Global AI firms’ IPO valuations fall, complicating listing plans for South Korean AI companies

The valuations of global AI companies pursuing IPOs, including OpenAI and Anthropic, are being reassessed, complicating listing plans for South Korean AI companies. This comes as markets, which once placed a high value on technological prowess and growth potential, begin scrutinizing actual revenue and profitability, as well as future growth rates.
South Korean AI companies preparing to go public, including Upstage Co., Ltd., Wrtn and Furiosa AI, now face the challenge of proving concrete revenue-generating potential, beyond their technological competitiveness, to command high valuations.
According to foreign media and the IT industry on the 19th, the valuation of U.S. AI company Anthropic was lowered at an IPO investor briefing held in San Francisco on the 14th (local time) to around $1.5 trillion (about 2,006.7 trillion won), 25% below the previous expectation of $2 trillion (about 2,675.6 trillion won).
Notably, Anthropic’s performance actually improved. Revenue in the third quarter of this year was $16.8 billion, up 45% from the previous quarter, and the company posted adjusted operating profits for two consecutive quarters. However, expectations for its valuation fell as revenue growth slowed from more than 100% in the previous quarter. In other words, whether the company can maintain its previously high valuation has become a separate question, even as revenue surges and it turns a profit.
This climate is also a burden for South Korean AI companies preparing for IPOs. Upstage Co., Ltd., Wrtn Technologies and Furiosa AI are rapidly expanding into their respective business areas by leveraging their technological competitiveness, but they still have a long way to go before achieving profitability.
Last year, Upstage Co., Ltd. posted revenue of 24.8 billion won and an operating loss of 30.5 billion won. Its influence in the enterprise AI market is growing, but its operating loss still exceeds its revenue. Whether it can secure corporate customers and expand service delivery in a way that leads to stable profits will be key to its future valuation.
Wrtn is in a similar position, despite attracting 100 billion won in investment last August at a valuation of at least 1 trillion won. Its revenue last year reached 47.1 billion won, more than 15 times the 3.1 billion won it posted the year before—a notable achievement—but its operating loss remains substantial. It must improve profitability while sustaining growth through overseas businesses, including the North American AI entertainment platform “OOC.”
Furiosa AI also posted revenue of 5.7 billion won and an operating loss of 62.5 billion won last year. Having begun mass production of its second-generation AI inference accelerator, “RGND,” in January this year, the company is now drawing attention over whether expanded supply to customers will lead to improved results.
[email protected] Jang Min-kwon Reporter