-continental-and-nvidia-partner-to-deploy-driverless-trucks-at-scale: "워너·허쉬바흐 등 물류사에 무인 트럭 운송 서비스(2Q25 첫 매출)."

### 우버 프레이트 (high)  → /uber.md
- note: 2025년 4월 무인 상용 운행 개시 고객. 우버 프레이트 디지털 화물 네트워크가 오로라 자율 트럭 구독 서비스에 통합.
- [confirms] 미국 증권거래위원회(SEC) (EN, filing, published 2026-02-13) https://www.sec.gov/Archives/edgar/data/1828108/000182810826000016/aur-20251231.htm: "Launched driverless commercial operations with Hirschbach and Uber Freight... integrating access to Uber Freight's digital freight network within our autonomous trucking subscription service."

### Aurora Driver 라이선스·파일럿 (mid)
- note: 자율주행 스택 'Aurora Driver'를 OEM·파트너에 라이선스·파일럿으로 제공 — 무인 운송 서비스와 별개로 플랫폼을 확장하는 매출 축. 파일럿이 상용 구독으로 전환되는 속도가 관건이다.
- [confirms] Finimize (EN, research, published 2026-01-01) https://finimize.com/content/aur-asset-snapshot: "OEM·파트너에 Aurora Driver 라이선스·파일럿."

## Money out · pays to (4)
### AUMOVIO (구 컨티넨탈) (high)
- note: 독점 'Hardware-as-a-Service' 파트너. 오로라가 아우모비오(컨티넨탈에서 분사)에 차세대 오로라 드라이버 하드웨어를 마일당 과금 방식으로 지급하는 전략 계약(2031년 3월까지). 3세대 하드웨어 2027년 양산 예정.
- [confirms] 미국 증권거래위원회(SEC) (EN, filing, published 2026-02-13) https://www.sec.gov/Archives/edgar/data/1828108/000182810826000016/aur-20251231.htm: "We will pay AUMOVIO on a per-mile basis for vehicles operated by the Aurora Driver using the future generation of our Aurora Driver hardware system. The term continues until March 31, 2031."
- [confirms] Aurora (EN, filing, published 2025-01-15) https://ir.aurora.tech/news-events/press-releases/detail/112/aurora-continental-and-nvidia-partner-to-deploy-driverless-trucks-at-scale: "컨티넨탈과 2027년 양산 하드웨어."

### NVIDIA (high)  → /nvidia.md
- note: Aurora Driver의 자율주행 컴퓨트로 NVIDIA DRIVE Thor·DriveOS를 통합 — 인지·판단 연산을 엔비디아 플랫폼에 의존한다. 컴퓨트 성능·전력·원가가 2027년 양산 하드웨어 경쟁력의 핵심 변수다.
- [confirms] Transport Topics (EN, news, published 2025-08-01) https://www.ttnews.com/articles/aurora-earnings-q2-2025: "Aurora Driver에 NVIDIA DRIVE Thor·DriveOS 통합."
- [confirms] Aurora (EN, filing, published 2025-01-15) https://ir.aurora.tech/news-events/press-releases/detail/112/aurora-continental-and-nvidia-partner-to-deploy-driverless-trucks-at-scale: "Aurora Driver에 NVIDIA DRIVE Thor·DriveOS 통합."

### Hesai (mid)  → /hesai.md
- note: 무인 트럭 인지의 눈인 라이다를 허사이에서 조달 — 자율주행 인지의 핵심 부품 종속선. 라이다 원가·성능이 무인 운송의 안전마진과 대당 원가를 함께 좌우한다.
- [confirms] CnEVPost (EN, research, published 2025-09-15) https://cnevpost.com/2025/09/15/hesai-40-million-order-from-us-robotaxi-firm/: "무인트럭 센서로 라이다 조달."

### PACCAR (자율주행 트럭 플랫폼) (mid)  → /paccar.md
- note: 오로라가 자율주행 통합을 위해 PACCAR 피터빌트 579·켄워스 T680 플랫폼을 조달·공동개발(2021년 전략제휴).
- [confirms] 미국 증권거래위원회(SEC) (EN, filing, published 2026-02-13) https://www.sec.gov/Archives/edgar/data/1828108/000182810826000016/aur-20251231.htm: "오로라가 PACCAR와 제휴해 피터빌트 579·켄워스 T680 기반 무인 트럭 개발(Aurora 10-K)."

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

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