COMPANY PROFILE / PUBLIC INFORMATION
Rebellions
UNICORN / PUBLICLY REPORTED
Profiles are based on public information. Inclusion does not indicate an available investment opportunity or an offer to buy or sell securities.
What They Do
Rebellions designs AI inference accelerators: processors that run trained AI models in data centres. Its offering extends from ATOM and the chiplet-based Rebel100 to servers, racks and software for deploying inference workloads. [3][4] The original business began in 2020. It combined with SAPEON Korea in December 2024; the surviving legal entity was originally incorporated in 2022. That merger matters when comparing historical financial results and ownership. [1][2]
Competitive Edge
FROM CHIPS TO SYSTEMS Rebellions is expanding beyond processor design into integrated servers, racks and deployment software. In June 2026, it announced the acquisition of AI inference optimization company SqueezeBits to strengthen its software and serving capabilities. The commercial test is reliable inference at an attractive total operating cost. [3][6] COMMERCIAL USE In September 2026, Rebellions said its NPUs supported key functions in four SK Telecom AI services, handling about 14 million requests and more than 4 billion tokens daily. These are company-reported usage measures, not revenue or an independent performance benchmark. [7] STRATEGIC BACKING The company’s September 2025 funding announcement names Arm, Samsung Ventures and Pegatron VC among its strategic backers. These relationships offer access to industry expertise; they do not guarantee customer orders. [4] INTERNATIONAL EXPANSION In September 2026, Rebellions announced an initial purchase and planned Tokyo deployment with Japanese infrastructure company ai&. Expansion toward 100 or more RebelRack units is a stated plan, not a completed installed base. [5]
Why We’re Watching
Rebellions offers a way to follow Korea’s move from semiconductor manufacturing strengths into AI processor design and infrastructure. We are watching whether growing deployments turn into repeat orders, broader customer demand and improved unit economics. The company announced a US$400m pre-IPO round in March 2026 at an approximately US$2.34bn valuation. FY2025 consolidated revenue was KRW32.0bn, alongside a KRW120.5bn operating loss. The gap between substantial funding and early commercial revenue makes execution more informative than IPO valuation headlines. [1][3] A future listing could provide a public-market reference. Its venue, timing and offer price are not established by a private funding round, and this profile does not treat a reported IPO target as an executable price.
Key Risks
LOSSES AND CASH USE FY2025 consolidated operating loss widened to KRW120.5bn from KRW87.2bn in FY2024, and operating cash outflow was KRW176.7bn. Chip development, software support and production scaling require sustained investment. [1] NEGATIVE EQUITY At 31 December 2025, consolidated equity was negative KRW237.3bn. Reported liabilities included KRW126.9bn of redeemable convertible preferred shares and KRW767.2bn of associated conversion and redemption derivatives under K-IFRS. Valuation and contractual terms affect these balances; redemption is subject to disclosed conditions, including distributable-profit limits. These year-end figures precede the March 2026 funding round. [1][3] CUSTOMER CONCENTRATION Three customers accounted for 43.72%, 25.29% and 13.07% of FY2025 revenue, or 82.08% combined. The filing does not name them; identities should not be inferred from strategic relationships or later commercial announcements. [1] ADOPTION AND EXECUTION Customers must assess model compatibility, reliability, power use and total cost alongside incumbent GPU platforms and competing custom chips. Announced deployment plans still need to translate into delivered systems and revenue. [5] COMPARABILITY AND DILUTION FY2024 consolidated results include SAPEON from the December 2024 merger; FY2025 includes a full year, so growth is not entirely like-for-like. The ownership chart is a 2 December 2024 snapshot and predates later funding; it is not a current cap table or a fully diluted view. [1][2][8]
Publicly Reported Metrics
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[1] Rebellions — FY2025 consolidated audit report, filed 14 April 2026. FY2025 results and FY2024 comparative figures; major-customer concentration and corporate history: https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260414001300 [2] Rebellions — DART filing, 11 December 2024. Shareholders and issued shares effective 2 December 2024. Historical post-merger snapshot; predates the 2025 and 2026 funding rounds: https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20241211000171 [3] Rebellions — US$400m pre-IPO financing and infrastructure launch, 30 March 2026. Company-announced approximate valuation and cumulative funding, shown in the original reported currency: https://rebellions.ai/newsroom/rebellions-closes-400-million-pre-ipo-and-launches-rebelrack-and-rebelpod-to-accelerate-global-expansion/ [4] Rebellions — US$250m Series C at US$1.4bn valuation, 30 September 2025. Strategic investor names and product context: https://rebellions.ai/newsroom/rebellions-raises-250-million-to-advance-the-next-generation-ai-infrastructure-backed-by-arm-and-samsung/ [5] Rebellions — ai& partnership in Japan, 15 September 2026. Initial purchase and planned Tokyo deployment; expansion targets are prospective: https://rebellions.ai/newsroom/rebellions-and-ai-partner-to-bring-energy-efficient-ai-inference-infrastructure-to-japan/ [6] Rebellions — acquisition of SqueezeBits, 30 June 2026. Company announcement of expanded inference optimization and serving capabilities: https://rebellions.ai/newsroom/rebellions_squeezebits_acquisition_260630/ [7] Rebellions — NPU adoption across four SK Telecom commercial AI services, 21 September 2026. Company-reported service usage; not revenue or an independent benchmark: https://kr.rebellions.ai/newsroom/rebellions_running_14000traffic_skt_commercialization/ [8] Rebellions — FY2024 consolidated audit report, filed 15 April 2025. Reverse-acquisition accounting and December 2024 merger scope; actual revenue is distinct from pro forma revenue: https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20250415000336 Financial figures use the same consolidated audit report. Ownership percentages are calculated from 2,023,469 issued common and preferred shares at the historical reference date. SAPEON Inc. is the direct shareholder; SK Telecom’s indirect economic interest is not a separate chart segment. Later funding may materially change these percentages. Company announcements describe funding and commercial plans, not an available investment through LASQUAD.
AT A GLANCE
Founded
2020 (original business)
Headquarters
Seongnam, South Korea
Last Updated
2 November 2026