DeepX Plans South Korea IPO, Eyes U.S. Listing as AI Chip Competition Heats Up

DeepX is preparing to list shares in South Korea first, then potentially pursue a U.S. debut later, a move that places the Seoul startup in the middle of a widening contest to build credible AI chip challengers outside the United States. The company, led by chief executive Lokwon Kim, is trying to convert early technical traction into public-market backing at a moment when investors are paying close attention to which chipmakers can prove real demand, not just big ambitions.

That pitch rests on more than speculative AI branding. DeepX said it has been working with Hyundai Motor Group and Baidu, giving the company industrial and commercial partners that are far more concrete than the usual startup slide deck. DeepX is also expanding its partnership with Hyundai Motor Group to develop a computing platform for generative AI robots using its second-generation low-power chips, a sign that the company is pushing beyond devices and into robotics and industrial automation.

The company’s financial ambitions are just as aggressive. DeepX is in talks with government bodies and investors to raise more than 600 billion won, or about $408 million, in its current funding round. It plans to choose banks to manage the initial public offering after that round is completed in the first half of 2026. The domestic-first approach suggests DeepX wants to establish a home-market valuation and prove demand before weighing a U.S. listing.

DeepX began producing chips late last year, a milestone that matters in a sector where many startups remain stuck in the design phase. Earlier financing also points to growing market confidence: DeepX raised 110 billion won in a Series C round, and one later valuation placed the company above 700 billion won. Reports have also said Baidu placed a 40,000-chip order and that DeepX has secured 27 orders across eight countries, details that, if sustained, would give the company a stronger case that it is building a real customer base rather than chasing the AI cycle.

The bigger story is the changing shape of AI hardware competition. Nvidia still dominates the market, but smaller players are trying to carve out positions in inference, edge computing and on-device processing, where power efficiency and local execution can matter as much as raw computing scale. DeepX’s IPO plan is a test of whether a South Korean chip startup can turn manufacturing progress, global partnerships and early orders into a public valuation strong enough to fund the next phase of growth.