Samsung-Backed Rebellions Aims for KOSPI IPO in South Korea by 2027

South Korean artificial intelligence (AI) chip developer Rebellions plans to launch an initial public offering (IPO) in its home market during the first or second quarter of 2027. Sunghyun Park, the company's CEO, told CNBC on July 8, 2026, that Rebellions is leaning towards listing on the KOSPI exchange, the main board of the Korea Exchange (KRX), rather than the KOSDAQ. This strategic move is a crucial part of Rebellions' broader plan to strengthen its position in the global AI chip market and meet its escalating financial requirements.

According to Park, Rebellions aims to complete all necessary IPO paperwork by the end of this year. The company has appointed JPMorgan and Samsung Securities as lead underwriters for the listing process. Rebellions successfully raised approximately 640 billion South Korean won (around $400 million) in a pre-IPO funding round in March 2026, led by Mirae Asset Financial Group and the Korea National Growth Fund. Furthermore, the company solidified its status as South Korea's largest AI chip startup following its merger with Sapeon Korea, SK Telecom's AI chip subsidiary, last year.

Founded in 2020, Rebellions initially focused on developing AI inference chips for the financial sector but has since expanded its efforts to AI accelerators and systems for data centers. The company launched its ION AI inference chip for the financial industry, followed by the ATOM AI chip designed for data centers. It has begun generating substantial revenue by expanding the supply of its proprietary neural processing unit (NPU)-based AI server systems. Rebellions' core strategy centers on developing highly energy-efficient AI chips specifically optimized for inference workloads, aiming for two to three times better efficiency compared to traditional GPU solutions.

With the proliferation of AI services, demand for inference chips—which enable trained AI models to respond to user requests or generate content in real-world service environments—is rapidly increasing, alongside the graphics processing units (GPUs) used for AI model training. Rebellions seeks to leverage this expanding market, supported by its strong ties to the South Korean government's mega-projects aimed at fostering domestic AI semiconductor champions and building robust AI infrastructure. The company's strategic investors, including Samsung Electronics, SK Hynix, and SK Telecom, further underscore its technological and financial backing.

CEO Park noted that investors prefer the Korean market, particularly KOSPI, largely due to Rebellions' close alignment with the Korean government's extensive AI infrastructure projects. Beyond a domestic listing, Rebellions is also exploring the possibility of a dual listing in the United States. The company is in discussions with both the New York Stock Exchange (NYSE) and Nasdaq regarding a potential listing via American Depositary Receipts (ADRs), a path previously taken by other South Korean firms like SK Hynix. Rebellions aims to become a significant player in the global AI chip market, emphasizing cost and energy efficiency as key differentiators in the future of AI infrastructure.