{"slug":"wolfspeed","name":"울프스피드","name_en":"Wolfspeed","ticker":"WOLF","updated_at":"2026-07-12T05:25:07.017+00:00","canonical":"https://valuechain.wiki/wolfspeed","same_as":["https://finance.yahoo.com/quote/WOLF","https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=895419"],"citable":"밸류체인 그래프 기준 울프스피드의 직접 연결 기업은 2곳(관계 기준 공급 0·매출 2)이고, 사슬을 2차까지 넓히면 5곳에 닿는다. 링크의 근거 출처는 10건이며 그중 1차공시가 4건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Wolfspeed is directly linked to 2 companies (0 supply, 2 revenue relationships) and reaches 5 companies within two hops; the links are backed by 10 dated sources, 4 of them primary filings (as of 2026-07-12).","kicker":"SiC 소재 1위 · Chapter 11 회생(2025)","kicker_en":"SiC materials leader · Chapter 11 restructured (2025)","lead":"실리콘카바이드(SiC) 웨이퍼·전력소자 기술에서 세계를 앞서 온 상류 소재 기업이지만, 기술 1위와 재무 붕괴가 공존하는 역설적 노드다. 2025년 6월 30일 Chapter 11을 신청해 9월 29일 졸업하며 부채를 약 70%(~$46억) 감축했다 — EV 캐즘과 중국 저가 SiC 공세로 실수요가 200mm 대규모 투자를 밑돌아 현금을 태운 결과다. 인피니언과의 150mm 장기공급(2024 확대·연장)은 회생 후에도 유지되나, ST는 자체 SiC 내재화(카타니아)로 이탈 중이고 르네사스 $20억 예치금 계약은 좌초됐다. 모호크밸리는 세계 최초 200mm SiC 팹이지만 가동률(~20%, 2024 중반)이 관건이다.","lead_en":"An upstream materials company that has led the world in SiC wafer/device technology, yet a paradoxical node where technology leadership coexists with financial collapse. It filed Chapter 11 on June 30, 2025 and emerged September 29, cutting debt by ~70% (~$4.6B) — the result of burning cash as EV air-pocket and low-cost Chinese SiC pushed real demand below its heavy 200mm investment. The 150mm long-term supply with Infineon (expanded/extended in 2024) survives the restructuring, but ST is defecting via its own SiC integration (Catania) and Renesas' $2B deposit deal collapsed. Mohawk Valley is the world's first 200mm SiC fab, but utilization (~20% in mid-2024) is the crux.","segments":{"fy":2024,"parts":[{"desc":"SiC 단결정 웨이퍼(150→200mm)와 전력소자 — 인피니언·ST 장기계약과 EV 디자인윈이 수요를 담보하는 전동화 소재 본체.","name":"SiC 웨이퍼·전력소자 세계 1위"}],"total":"SiC 웨이퍼·전력소자 기술 1위이나 FY2025 Chapter 11 회생(부채 70% 감축·2025.9.29 졸업)","source":"https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=WOLF&type=10-K"},"segments_en":{"parts":[{"desc":"SiC single-crystal wafers (150→200mm) and power devices — the electrification-materials core, its demand underpinned by Infineon/ST long-term contracts and EV design-wins.","name":"World No.1 in SiC wafers and devices"}],"total":"Technology leader in SiC wafers/devices, but restructured via FY2025 Chapter 11 (debt -70%, emerged Sep 29, 2025)"},"returns_yearly":{"2026":102.7},"return_asof":"2026-07-10","value_chain":{"leading":[{"slug":"iridium","name":"이리듐","name_en":"Iridium Communications","tier":3,"returns_yearly":{"2021":5,"2022":24.5,"2023":-19.1,"2024":-28.1,"2025":-38.5,"2026":190.7}},{"slug":"satellogic","name":"새틀로직","name_en":"Satellogic","tier":3,"returns_yearly":{"2022":-68.6,"2023":-42.6,"2024":62.9,"2025":-34.4,"2026":142.8}},{"slug":"viasat","name":"바이어샛","name_en":"Viasat","tier":3,"returns_yearly":{"2021":36.4,"2022":-28.9,"2023":-11.7,"2024":-69.6,"2025":304.9,"2026":113.5}},{"slug":"blacksky","name":"블랙스카이","name_en":"BlackSky Technology","tier":3,"returns_yearly":{"2021":-57.1,"2022":-65.7,"2023":-9.1,"2024":-3.7,"2025":73.8,"2026":33.4}},{"slug":"planet-labs","name":"플래닛랩스","name_en":"Planet Labs","tier":3,"returns_yearly":{"2022":-29.3,"2023":-43.2,"2024":63.6,"2025":388.1,"2026":32.1}},{"slug":"globalstar","name":"글로벌스타","name_en":"Globalstar","tier":3,"returns_yearly":{"2021":241.2,"2022":14.7,"2023":45.9,"2024":6.7,"2025":96.6,"2026":31.2}},{"slug":"deere-company","name":"디어 앤 컴퍼니","name_en":"Deere & Company","tier":3,"returns_yearly":{"2021":28.9,"2022":26.6,"2023":-5.5,"2024":7.6,"2025":11.4,"2026":26.7}},{"slug":"geely-auto","name":"지리자동차","name_en":"Geely Auto","tier":3,"returns_yearly":{"2021":-40.8,"2022":-22.9,"2023":-40.3,"2024":98.5,"2025":14.5,"2026":18.9}},{"slug":"ses","name":"SES","name_en":"SES S.A.","tier":3,"returns_yearly":{"2021":2.8,"2022":10.6,"2023":-13,"2024":-36,"2025":141.5,"2026":15.8}},{"slug":"firefly-aerospace","name":"파이어플라이 에어로스페이스","name_en":"Firefly Aerospace","tier":3,"returns_yearly":{"2026":7.7}},{"slug":"eutelsat","name":"유텔샛","name_en":"Eutelsat Group","tier":3,"returns_yearly":{"2021":17.8,"2022":-30.7,"2023":-51.8,"2024":-48.9,"2025":32.1,"2026":3.2}},{"slug":"intuitive-machines","name":"인튜이티브 머신스","name_en":"Intuitive Machines","tier":3,"returns_yearly":{"2022":3.7,"2023":-74.4,"2024":610.8,"2025":-10.6,"2026":-0.6}},{"slug":"northrop-grumman","name":"노스럽 그러먼","name_en":"Northrop Grumman","tier":3,"returns_yearly":{"2021":29.3,"2022":43,"2023":-12.8,"2024":1.9,"2025":23.6,"2026":-4.6}},{"slug":"sidus-space","name":"사이더스 스페이스","name_en":"Sidus Space","tier":3,"returns_yearly":{"2023":-91.9,"2024":-44.4,"2025":-35.9,"2026":-31.2}},{"slug":"apple","name":"Apple","name_en":"Apple","tier":2,"returns_yearly":{"2021":34.6,"2022":-26.4,"2023":49,"2024":30.7,"2025":9.1,"2026":16.2}},{"slug":"spacex","name":"스페이스X","name_en":"SpaceX","tier":2,"returns_yearly":{"2026":0.7}},{"slug":"mobileye","name":"Mobileye","name_en":"Mobileye","tier":2,"returns_yearly":{"2023":23.6,"2024":-54,"2025":-47.6,"2026":-8.5}},{"slug":"stmicroelectronics","name":"ST마이크로일렉트로닉스","name_en":"STMicroelectronics","tier":1,"returns_yearly":{"2021":32.4,"2022":-26.8,"2023":41.7,"2024":-49.7,"2025":5.3,"2026":176.6}},{"slug":"infineon","name":"인피니언","name_en":"Infineon Technologies","tier":1,"returns_yearly":{"2021":10.4,"2022":-8.6,"2023":3.4,"2024":-4,"2025":31,"2026":75.5}}],"benefiting":[],"analysis":"울프스피드의 논점은 '기술 1위 소재기업이 파산한 역설'이다. SiC 웨이퍼·200mm 전환에서 기술을 앞섰지만, EV 캐즘과 중국 저가 SiC가 수요를 예상보다 눌렀고 모호크밸리 200mm 대규모 투자가 낮은 가동률(~20%)로 현금을 태워 2025.6 Chapter 11에 이르렀다. 9.29 졸업으로 부채 70% 감축·만기 2030 연장이 숨통을 텄으나, 관건은 200mm 가동률 회복과 계약 수요다. 수요 축에서 인피니언 150mm 장기계약은 유지(회생 후 지속)된 반면, ST는 자체 내재화로 이탈하고 르네사스 예치금은 좌초돼 수요 기반이 얇아졌다. 그래프 파급: 하류 인피니언은 최대 SiC 조달처로서 울프스피드 리스크에 직접 노출되며, 채권단이 지분전환으로 회사를 지배한다. 티어는 사실 반영으로 하향될 수 있으나 정직이 우선이다.","analysis_en":"Wolfspeed's thesis is the paradox of a technology-leading materials company going bankrupt. It led in SiC wafers and the 200mm transition, but the EV air-pocket and low-cost Chinese SiC pressed demand below expectations, and heavy 200mm investment at Mohawk Valley burned cash at low utilization (~20%), leading to Chapter 11 in June 2025. Emergence on Sep 29 (debt -70%, maturities to 2030) bought room, but the crux is 200mm-utilization recovery and contracted demand. On the demand side, Infineon's 150mm long-term deal survives (continues post-emergence), while ST is defecting via in-house SiC and the Renesas deposit collapsed, thinning the demand base. Graph propagation: downstream Infineon, its largest SiC sourcing, is directly exposed to Wolfspeed risk, and creditors now control the company via debt-to-equity. The tier may fall to reflect reality — honesty first.","analysis_asof":"2026-07-09"},"edges":[{"direction":"revenue","counterparty":"인피니언","counterparty_slug":"infineon","confidence":"high","metric":null,"note":"회생 후에도 유지된 핵심 공급관계 — 인피니언과 2018년 체결한 150mm SiC 웨이퍼 장기공급을 2024년 확대·연장(다년 캐파예약 포함)했고, Chapter 11(2025.6~9)을 거친 뒤에도 지속된다. 전력반도체 1위 고객으로 울프스피드 웨이퍼 물량의 앵커.","note_en":"A core supply relationship that survived the restructuring — the 150mm SiC wafer long-term agreement with Infineon (signed 2018) was expanded and extended in 2024 (incl. a multi-year capacity reservation) and continues after Chapter 11 (Jun-Sep 2025). The top power-semi customer and anchor of Wolfspeed's wafer volume.","sources":[{"stance":"mentions","publisher":"울프스피드","publisher_en":"Wolfspeed","kind":"filing","lang":"en","published_at":"2025-09-29","url":"https://www.wolfspeed.com/company/news-events/news/wolfspeed-successfully-completes-financial-restructuring-emerges-as-financially-stronger-company-well-positioned-in-silicon-carbide-market/","title":"울프스피드, 재무 구조조정 완료·Chapter 11 졸업(2025.9.29)","title_en":"Wolfspeed completes restructuring, emerges from Chapter 11 (Sept 29, 2025)","excerpt":"울프스피드 Chapter 11 졸업(2025.9.29)·부채 70% 감축 후 공급 지속.","excerpt_en":"Supply continues after Wolfspeed emerged from Chapter 11 (Sep 29, 2025) with debt cut 70%."},{"stance":"confirms","publisher":"인피니언","publisher_en":"Infineon","kind":"ir","lang":"en","published_at":"2025-05-01","url":"https://www.infineon.com/cms/en/about-infineon/investor/","title":"Infineon IR","title_en":"Infineon IR","excerpt":"인피니언에 SiC 웨이퍼 공급.","excerpt_en":"Supplies SiC wafers to Infineon Technologies."},{"stance":"confirms","publisher":"디일렉","publisher_en":"TheElec","kind":"news","lang":"ko","published_at":"2025-01-01","url":"https://www.thelec.kr/news/articleView.html?idxno=52459","title":"인피니언 SiC 파워 모스펫","title_en":"Infineon SiC power MOSFETs","excerpt":"인피니언에 SiC 웨이퍼 공급.","excerpt_en":"Supplies SiC wafers to Infineon Technologies."},{"stance":"confirms","publisher":"e4ds news","publisher_en":"e4ds","kind":"news","lang":"ko","published_at":"2025-01-01","url":"https://www.e4ds.com/sub_view.asp?ch=11&t=0&idx=18312","title":"인피니언·울프스피드 SiC 웨이퍼 공급계약 연장","title_en":"Infineon and Wolfspeed extend SiC wafer supply","excerpt":"인피니언에 SiC 웨이퍼·소재 공급.","excerpt_en":"Supplies SiC wafers and materials to Infineon Technologies."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2024-08-01","url":"https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=WOLF&type=10-K","title":"Wolfspeed 10-K","title_en":"Wolfspeed Form 10-K","excerpt":"인피니언에 SiC 웨이퍼·소재 공급.","excerpt_en":"Supplies SiC wafers and materials to Infineon Technologies."},{"stance":"confirms","publisher":"울프스피드/인피니언","publisher_en":"Wolfspeed / Infineon","kind":"news","lang":"en","published_at":"2024-01-24","url":"https://www.wolfspeed.com/company/news-events/news/infineon-and-wolfspeed-expand-and-extend-multi-year-silicon-carbide-sic-150mm-wafer-supply-agreement/","title":"인피니언·울프스피드, 150mm SiC 웨이퍼 장기공급 확대·연장","title_en":"Infineon and Wolfspeed expand and extend multi-year 150mm SiC wafer supply agreement","excerpt":"인피니언·울프스피드 150mm SiC 장기공급 확대·연장(2024, 다년 캐파예약).","excerpt_en":"Infineon-Wolfspeed 150mm SiC long-term supply expanded/extended (2024, multi-year capacity reservation)."}]},{"direction":"investor","counterparty":"채권단·전환채권자 (Chapter 11 지분전환)","counterparty_slug":null,"confidence":"high","metric":{"emerged":"2025-09-29","debt_cut_pct":70,"debt_eliminated_usd_bn":4.6},"note":"이 노드의 현재 지배구조 그 자체 — 2025.6.30 Chapter 11 신청 후 9.29 졸업하며, 선순위·전환사채 채권단이 지분 전환으로 회사를 넘겨받았다. 부채 약 70%(~$46억) 감축·만기 2030 연장·연 현금이자 60% 절감. 르네사스는 $20억 예치금을 지분·전환채권으로 전환하며 대규모 손실을 봤다.","note_en":"The current ownership structure itself — after filing Chapter 11 on Jun 30, 2025 and emerging Sep 29, senior and convertible noteholders took over the company via debt-to-equity conversion. Debt cut ~70% (~$4.6B), maturities extended to 2030, annual cash interest cut 60%. Renesas converted its $2B deposit into equity/notes at a large loss.","sources":[{"stance":"confirms","publisher":"울프스피드","publisher_en":"Wolfspeed","kind":"filing","lang":"en","published_at":"2025-09-29","url":"https://www.wolfspeed.com/company/news-events/news/wolfspeed-successfully-completes-financial-restructuring-emerges-as-financially-stronger-company-well-positioned-in-silicon-carbide-market/","title":"울프스피드, 재무 구조조정 완료·Chapter 11 졸업(2025.9.29)","title_en":"Wolfspeed completes restructuring, emerges from Chapter 11 (Sept 29, 2025)","excerpt":"Chapter 11 졸업(2025.9.29): 부채 70% 감축·$46억 제거·만기 2030·현금이자 60% 절감, 채권단 지분전환.","excerpt_en":"Emerged from Chapter 11 (Sep 29, 2025): debt -70%, $4.6B eliminated, maturities to 2030, cash interest -60%; creditors took equity."},{"stance":"confirms","publisher":"TrendForce","publisher_en":"TrendForce","kind":"news","lang":"en","published_at":"2025-05-27","url":"https://www.trendforce.com/news/2025/05/27/news-wolfspeeds-rumored-bankruptcy-puts-renesas-2b-sic-supply-deal-at-risk/","title":"울프스피드 파산이 르네사스 $20억 SiC 공급계약을 좌초시키다","title_en":"Wolfspeed bankruptcy collapses Renesas' $2B SiC supply deal","excerpt":"르네사스 $20억 SiC 예치금이 지분·전환채권으로 전환되며 좌초.","excerpt_en":"Renesas' $2B SiC deposit was converted to equity/notes, collapsing the supply deal."}]},{"direction":"revenue","counterparty":"EV·전력 OEM (비공개)","counterparty_slug":null,"confidence":"mid","metric":null,"note":"수요 축이지만 최근 약화 — EV 30개 OEM·125개 차종 디자인윈($2.9B) 파이프라인은 있으나, EV 캐즘과 중국 저가 SiC 공세로 실제 SiC 수요가 예상을 밑돌아 대규모 200mm 투자 대비 매출이 부진했다(파산의 배경).","note_en":"The demand axis, but recently weakened — a design-in pipeline across ~30 EV OEMs and 125 models ($2.9B) exists, but the EV air-pocket and low-cost Chinese SiC pushed actual SiC demand below expectations, leaving revenue short of the heavy 200mm investment (the backdrop to the bankruptcy).","sources":[{"stance":"confirms","publisher":"미국 SEC(울프스피드)","publisher_en":"SEC / Wolfspeed","kind":"filing","lang":"en","published_at":"2025-08-01","url":"https://www.sec.gov/Archives/edgar/data/895419/000089541925000110/wolf-20250629.htm","title":"울프스피드 FY2025 연차보고서(10-K)","title_en":"Wolfspeed FY2025 Annual Report (Form 10-K)","excerpt":"EV 캐즘·SiC 수요 부진으로 매출이 200mm 투자 대비 미달 — Chapter 11 배경.","excerpt_en":"EV air-pocket and soft SiC demand left revenue short of 200mm investment — backdrop to Chapter 11."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2024-08-01","url":"https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=WOLF&type=10-K","title":"Wolfspeed 10-K","title_en":"Wolfspeed Form 10-K","excerpt":"SiC 웨이퍼·소재을(를) EV·전력 OEM에 공급.","excerpt_en":"Supplies SiC wafers and materials to EV and power OEM."}]},{"direction":"cost","counterparty":"에너지·인프라 (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"추가 설비·인프라 투자(비공개).","note_en":"Additional equipment/infra (undisclosed).","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2024-08-01","url":"https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=WOLF&type=10-K","title":"Wolfspeed 10-K","title_en":"Wolfspeed Form 10-K","excerpt":"추가 설비·인프라 투자(비공개).","excerpt_en":"Additional equipment/infra (undisclosed)."}]},{"direction":"cost","counterparty":"결정성장 장비·소재 (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"제조용 부품·소재·R&D(비공개).","note_en":"Parts, materials and R&D (undisclosed).","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2024-08-01","url":"https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=WOLF&type=10-K","title":"Wolfspeed 10-K","title_en":"Wolfspeed Form 10-K","excerpt":"제조용 부품·소재·R&D(비공개).","excerpt_en":"Parts, materials and R&D (undisclosed)."}]},{"direction":"revenue","counterparty":"ST마이크로일렉트로닉스","counterparty_slug":"stmicroelectronics","confidence":"low","metric":null,"note":"상태 불확실한 관계 — ST는 카타니아에 자체 200mm SiC 통합 캠퍼스를 구축하며 SiC를 내재화 중이라 외부 조달 비중이 축소되고 있어, 울프스피드로부터의 웨이퍼 조달 규모·계약 상태가 공시상 불명확하다(과거 공급 관계는 있었으나 현행 지속 여부 미확인).","note_en":"A relationship of uncertain status — ST is vertically integrating SiC via its own 200mm campus in Catania, shrinking external sourcing, so the scale and contract status of any Wolfspeed wafer procurement is unclear in disclosures (a past supply link existed, but current continuation is unverified).","sources":[{"stance":"mentions","publisher":"미국 SEC(울프스피드)","publisher_en":"SEC / Wolfspeed","kind":"filing","lang":"en","published_at":"2025-08-01","url":"https://www.sec.gov/Archives/edgar/data/895419/000089541925000110/wolf-20250629.htm","title":"울프스피드 FY2025 연차보고서(10-K)","title_en":"Wolfspeed FY2025 Annual Report (Form 10-K)","excerpt":"ST는 자체 SiC(카타니아 200mm) 내재화로 외부 조달 축소 — 계약 상태 미확인.","excerpt_en":"ST is internalizing SiC (Catania 200mm), reducing external sourcing — contract status unverified."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-02-01","url":"https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=STM&type=20-F","title":"STMicroelectronics 20-F","title_en":"STMicroelectronics Form 20-F","excerpt":"ST마이크로일렉트로닉스에 SiC 웨이퍼 공급.","excerpt_en":"Supplies SiC wafers to STMicroelectronics."},{"stance":"confirms","publisher":"지디넷코리아","publisher_en":"ZDNet Korea","kind":"news","lang":"ko","published_at":"2025-01-01","url":"https://zdnet.co.kr/view/?no=20240627154505","title":"ST, 전기차 SiC 1위 자신감","title_en":"ST confident as No.1 in EV SiC","excerpt":"ST마이크로일렉트로닉스에 SiC 웨이퍼 공급.","excerpt_en":"Supplies SiC wafers to STMicroelectronics."},{"stance":"confirms","publisher":"e4ds news","publisher_en":"e4ds","kind":"news","lang":"ko","published_at":"2025-01-01","url":"https://www.e4ds.com/sub_view.asp?ch=11&t=0&idx=18312","title":"인피니언·울프스피드 SiC 웨이퍼 공급계약 연장","title_en":"Infineon and Wolfspeed extend SiC wafer supply","excerpt":"ST마이크로일렉트로닉스에 SiC 웨이퍼·소재 공급.","excerpt_en":"Supplies SiC wafers and materials to STMicroelectronics."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2024-08-01","url":"https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=WOLF&type=10-K","title":"Wolfspeed 10-K","title_en":"Wolfspeed Form 10-K","excerpt":"ST마이크로일렉트로닉스에 SiC 웨이퍼·소재 공급.","excerpt_en":"Supplies SiC wafers and materials to STMicroelectronics."}]}]}