The timing of public listings has emerged as another major focal point for South Korean artificial intelligence (AI) semiconductor companies. According to industry sources, these firms are expected to adjust their IPO speeds as concerns over an AI market peak and a sluggish stock market overlap. This strategic shift stems from the judgment that rushing public listings offers limited practical benefits at present.

Industry sources reported on the 26th that FuriosaAI is set to wrap up its pre-IPO (pre-initial public offering) funding round shortly. Through this pre-IPO, the company has reportedly raised over mid-800 billion won. Notably, the National Growth Fund contributed 3700 billion won, accounting for more than a third of the total funds. Through this round, FuriosaAI is estimated to have achieved a corporate valuation of approximately 3 trillion won.

DeepX, an AI semiconductor fabless startup, also plans to finalize its pre-IPO (Series D) funding worth 350 billion won next month. Led by Shinhan Financial Group, about 10 institutional investors participated in the round.

Other AI-related companies, including Rebellions and HiveLab, also carried out pre-IPO rounds this year. Rebellions raised a total of 640 billion won through participation from the National Growth Fund, the Korea Development Bank, and Mirae Asset Group.

While it has been standard practice for companies to proceed with IPO procedures following a pre-IPO, the atmosphere has shifted recently as global concerns over an AI peak surface. Growing doubts regarding AI investment returns have widened the gap in expectations between the market and investors.

This phenomenon is vividly illustrated by the extreme divergence between the high valuations calculated during pre-fundeed pre-IPOs and the valuations actually accepted in the public offering market. Elice, an AI cloud and data center company, shocked the market on the 20th by plunging 32.04% below its initial public offering price on its first day of listing on the KOSDAQ.

The domestic stock market's failure to sustain its recent semiconductor rally is also placing a burden on AI companies. The KOSDAQ, where AI firms primarily consider listing, has suffered setbacks, dropping nearly 20% since the beginning of the year.

Consequently, AI companies are leaning toward listing after the market stabilizes. The general consensus in the industry is that it is not too late to enter the stock market after focusing on next-generation product development and mass production using funds secured through pre-IPOs, followed by the realization of actual performance. DeepX, which has received listing proposals from stock exchanges in the U.S., Japan, and Singapore, plans to consider going public in the second half of next year.

An AI industry official explained, "Given that we have already secured purchase orders from global semiconductor companies, we believe it is better to safely proceed with the listing process after confirming clear profit visibility."

A venture capital (VC) industry official noted, "It is crucial to secure business performance that can convince the market of our corporate valuation while effectively leveraging current industry growth momentum."

[ⓒ Global Economic Times. 무단전재-재배포 금지]