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- Rebellions
Rebellions Revenue, Valuation, Funding & Investors
Rebellions is valued at $2.3B as of March 2026.
Last Rebellions valuation
$2.3B
Undisclosed stage · Mar 2026
Last Rebellions funding round
$400M
Undisclosed stage · Mar 2026
Rebellions revenue
$23M
Series C · Sep 2025
Key investors in Rebellions
Kakao Ventures
Seoul Techno Holdings
GU Equity Partners
Korea Development Bank
Shinhan Capital
KT
About Rebellions
Rebellions is a Seoul-based semiconductor company specializing in AI accelerator chips for large-scale inference workloads. Its ATOM family includes Lite, Max, and rack-scale systems, while the REBEL-Quad chiplet features HBM3E memory for high-bandwidth performance. The firm offers a software stack with SDK and compiler supporting PyTorch 2.0 and vLLM for generative AI deployments. Founded in 2020, Rebellions prioritizes energy efficiency in data centers, serving hyperscale cloud providers and AI service operators across Asia and North America.
Founded
2020
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Product sales
Revenue
$23M (Sep 2025)
Valuation
$2.3B (Mar 2026)
Rebellions Valuation
Rebellions is currently valued at $2.3B, based on its undisclosed-stage round in March 2026.
The $400M round was led by Korea National Growth Fund and Mirae Asset.
Rebellions' valuation has grown 3.5x from $664M at its Series B in January 2024 to $2.3B in March 2026, across 3 priced rounds.
Rebellions valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Mar 2026 | Undisclosed stage | $2.3B | - |
| Sep 2025 | Series C | $1.4B | 60.9x |
| Jan 2024 | Series B | $664M | 28.9x |
Rebellions Revenue
Rebellions' latest recorded revenue is $23M, as of its Series C in September 2025. At a $1.4B valuation, that implies a 60.9x revenue multiple.
Revenue moved from $23M in January 2024 to $23M in September 2025, while the revenue multiple moved from 28.9x to 60.9x.
Rebellions revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Sep 2025 | $23M | $1.4B | 60.9x | Series C |
| Jan 2024 | $23M | $664M | 28.9x | Series B |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Rebellions Funding History
Rebellions has raised a total of $858M across 6 funding rounds.
Rebellions' first fundraising round was a $4M seed round in November 2020. The most recent completed round was a $400M undisclosed-stage round in March 2026.
Rebellions funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Mar 2026 | Undisclosed stage | Korea National Growth Fund (lead); Mirae Asset (lead) | $400M | $2.3B | - |
| Sep 2025 | Series C | ARM (lead); Samsung Ventures (lead); Korelya Capital; Top Tier Capital Partners; Lion X Ventures; Korea Development Bank; Kindred Ventures; Pegatron Venture Capital | $250M | $1.4B | Rebellions, a South Korean AI inference chip startup founded in 2020, develops energy-efficient AI accelerators focused on chiplet-based designs for large-scale data center inference. Its first-generation ATOM and ATOM-Max chips are in mass production, deployed with customers in Japan, Saudi Arabia, the United States, and powering Korea's largest commercial AI service. In August 2025, it launched the second-generation REBEL-Quad, the world's first UCIe-Advanced AI accelerator for peta-scale inference. On September 30, 2025, Rebellions raised $250 million in its Series C funding round at a $1.4 billion valuation, led by Arm and Samsung Ventures, with participation from Pegatron Venture Capital, Lion X Ventures, Korea Development Bank, and Korelya Capital. Arm joined as a strategic partner to advance next-generation AI data center infrastructure. The round, equivalent to 340 billion won in one Korean report (noting a 1.9 trillion won valuation), accelerates mass production of REBEL-Quad, expands the chiplet-based AI roadmap, and supports global scaling. The funding bolsters Rebellions' position in the competitive AI chip market against giants like Nvidia, following its 2024 merger with SK Telecom's Sapeon to consolidate Korean talent. On November 10, 2025, the Series C expanded with U.S. investors Kindred Ventures and Top Tier Capital Partners, enhancing Silicon Valley ties and U.S. market presence. Funds will drive expansion into the United States, Europe, Asia-Pacific, and sovereign AI initiatives, with plans for an IPO post-round. |
| Jan 2024 | Series B | KT (lead); Wa’ed Ventures (lead) | $124M | $664M | Rebellions, founded in 2020, is a South Korean AI semiconductor startup specializing in AI inference accelerators designed to deliver energy efficiency and low-latency performance for large language model deployment. The company had introduced two AI chips by early 2024, with a third in development, and began mass-producing its Atom NPU for data center applications in 2023. In January 2024, Rebellions closed a $124 million Series B funding round led by KT Corp, establishing the company's Series B valuation. Following this, in July 2024, Wa'ed Ventures (the VC arm of Saudi Aramco) invested an additional $15 million in a Series B extension round, marking Wa'ed Ventures' first investment in a Korean startup and opening opportunities for Rebellions to expand into Saudi Arabia's AI infrastructure market. The company established a Saudi subsidiary in Riyadh and deployed its first-generation chips in the Kingdom alongside Japan and the United States. In August 2024, Rebellions merged with Sapeon, a semiconductor company that had been spun out of SK Telecom in 2016, with the merged entity retaining the Rebellions name and valued at approximately $750 million at the time of merger. By September 2025, Rebellions completed a $250 million Series C round at a $1.4 billion valuation, backed by strategic partners including Arm, Samsung Ventures, Pegatron VC, and others, with the round subsequently expanded in November 2025 to include U.S. investors Kindred Ventures and Top Tier Capital Partners, demonstrating the company's position as Asia's fastest-growing AI inference chip startup. |
| Jun 2022 | Series A | KB Investment; IMM Investment; Kakao Ventures; Seoul Techno Holdings; Korea Development Bank; Mirae Asset Venture Investment; GU Equity Partners; SV Investment Partners; KT; Mirae Asset Capital; Pavilion Capital; KT Investment | $70M | - | - |
| Jul 2021 | Seed | KCA Partners (lead); Kakao Ventures; Seoul Techno Holdings; GU Equity Partners; Shinhan Capital | $10M | - | - |
| Nov 2020 | Seed | Kakao Ventures (lead); Angelnet; Seoul Techno Holdings; GU Equity Partners; Shinhan Capital | $4M | - | - |
Who has invested in Rebellions?
25 investors have backed Rebellions across its funding rounds, including Kakao Ventures, Seoul Techno Holdings, GU Equity Partners, Korea Development Bank, Shinhan Capital and KT.
Lead investors include Korea National Growth Fund, Mirae Asset, ARM, Samsung Ventures, KT and 3 other investors.
Rebellions Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 3 | Lead | Nov 2020 | ||
| 3 | Participant | Nov 2020 | ||
| 3 | Participant | Nov 2020 | ||
| 2 | Participant | Jun 2022 | ||
| 2 | Lead | Jun 2022 | ||
| 2 | Participant | Nov 2020 | ||
| 1 | Participant | Sep 2025 | ||
| 1 | Lead | Mar 2026 | ||
| 1 | Participant | Jun 2022 | ||
| 1 | Lead | Jul 2021 | ||
| 1 | Lead | Jan 2024 | ||
| 1 | Participant | Sep 2025 | ||
| 1 | Lead | Sep 2025 | ||
This data is available for Pro users. Sign up to see all 25 Rebellions investors. Start Free Trial | ||||
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Start Free TrialAcquisitions by Rebellions
Rebellions has acquired 1 company to date.
Last acquisition by Rebellions was on June 12th 2024. Rebellions acquired Sapeon Korea for undisclosed valuation.
Latest Acquisitions by Rebellions
| Description | Sapeon Korea is a Seongnam-based fabless semiconductor company designing AI processors for data centers. Its flagship X330 chip delivers high-performance inference for large language models, supporting hyperscale cloud and enterprise AI workloads. Backed by Samsung and SK Group, Sapeon focuses on energy-efficient NPU architecture optimized for services like generative AI. |
| HQ Country | |
| HQ City | Seongnam |
| Deal Date | 12 Jun 2024 |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Rebellions acquisitions and their M&A valuation multiples. Start Free Trial | |
Rebellions Competitors
Rebellions competitors include listed companies like Core Scientific and D-Wave Quantum, and private ones like Tenstorrent, Photonic, Upscale AI and Xsight Labs.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $2.7B | - | ||
| Private | - | - | $2B | - | ||
| Private | - | - | $2B | - | ||
| Private | - | - | $2.8B | - | ||
| Publicly listed | $319M | ($211M) | $5.5B | 13.9x | ||
| Publicly listed | $25M | ($373M) | $6.7B | 166.4x |
Rebellions Public Comps
Rebellions is still privately-owned, but its public comps include Xanadu, SharonAI, Silex Microsystem, IQM Quantum Computers, ChronoScale, Pasqal, Boost Run, POET Technologies, Ionic Digital and Whitefiber.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $3M | ($47M) | 629.3x | 281.8x | (44.6x) | (24.7x) | |||
| $2M | ($36M) | 752.3x | 13.7x | (32.7x) | 46.2x | |||
| $141M | $49M | 12.3x | - | 35.5x | - | |||
| $36M | ($48M) | 46.9x | - | (35.2x) | - | |||
| $72M | $21M | 42.5x | - | 147.6x | - | |||
| $19M | ($92M) | 91.5x | - | (18.9x) | - | |||
| $27M | ($4M) | 58.1x | 11.8x | (419.7x) | 25.1x | |||
| $1M | ($60M) | 475.5x | 106.5x | (8.6x) | - | |||
This data is available for Pro users. Sign up to see all Rebellions competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Rebellions
| When was Rebellions founded? | Rebellions was founded in 2020. |
| Where is Rebellions headquartered? | Rebellions is headquartered in Seongnam, South Korea. |
| Is Rebellions publicly listed? | No, Rebellions is a private, VC-backed company. |
| What is Rebellions' valuation? | Rebellions was last valued at $2.3B in its undisclosed-stage round in March 2026. |
| How much funding has Rebellions raised? | Rebellions has raised $858M across 6 funding rounds. |
| What was Rebellions' last funding round? | Rebellions' last funding round was a $400M undisclosed-stage round in March 2026, led by Korea National Growth Fund and Mirae Asset. |
| Who are Rebellions' investors? | Rebellions' investors include Kakao Ventures, Seoul Techno Holdings, GU Equity Partners, Korea Development Bank, KT, Shinhan Capital, Korelya Capital, Mirae Asset, KB Investment, KCA Partners and 15 others. |
| What is Rebellions' revenue? | Rebellions' latest recorded revenue is $23M (September 2025). |
| What is Rebellions' revenue multiple? | Rebellions' latest valuation implies a 60.9x revenue multiple ($1.4B valuation on $23M of revenue). |
| Which companies are comparable to Rebellions? | Companies comparable to Rebellions include Tenstorrent, Photonic, Upscale AI, Xsight Labs, Core Scientific and D-Wave Quantum. |
| How many companies has Rebellions acquired? | Rebellions has acquired 1 company, including Sapeon Korea. |
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