The IPO market led by artificial intelligence technology has become the hottest topic of the year. While the investment community offers rosy forecasts citing unlimited future growth potential, concerns are also being raised that the market could be filled with bubbles and unverified companies. Amidst growing voices that technical superiority alone is insufficient to earn investor trust, the ability to demonstrate a real profit model has emerged as the key to a successful listing.
According to the investment banking industry, NeoSapiens, a specialist company in AI-based media technology, has recently appeared on the list of companies applying for KOSDAQ pre-listing review at KRX. Alongside it, companies such as Ditonic, which builds AI data platforms, and Intelivix, which provides AI solutions for the safety sector, are also undergoing review. MakinaraX, which develops industry-specific AI, has already officially begun its public offering procedure. Additionally, groups such as Ellis Group, SuperV AI, and Persona AI are rushing to complete their listing procedures by the end of this year. Following the successful listing of several AI-related companies last year, including Newen AI, SemiFive, Nota, and STUDBLU, this year is seeing companies with more diverse and robust business models entering the market. Analysts attribute this to the exchange's decision last year to subdivide review criteria considering the unique characteristics of AI companies and to design technical evaluation items specifically.
In the second half of this year, large-scale companies with valuations reaching the trillions of won are expected to enter the market. Upstage, which has strong competitiveness in the large language model field, and Revelion, an AI semiconductor company, are cited as prime candidates. Although these companies originally planned to apply for pre-listing review in the first half of the year, it is understood that they have adjusted their schedule to the second half, considering investment schedules of entities such as the National Growth Fund. This is interpreted as a signal that the AI industry ecosystem is maturing fully, given the expectation of significant capital inflow and the substantial influence these companies will exert in the market.
The securities industry evaluates that AI has risen as a game changer for all industries, going beyond being a mere technology theme. With the rapid expansion of cloud infrastructure and the advancement of large language models, the scope of AI application is expanding from hardware domains like semiconductors and security to the entire range of software-as-a-service, including media and data analysis. At the government level, various support measures are being poured out to foster the AI industry, leading investors to expect AI to become the next growth engine following semiconductors. However, there is not only positive outlook. Most AI startups currently undergoing the listing process remain in a deficit state and are utilizing special systems that allow listing based on future performance. However, the exchange is recently showing a trend of strictly scrutinizing both the existence of revenue generation and the possibility of profit realization even for technology companies.
A representative of an asset management firm warned that companies unable to demonstrate a business model that translates into actual sales in the industrial field will be eliminated during the process of separating the wheat from the chaff. This means that simple concept validation or technical superiority alone is not enough to survive in this IPO market. Ultimately, technical prowess alone is insufficient; the crucial factor is proving how that capability connects to money. In this atmosphere, AI-related companies appear to be deciding their fate not merely by emphasizing technical innovation, but by how they build practical business models capable of generating stable cash flows.