Rablup plans 6,700,000,000 KRW IPO amid high valuation expectations

Rablup, an artificial intelligence (AI) infrastructure software company, is preparing for an initial public offering (IPO) scheduled for November 3, 2026. The company has generated only 6,700,000,000 KRW in revenue over the past year, yet it has set its maximum post-IPO valuation at 320,000,000,000 KRW, raising questions about the methodology used to determine this figure.

The firm has reported that its projected net profit for 2029 is 21,100,000,000 KRW, which they have discounted to a present value of 12,900,000,000 KRW using a 15% discount rate. Rablup also anticipates an eightfold increase in revenue over the next four years, projecting sales of 9,900,000,000 KRW for the current year, followed by 22,100,000,000 KRW in the next year, 37,800,000,000 KRW in 2028, and 57,800,000,000 KRW in 2029.

During a conference on October 19, 2026, at the Conrad Hotel in Yeouido, Seoul, Rablup outlined its listing plans and growth strategies. The anticipated offering price is set between 19,000 KRW and 22,000 KRW per share, with an expected market capitalization ranging from 276,300,000,000 KRW to 320,000,000,000 KRW after going public.

To support its valuation, Rablup referenced a net revenue retention rate (NRR) of 131.9% over the past two years. This metric indicates the change in revenue from existing customers, excluding new customer contributions. The company has also identified 163 potential clients among global neo-cloud enterprises, which provide GPU-centric AI computing resources.

Rablup plans to use half of the IPO proceeds for hardware acquisition to validate its technology and the other half for expanding its international operations, focusing on markets in the United States and Japan. The Elec reported the story.