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FC-BGA Substrate Market Size 2026: Top Makers Ranked

Nvidia's plan for 2.5 times more substrate capacity runs through just three suppliers — Ibiden, Unimicron and Samsung Electro-Mechanics — and the Korean one is not in today's FC-BGA top five.

No. 1: Ibiden
9 places
Current as of October 22, 2026, 05:15 EDT

01Final list

The leading AIs each built their own list of ten independently. Here is one result that is easy to check: every place has a reason, a source, and the list of AIs that included it.

Order: from most to least AI agreement.

A bright badge means this AI put the entry on its list. A dim badge means it did not.

1
Ibiden
Has the largest committed build: ¥500bn over FY2026–28, and Nvidia named it a partner for an Ono plant reaching 3x capacity from 2028. Its share is disputed: 17%–35%.
Included it: Claude, ChatGPT, Gemini, MiMo, StepFun, DeepSeek, Wenxin. Did not include: Nemotron.
In their lists: Claude: 1 · ChatGPT: 1 · Gemini: 1 · MiMo: 1 · StepFun: 1 · DeepSeek: 1 · Wenxin: 1
What each AI noted 7
- Claudeplace 1
  It plans ¥500 billion over three years, the clearest 'leader keeps building' story, though its glass-core status is undisclosed in what I found.
  Source ↗
- ChatGPTplace 1
  A top-tier incumbent is also a direct NVIDIA expansion partner, giving it a stronger combination of current manufacturing experience and forward capacity evidence.
  Source ↗
- Geminiplace 1
  Controls over 30% of the world's high-end server FC-BGA volume and remains Nvidia's primary packaging substrate anchor, funding aggressive expansion at its Ono plant while developing non-organic core options.
- MiMoplace 1
  The only substrate maker whose new plant is partly financed by its own customer — Nvidia's advance takes Ono to 3x current capacity with a Q1 2028 ramp.
  Source ↗
- StepFunplace 1
  The only substrate maker with a JPY 500bn three-year AI plan and an estimated 70–80% of the sold-out high-end ABF market — and Nvidia's 2.5x capacity pledge runs through it.
  Source ↗
- DeepSeekplace 1
  The Nvidia spec-in leader holds ~35% of FC-BGA and is spending ¥500bn over FY2026-28 to lift AI-server capacity 2.5x — the biggest absolute capex in the industry.
  Source ↗
- Wenxinplace 1
  Holds ~28% of FC-BGA revenue and has glass-core prototypes — the incumbents' incumbent with the deepest Nvidia ties
7 AIs put it here
Source ↗
2
Unimicron
A named Nvidia partner, with AI already about 60% of its ABF revenue. Reports put 2026 capex at NT$34bn, NT$53.7bn or NT$64.8bn.
Included it: Claude, ChatGPT, Gemini, MiMo, StepFun, DeepSeek, Wenxin. Did not include: Nemotron.
In their lists: Claude: 2 · ChatGPT: 2 · Gemini: 2 · MiMo: 3 · StepFun: 2 · DeepSeek: 4 · Wenxin: 3
What each AI noted 7
- Claudeplace 2
  AI-related ABF revenue went from 40% last year to an expected 60% this year, with five-year supply deals funded by prepayments.
- ChatGPTplace 2
  A leading incumbent with a direct NVIDIA capacity agreement is better positioned than a company whose AI-substrate ambitions remain only a development target.
  Source ↗
- Geminiplace 2
  The world's largest IC substrate manufacturer by overall square meters, committing tens of billions of NT dollars to high-layer count ABF lines in Taiwan and Thailand while partnering in Corning's glass ecosystem.
- MiMoplace 3
  It lifted 2026 capex from NT34𝑏𝑛𝑡𝑜𝑁𝑇34bntoNT53.7bn and pushed 80-85% of the increase into ABF — then collected a Nvidia capacity reservation on top.
  Source ↗
- StepFunplace 2
  AI is already more than 60% of its ABF revenue — and it lifted 2026 capex to a record NT$34bn, then reportedly lifted it again to over NT$53.7bn.
- DeepSeekplace 4
  Nvidia's capacity-reservation partner in Taiwan is directing ~70% of a record NT$34bn 2026 capex into ABF substrates.
  Source ↗
- Wenxinplace 3
  ~14% FC-BGA share, building 2027 capacity in Taiwan and Vietnam — the quiet riser co-funded by Google Cloud
  Source ↗
7 AIs put it here
Source ↗
3
Shinko Electric
No. 2 in high-end FC-BGA by most counts (12–18%) and furthest along on glass, with a 22-layer glass-core substrate. It is also buying JDI's Mobara fab for capacity.
Included it: Claude, ChatGPT, Gemini, MiMo, StepFun, DeepSeek, Wenxin. Did not include: Nemotron.
In their lists: Claude: 7 · ChatGPT: 4 · Gemini: 3 · MiMo: 4 · StepFun: 4 · DeepSeek: 3 · Wenxin: 4
What each AI noted 7
- Claudeplace 7
  Number two in the Techno Systems Research ranking at 12%, but I found no 2026 capex or glass-core figures for it.
  Source ↗
- ChatGPTplace 4
  A longstanding advanced-package-substrate supplier belongs in the incumbent group, but the evidence cited here is stronger for current industry standing than for a quantified 2028 AI-capacity ramp.
- Geminiplace 3
  Forging ahead with a 4.27 trillion won plant in Sejong geared for September 2028 mass production alongside Nvidia co-funding, positioning it as the most aggressive challenger in glass-core substrates.
  Source ↗
- MiMoplace 4
  It has already built a 22-layer glass-core substrate — 11 copper wiring layers on each side — while sitting inside the five firms holding about 74% of FC-BGA.
  Source ↗
- StepFunplace 4
  It is converting a whole JDI LCD fab into an AI packaging hub — and it is already showing 22-layer glass substrates.
  Source ↗
- DeepSeekplace 3
  The #2 FC-BGA supplier (~18%) has the most advanced glass-core prototype — a 22-layer substrate — but its capex is less aggressive than Ibiden's.
  Source ↗
- Wenxinplace 4
  ~12% FC-BGA share, glass-core R&D since 2024 — the patient Japanese player now accelerating capex
7 AIs put it here
Source ↗
4
AT&S
Raised 2026/27 capex to €1.0–1.2bn from €400m, backed by long-term deals with AMD and Marvell. It holds about 10% of high-end FC-BGA.
Included it: Claude, ChatGPT, Gemini, MiMo, StepFun, DeepSeek, Wenxin. Did not include: Nemotron.
In their lists: Claude: 4 · ChatGPT: 5 · Gemini: 6 · MiMo: 6 · StepFun: 5 · DeepSeek: 5 · Wenxin: 5
What each AI noted 7
- Claudeplace 4
  Up to €2 billion in Malaysia, backed by long-term purchase commitments from AMD and one unnamed big-tech buyer.
  Source ↗
- ChatGPTplace 5
  Its position in the advanced ABF supplier group is strategically important, but capacity announcements only become a competitive advantage when yields and customer volumes follow.
- Geminiplace 6
  Europe's packaging vanguard opened a €1.7 billion mega-facility in Kulim, Malaysia, dedicated to supplying high-layer FC-BGA substrates to AMD and Intel for HPC platforms.
- MiMoplace 6
  The only non-Japanese supplier running 10/10 micron lines — and the Kulim ramp that analysts flag as the biggest risk in the table.
  Source ↗
- StepFunplace 5
  EUR 2bn in Malaysia and a long-term Marvell deal — the only non-Asian name inside the AI substrate build-out, now guiding to 45–55% growth.
  Source ↗
- DeepSeekplace 5
  AMD's long-term AI substrate partner raised 2026/27 capex to €1.0-1.2bn for Kulim, more than doubling its previous plan.
  Source ↗
- Wenxinplace 5
  ~10% FC-BGA share, biggest European player, glass-core pilot with Intel — diversifying away from Apple into AI
7 AIs put it here
Source ↗
5
Nan Ya PCB
Its record 2026 capex of over NT$10bn is about a fifth of revenue, on a roughly 5% FC-BGA share. Management sees the ABF shortage widening in 2027–28.
Included it: Claude, ChatGPT, Gemini, MiMo, StepFun, DeepSeek, Wenxin. Did not include: Nemotron.
In their lists: Claude: 5 · ChatGPT: 6 · Gemini: 5 · MiMo: 7 · StepFun: 6 · DeepSeek: 7 · Wenxin: 7
What each AI noted 7
- Claudeplace 5
  Its largest-ever capex plan, over NT$10 billion for 2026, is aimed squarely at AI ABF substrates.
  Source ↗
- ChatGPTplace 6
  A major ABF supplier can gain from high-layer-count server substrates, but the market-share number changes materially when the denominator changes from all substrates to ABF only.
- Geminiplace 5
  A core pillar of the Formosa Plastics group, leveraging massive chemical supply synergies to expand production of 20-plus layer ABF substrates for cloud AI accelerators.
- MiMoplace 7
  Daiwa's Taiwan ABF Buy list names it alongside Unimicron and Kinsus — the quiet incumbent inside the 74%.
- StepFunplace 6
  A record NT$10bn-plus 2026 capex on NT$46.9bn of trailing revenue — and management says the ABF gap widens again in 2027–2028.
  Source ↗
- DeepSeekplace 7
  Record NT$10bn+ 2026 capex is the largest-ever expansion for a supplier that still holds only ~5% of FC-BGA.
  Source ↗
- Wenxinplace 7
  ~6% FC-BGA share, parent Formosa Plastics backing gives it capex muscle — glass-core samples expected 2027
7 AIs put it here
Source ↗
6
Kinsus
Orders are visible into 2028–29, and ABF capacity is modelled to double to 80m units by 2029. Reports put its 2026 capex anywhere from NT$7bn to NT$80bn.
Included it: Claude, ChatGPT, Gemini, MiMo, StepFun, DeepSeek, Wenxin. Did not include: Nemotron.
In their lists: Claude: 8 · ChatGPT: 7 · Gemini: 8 · MiMo: 8 · StepFun: 7 · DeepSeek: 6 · Wenxin: 6
What each AI noted 7
- Claudeplace 8
  Order visibility and capacity planning reach 2028–2029, one of the longest horizons among suppliers.
  Source ↗
- ChatGPTplace 7
  An established substrate specialist is exposed to the same AI-server opportunity, but public evidence of customer-specific 2028 capacity commitments is less decisive here.
- Geminiplace 8
  The Pegatron-backed substrate maker is shifting production away from standard mobile BGA toward high-yield AI server FC-BGA lines at its Taoyuan facilities.
- MiMoplace 8
  The third name in Daiwa's ABF Buy trio — riding high-layer AI-server substrates without the capex headlines of its bigger rivals.
  Source ↗
- StepFunplace 7
  2025 revenue up 28.9% — the fastest in Taiwan — on a 2026 capex number that sources report anywhere from NT$8bn to NT$80bn.
  Source ↗
- DeepSeekplace 6
  Nvidia and TSMC's substrate partner has raised 2026 capex twice, to NT$19.6bn, with ABF capacity modeled to grow from 40mn units in 2025 to 80mn by 2029.
  Source ↗
- Wenxinplace 6
  ~7% FC-BGA share, Hyderabad plant to ship 2027 — co-invested by Microsoft, ramping fast
7 AIs put it here
Source ↗
7
LG Innotek
A late entrant whose substrate lines ran 94% full. Its AI-server FC-BGA starts in 2027, with a target of $700m in FC-BGA sales by 2030. Small base, big build.
Included it: Claude, ChatGPT, MiMo, StepFun, DeepSeek, Wenxin. Did not include: Gemini, Nemotron.
In their lists: Claude: 6 · ChatGPT: 8 · MiMo: see list · StepFun: 10 · DeepSeek: 9 · Wenxin: 8
What each AI noted 6
- Claudeplace 6
  Substrate utilization of 94% in H1 2026 and an AI FC-BGA aimed at 2027, though it is a late entrant.
- ChatGPTplace 8
  It is a relevant package-substrate competitor, but broader component and substrate classifications should not be mistaken for leadership in AI accelerator ABF.
  Source ↗
- MiMo
  Named differently in its own list: open the full list.
  see list
- StepFunplace 10
  A $336m 'Dream Factory' chasing $700m of FC-BGA sales by 2030 — server substrates only from 2026, so the 2028 upside is real but the base is tiny.
  Source ↗
- DeepSeekplace 9
  A 1 trillion won Vietnam FC-BGA plant plus Gumi expansion targets server substrate supply from 2027, making it the fastest-moving Korean challenger after Samsung Electro-Mechanics.
- Wenxinplace 8
  New entrant with just 3% FC-BGA share but aggressive 1.5 trillion won capex — a long-shot bet on 2028
6 AIs put it here
Source ↗
8
Daeduck Electronics
FC-BGA is already 26% of revenue, and a 497bn won program, 55% of its equity, is under way. AI-accelerator boards are still forecast at only 44.7bn won (estimate).
Included it: Claude, ChatGPT, MiMo, DeepSeek, Wenxin. Did not include: Gemini, Nemotron, StepFun.
In their lists: Claude: 9 · ChatGPT: 9 · MiMo: 9 · DeepSeek: 10 · Wenxin: 9
What each AI noted 5
- Claudeplace 9
  Ramping high-value FC-BGA capacity with sharply better margins in H1 2026, but no investment amount was disclosed in what I found.
  Source ↗
- ChatGPTplace 9
  The investment case is improving AI-server demand and an expected production recovery, but forecast shipments must still convert into sustained profitability.
  Source ↗
- MiMoplace 9
  Its 2026 AI-accelerator board revenue is forecast at 44.7bn won — about 3% of what Samsung Electro-Mechanics' packaging division booked in one half-year.
  Source ↗
- DeepSeekplace 10
  FC-BGA is already 26% of revenue and a 213bn-won memory-substrate plant is under construction, but its AI-server share is still small relative to the top five.
- Wenxinplace 9
  ~2% FC-BGA share but tight Nvidia qualification and 2027 capacity plan — a Korean niche player punching above its weight
  Source ↗
5 AIs put it here
Source ↗
9
Absolics (SKC) glass substrate
The glass-core pure play: a Georgia plant, AMD and AWS samples, and a 401.1bn won rights offering. First commercial output slipped from end-2026 to 2027.
Included it: Claude, Gemini, MiMo, StepFun. Did not include: ChatGPT, Nemotron, DeepSeek, Wenxin.
In their lists: Claude: 10 · Gemini: 9 · MiMo: 10 · StepFun: 8
What each AI noted 4
- Claudeplace 10
  It leads on glass but not on volume. First commercial output slipped from end-2026 to 2027, and a 401.1 billion won rights offering is funding qualification.
- Geminiplace 9
  The dedicated glass-core pioneer operates a $600M plant in Covington, Georgia, backed by Applied Materials to achieve the world's first commercial mass production of glass packaging substrates.
  Source ↗
- MiMoplace 10
  Three years after the start it finally has samples at AMD and AWS — and still no customer certification, while SKC just injected 290m.
  Source ↗
- StepFunplace 8
  The world's first dedicated glass-substrate plant, in Georgia, aiming at the first commercial glass cores by end-2026 — with AMD and AWS already testing.
4 AIs put it here
Source ↗

More about the top three ↓

02More about the top three

The ranking is above. Here is more about the three places at the top: what they are, why they are here, and what is worth knowing.

The three are compared on different yardsticks: Ibiden on planned spending, Unimicron on AI share of sales, Shinko on glass-core progress. Market-share and spending figures also differ between reports.

1Ibiden

No. 1 — Ibiden. On the lists of 7 of 8 AIs; median place there: 1. The AIs ranked it first because it has the biggest committed building plan and the closest tie to Nvidia.

Honsya 03 — Kazumax78 · CC BY-SA 3.0 · Wikimedia Commons

Ibiden Co., Ltd. · Public domain · Wikimedia Commons

Did you know

Ibiden did not start with chips. It began in 1912 as Ibigawa Electric Power, built to use the Ibi River for hydroelectric power in Gifu. It moved into carbide in 1917 and took the Ibiden name in 1982.
Source ↗ ✓ confirmed by several AIs

What it is: Japanese maker of the chip substrates that sit under AI server chips.
Its edge: Biggest committed build: ¥500bn, with Nvidia helping to pay for a new plant.
Who should know: Useful for anyone wondering who will supply AI chips' foundations; shares are disputed.

AI readiness for 2028¥500bn over FY2026–28
Founded1912

Wikipedia · Wikidata

Why it is here

Ibiden's capex plan is ¥500bn (500,000 million yen) for fiscal 2026 to 2028. The first phase, ¥220bn, went to the Gama plant. That makes it a very large build for AI server chip substrates.
Source ↗
The second phase is about ¥280bn, the bigger of the two. It adds capacity for high-performance IC package substrates. The upgraded facilities are set to start running in stages from fiscal 2027.
Source ↗

Keep in mind

AI chip substrates were about 15% of Ibiden's roughly $2.3 billion revenue. Intel once made up to 90% of its substrate sales and was about 30% by March 2024. Taiwan's Unimicron is trying to win share.
Source ↗

Where to go further

Open Ibiden's Integrated Report, the company's yearly report on money and plans. Look first at the spending and factory pages to see how it plans to build capacity for AI-chip parts. Check the cover year, since older editions may appear.
Source ↗

Video: 【イビデン】NVIDIAが注目するAI半導体銘柄、元機関投資家が「手放しで喜べない」理由｜5,000億円投資の落とし穴とは【元機関投資家が解説】 · イズミダイズム

Compare the top three ↓

2Unimicron

No. 2 — Unimicron. On the lists of 7 of 8 AIs; median place there: 2. The AIs put it second because AI is already most of its sales and it is spending heavily, backed by Nvidia.

Did you know

Unimicron's 2026 capex was raised to a record NT$34 billion. AI work was 40% of its ABF substrate revenue last year and is expected to reach 60% this year. It expects tight high-end supply through 2028.
Source ↗

What it is: Taiwanese substrate maker that supplies AI server chips.
Its edge: AI is already about 60% of its ABF revenue, a faster shift than the others show.
Who should know: Useful for seeing how fast one supplier is turning toward AI; its spending figures vary.

AI readiness for 2028AI ~60% of ABF revenue
Founded1990

Wikipedia · Wikidata

Why it is here

Unimicron's board raised its 2026 capex budget from NT$34 billion to over NT$53.7 billion. Its budget for equipment with long delivery times rose from NT$14.1 billion to NT$31.6 billion.
Source ↗

History

Unimicron started in 1990 as a subsidiary of UMC. It became the world's No. 1 PCB maker in 2009, but in 2012 it slipped to second place, with a 3.7% market share. The article does not say why.
Source ↗

Keep in mind

Only Unimicron and Ibiden can make the most advanced ABF substrates, so buyers rely on two suppliers. Approving a new supplier takes years, and ABF film supply is limited, though the article expects that to ease.
Source ↗

Where to go further

Read this Taiwan News story on Unimicron's 2026 capital budget. Look first at the NT$34 billion figure and what it funds: ABF substrates, high-end circuit boards and Thailand. Other reports give different numbers, so check the company's own filing.
Source ↗

Compare the top three ↓

3Shinko Electric

No. 3 — Shinko Electric. On the lists of 7 of 8 AIs; median place there: 4. The AIs placed it third because it is furthest along on glass substrates, but its spending looks less bold.

Did you know

Shinko was taken private through a bid by JICC-04, a vehicle of JIC Capital. Printing company DNP and chemicals maker Mitsui Chemicals invested alongside it. Competition approvals in Vietnam and China were still pending in August 2024.
Source ↗

What it is: Japanese substrate maker, now privately owned, long a top supplier of advanced chip parts.
Its edge: Furthest on glass: it has shown a 22-layer glass-core substrate.
Who should know: Useful for seeing who may lead the next material shift; no mass-production date yet.

AI readiness for 202822-layer glass-core substrate
Founded1946

Wikidata

Why it is here

Shinko showed a 22-layer glass-core substrate at the Advanced Packaging Summit in July 2026. It has 11 copper wiring layers on each side. This is an early sign of readiness for glass cores.
Source ↗
Japanese makers appear to lead South Korean rivals on glass substrates so far. Samsung Electro-Mechanics targets glass core material in the second half of 2027 and finished glass substrates in 2028. Reports say that could slip to 2028 or later.
Source ↗

History

Shinko's first business, in February 1946, was recycling household light bulbs. It was reorganized in September 1946 as Shinko Electric Industries. In 1957 Fujitsu Telecommunications Manufacturing took a capital stake to help it enter semiconductors.
Source ↗

Keep in mind

Shinko showed a 22-layer glass-core substrate. Its main challenge is "SeWaRe", internal cracking or peeling, which it fights with resin edge reinforcement. The article gives no mass-production date, and DNP targets 2028.
Source ↗

Where to go further

Open Shinko's IR library, the page holding its financial documents. Look first at the earnings presentations for new products and factory plans. Expect mostly Japanese text, since Shinko left the Tokyo stock market in June 2025.
Source ↗

Compare the top three ↓

The top three side by side

	Ibiden	Unimicron	Shinko Electric
In the AIs' lists	7 / 8	7 / 8	7 / 8
AI readiness for 2028	¥500bn over FY2026–28	AI ~60% of ABF revenue	22-layer glass-core substrate
Founded	1912	1990	1946
Put first by	Claude, ChatGPT, Gemini, MiMo, StepFun, DeepSeek, Wenxin	—	—

Places with the same number of AIs are ordered by their average place in the AIs' own lists.

03Worth knowing

What the AIs noticed while building the list.

Nvidia's 2.5x substrate plan names only Ibiden, Samsung Electro-Mechanics and Unimicron. Shinko, AT&S, Nan Ya and Kinsus hold much of today's market but are not on Nvidia's list.

Noticed by:

Included it: ChatGPT, MiMo, StepFun, DeepSeek. Did not include: Claude, Gemini, Nemotron, Wenxin.

01Final list

Ibiden

Unimicron

Shinko Electric

AT&S

Nan Ya PCB

Kinsus

LG Innotek

Daeduck Electronics

Absolics (SKC) glass substrate

02More about the top three

1Ibiden

Did you know

2Unimicron

Did you know

3Shinko Electric

Did you know

The top three side by side

More ratings

03Worth knowing

04Questions people ask

05How we counted

1The question

2Why this topic

3Where it applies

4What we looked at

5Who ranked

6How the places were set

06Each AI's own list

What Claude noticed

What ChatGPT noticed

What Gemini noticed

What MiMo noticed

What StepFun noticed

What DeepSeek noticed

What Wenxin noticed