The company aims to debut in the first or second quarter of 2027 and will complete all filing paperwork by year-end, though the final timing hinges on market conditions, CEO Park Sung-hyun said in an interview on Wednesday (local time). JP Morgan and Samsung Securities are lead underwriters.
"Real revenue is now being generated," Park said, adding that investors favored the KOSPI because the firm is tightly bound to the Korean government's sprawling AI infrastructure drive, one of the world's largest such commitments.
Rebellions is leaning toward the blue-chip KOSPI over the tech-heavy KOSDAQ, a choice that signals it sees itself among the country's established heavyweights rather than a speculative growth bet.
It is also weighing a US listing, holding talks with both the New York Stock Exchange and Nasdaq, though it flagged American Depositary Receipts — the route taken by SK Hynix — as a likely vehicle.
Founded in 2020, Rebellions designs neural processing units (NPUs) tuned for AI inference, the task of running trained models efficiently with an emphasis on speed and power savings. Demand for such chips has climbed sharply as AI agents proliferate, pitting the firm against a market where Nvidia towers over rivals.
The startup vaulted to become the country's biggest AI chip player last year after merging with Sapeon Korea, the semiconductor unit of SK Telecom. Its backers now include Samsung Electronics, SK hynix and SK Telecom, alongside Wa'ed Ventures, the venture arm of Saudi state oil giant Aramco.\
In March, Rebellions closed a pre-IPO round of about 640 billion won ($425.4 million) — including 250 billion won from the state-run National Growth Fund — at a valuation of about 3.4 trillion won, part of Seoul's push to build a homegrown answer to Nvidia.
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