In a bold move that underscores Korea’s growing deep-tech maturity, FuriosaAI has declined acquisition offers from global Big Tech players to pursue an independent path toward a 2027 IPO. As the company prepares a USD 500 million (approximately KRW 740 billion) pre-IPO round, it aims to secure its place as a globally competitive AI semiconductor developer, shaping Korea’s position in the next phase of the AI hardware race.

FuriosaAI Launches ₩700 Billion Pre-IPO Funding with Mirae Asset and Morgan Stanley

FuriosaAI, a leading AI semiconductor fabless startup, is preparing a pre-IPO funding round worth up to USD 500 million (approximately KRW 740 billion), according to multiple investment banking sources.

The round comes eight months after its Series C bridge funding, which raised approximately KRW 170 billion, and is being led by Mirae Asset Securities and Morgan Stanley, signaling FuriosaAI’s intent to attract both domestic and international investors.

Industry officials estimate the company’s valuation at around KRW 3 trillion (USD 2.3 billion) — potentially surpassing that of local rival Rebellions, valued at KRW 1.9 trillion in 2025.

The funds will primarily support mass production of FuriosaAI’s second-generation NPU, RNGD (Renegade), and the development of its third-generation AI chip platform.

Background: Korea’s Fabless Frontier and the Renegade Breakthrough

FuriosaAI develops neural processing units (NPUs) designed for AI inference acceleration, offering significantly higher energy efficiency than GPUs. The company’s flagship chip, Renegade (RNGD), has been adopted by LG AI Research Institute and optimized for LG’s EXAONE as well as OpenAI’s GPT-OSS.

This performance success, combined with upcoming mass production through TSMC, has strengthened investor confidence. FuriosaAI expects to deliver 20,000 NPUs to global clients in 2026, marking its first large-scale revenue cycle.

The company plans to leverage this production milestone to expand into global data center and AI infrastructure markets, competing with established players such as Nvidia.

Stakeholder Statements: Timing, Scale, and Independence

A FuriosaAI spokesperson explained that the timing of the funding is critical, citing the need to synchronize large-scale production with the development of next-generation products, saying:

“Mass production and new product development both rely on precise timing. We’re focused on capturing that moment to accelerate our global expansion.”

On the question of strategic investors, the company confirmed that it is open to both financial (FI) and strategic (SI) partnerships:

“Most of our current investors are financial, but we are actively engaging with strategic investors from the U.S., Asia, and the Middle East. Global capital participation is essential to our next phase of growth.”

While Nasdaq listing rumors persist, the company maintains a cautious stance.

“We won’t rush into an IPO for numbers’ sake. Our approach is to prove value through technology and revenue before taking that step,” the representative stated.

Ecosystem Significance: A Defining Moment for Korea’s Deep-Tech Independence

FuriosaAI’s decision to reject Meta’s reported $800 million acquisition proposal and pursue an independent IPO signals a turning point for Korea’s semiconductor and AI sectors.

By choosing technological sovereignty over Big Tech integration, the company positions itself as a rare example of Korean deep-tech autonomy, emphasizing innovation leadership rather than exit-driven growth.

The move reflects Korea’s broader push toward self-sufficient semiconductor ecosystems, aligning with national strategies that promote AI chip independence and private-sector-driven R&D.

In the context of global AI hardware competition, FuriosaAI’s Renegade and upcoming third-generation NPUs strengthen Korea’s claim as an emerging AI semiconductor hub in Asia.

How Far Startups Can Go Without Big Tech’s Shadow

FuriosaAI’s path embodies Korea’s deep-tech evolution — one defined not by acquisition but by long-term capability building. Its 2026 pre-IPO round, backed by major domestic and international investors, will test how far independent AI chip startups can go without the shadow of Big Tech.

As mass production begins and new global partnerships form, FuriosaAI’s trajectory could redefine how Korean startups scale innovation while preserving ownership of their technology.

Key Takeaways on FuriosaAI Pre-IPO Milestone

• Company: FuriosaAI
• Sector: AI semiconductor (fabless)
• Funding: ₩700 billion ($500 million) pre-IPO round
• Lead Managers: Morgan Stanley (global), Mirae Asset Securities (domestic)
• Valuation: Approximately ₩3 trillion
• Product: Renegade NPU, optimized for LG EXAONE and OpenAI GPT-OSS
• Production Partner: TSMC (first batch by end of January 2026)
• Key Event: Rejected Meta’s $800M acquisition proposal in 2025
• IPO Target: 2027 (market undecided, Nasdaq possible)
• Strategic Context: Strengthens Korea’s deep-tech independence and AI semiconductor ecosystem
• Global Relevance: Signals Asia’s growing role in the AI chip supply chain beyond Nvidia

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