This article was displayed on the ChosunBiz MoneyMove (MM) site at 3:29 p.m. on Dec. 31, 2025.
Unlisted artificial intelligence (AI) semiconductor startups are being valued at nearly 2 trillion won in over-the-counter markets. They have yet to turn a profit, but they are drawing expectations as an "alternative" to Nvidia amid the explosive growth of the AI market. The sharp gains in the share prices of recently listed AI-related corporations despite concerns about overvaluation are also lifting the valuations of AI Semiconductor startups.
According to the investment banking (IB) industry on the 31st, existing shares of FuriosaAI have recently transacted in the market at a corporate value between 1.6 trillion won and 1.7 trillion won.
An IB industry official said, "There is considerable private banking (PB) demand to gather 20 to 30 high-net-worth individuals to buy existing shares of FuriosaAI."
FuriosaAI secured a 1 trillion won valuation (post-money) in July 2025 when it raised 170 billion won. Generally, existing shares trade at prices 20%–30% lower than the valuation at the time of fundraising. Taking this into account, FuriosaAI's valuation appears to have risen to the mid-to-high 1 trillion won range, up to as much as 2 trillion won, just a few months after the funding.
FuriosaAI is expected to raise additional funding in the first half of 2026 and prepare to list on the domestic stock market. With its current valuation already nearing 2 trillion won, the company is likely to seek funding at a valuation well above 2 trillion won in the next round.
A venture capital (VC) official said, "The key will be what results RNGD, which begins mass production in January, can deliver." RNGD is FuriosaAI's second-generation chip and is said to be more than twice as power efficient as Nvidia's "L40S." The official said, "If the follow-up products, the second-generation RNGD and the third-generation chip 'Stoke,' establish themselves successfully in the market, ultimately being recognized at a 100 trillion won valuation would not be out of the question."
Rebellions, a FuriosaAI competitor, also raised 340 billion won at a 1.9 trillion won valuation in September 2025, and existing-share transactions have recently taken place. Chief Executive Park Seong-hyeon and some members of management sold part of their equity to VCs, and they sold at the same price as the new shares.
Both FuriosaAI and Rebellions have yet to post meaningful results. FuriosaAI's 2024 revenue was 3 billion won, down 16.7% from a year earlier. Operating loss came to 77.3 billion won. During the same period, Rebellions posted revenue of 10.3 billion won and an operating loss of 87.2 billion won.
The fact that AI Semiconductor startups are being valued at around 2 trillion won over the counter is interpreted as being heavily influenced by the share price trends of already listed AI-related companies.
In the case of Nota AI, an AI model optimization corporation that listed on the KOSDAQ market on Nov. 3, 2025, its market capitalization based on the offer price was only 190 billion won, but its current market cap is nearing 1 trillion won.
Semifive, a global AI customized semiconductor corporation, listed on Dec. 29, 2025 with an offer price of 24,000 won, and at one point during the first day surged to 42,200 won. Its market cap is around 900 billion won.
A senior VC official said, "A record amount of capital is expected to flow into the venture market in 2026, and the investment will ultimately be concentrated in AI and biotech," adding, "Because the currently active investment managers personally experienced the market boom in 2021 and the subsequent plunge in valuations due to rising interest rates, in 2026 the tendency for money to selectively flow only to some corporations with proven technology will intensify."