South Korean AI Chip Firm Rebellions Eyes IPO After Securing Samsung Investment

South Korean AI chip startup Rebellions is said to be gearing up for a potential IPO, as e recent investment from tech giant Samsung and an ongoing funding round targeting up to $200 million helps the firm cross targets off it's list.

Rebellions' CFO, Sungkyue Shin, revealed that the company is actively raising capital, seeking between $150 million and $200 million. Samsung's recent investment is part of this round, though the specific amount remains undisclosed.

The current funding round is expected to push the company's valuation beyond $1 billion. Shin stated, “Our master plan is going public,” signaling the company's ambition to list on a South Korean exchange, with Samsung Securities expected to lead the IPO. Since its founding in 2020, Rebellions has raised $220 million.

Merger with Sapeon Korea Creates AI Chip Unicorn

In December 2024, Rebellions finalized its merger with Sapeon Korea, an AI chip processor affiliate of SK Telecom. The merger created Korea's first AI chip unicorn, valued at approximately 1.3 trillion won (around $929.8 million). The combined entity operates under the Rebellions name, led by CEO Park Sung-hyun.

The merger enhances competitiveness in the global AI chip market by combining resources, talent, and strategic partnerships. Rebellions plans to collaborate with SK Telecom to expand into international markets, including the United States, Saudi Arabia, and Japan.

Bull Case:

• Strong backing from major players like Samsung, SK Hynix, and Saudi Aramco.
• Strategic merger with Sapeon Korea creates a more formidable competitor.
• Focus on AI inferencing provides an opportunity.

Bear Case:

• The AI chip market is highly competitive, with established players like Nvidia dominating.
• The company's reliance on partnerships with Samsung and SK Telecom could create dependencies.
• The IPO timeline is subject to market conditions and business ramp-up.
• Valuation may be inflated given the current hype surrounding AI.

In April 2025, Rebellions signed a strategic memorandum of understanding with SK Telecom and DOCOMO Innovations to accelerate the development of next-generation AI infrastructure, particularly in the Asian region.

Rebellions focuses on AI inferencing chips, which are used to interpret live data and generate results, similar to those produced by chatbots. This specialization differentiates the company from those focused on AI training.

The company appears to be targeting an IPO by late 2025 or early 2026, yet plenty can change in terms of the perception of market favourability before then.