This article was published on Aug. 22, 2025, at 2:58 p.m. on the ChosunBiz MoneyMove site.
Korea's leading artificial intelligence (AI) semiconductor corporation Rebellions is accelerating its large-scale fundraising efforts. It has been confirmed that not only existing investors but also multiple new investors have joined the pre-initial public offering (IPO) round. Analysts suggest that Rebellions' explosive revenue growth and the government's stable IPO expectations are driving investor enthusiasm.
According to investment banking (IB) industry sources on the 22nd, Rebellions is looking to raise a total of 200 billion won. Samsung Venture Investment and Samsung Securities have come on board as the first investors, confirming a contribution of $10 million (approximately 14 billion won) at the end of last month. Samsung Securities is the lead underwriter for Rebellions' proposed listing. Following this investment, Rebellions' post-money valuation has been estimated at about 1.75 trillion won, with a per-share price set at approximately 670,000 won.
Rebellions' existing investor, domestic venture capital (VC) firm SV Investment, has also decided to invest between 30 billion won and 50 billion won. Currently, it is recruiting limited partners (LPs) to form a project fund. This investment involves collaboration between SV Investment's VC and private equity (PE) sectors. The PE sector of SV Investment is creating an institutional participation-type private equity fund (PEF) before investing in Rebellions' redeemable convertible preferred shares (RCPS). They plan to finalize investment conditions and execute the funds by October.
The participation of existing investors, including SV Investment, continues. Mirae Asset Venture Investment, Mirae Asset Capital, and the domestic private equity (PEF) management company Noan Partners, along with the French global venture capital firm Korelya Capital, have confirmed an investment of 23 billion won. The Industrial Bank of Korea (30 billion won), KCA Partners (15 billion won), KB Investment (10 billion won), IMM Investment (3 billion to 5 billion won), and KT Investment (2 billion won) are also in the process of considering investments.
New investors include Intervest and Vision Equity Partners, along with the Samsung Group. Intervest has finalized a $10 million investment, completing its review recently. Another new investor, Vision Equity Partners, is reportedly in the process of forming a project fund worth 20 billion won. In addition, JP Morgan, the lead manager for fundraising, is conducting recruitment of overseas investors.
Rebellions began serious efforts to raise 200 billion won in funding targeting both domestic and foreign investors starting in April. The pre-investment corporate valuation stands at 1.55 trillion won. Since being recognized for a valuation of 1.3 trillion won following its merger with Safion last December, just eight months have seen an increase of 250 billion won. Analysts believe that significant revenue growth this year has contributed to the momentum in corporate value escalation.
Investors believe Rebellions has a high chance of successfully listing on the securities market based on its revenue growth. Internally, Rebellions plans to submit a preliminary review application for listing to the Korea Exchange in April next year, aiming to make its market entry in the second half of the same year. Last year, Rebellions appointed Samsung Securities as the lead underwriter and Korea Investment & Securities as a co-underwriter. It has been reported that due diligence for the listing has already been completed. Rebellions' target market capitalization is around 4 trillion won.
An industry insider noted, "Among chip startups, Rebellions is the only one participating in the Presidential Committee on AI, making it a key player in the government's AI industry ecosystem strengthening policies and nurturing targets," and added, "Given that the Korea Exchange has also expressed a willingness to introduce a technical exception listing system to promote the AI industry, a stable IPO is expected."