Galaxy Corporation closed a ₩100 billion pre-IPO round on December 9, 2025 at a ₩1 trillion valuation, up from ₩500 billion in 2023, taking cumulative funding to about ₩180 billion. The round was all common stock rather than redeemable convertible preferred — an unusual structure that leaves no liquidation preference stacked ahead of founders and employees.

Investors included Korea Investment & Securities as co-bookrunner, Shinhan Venture Investment and Nvestor, alongside Taiwan-listed ADATA and Hong Kong-listed Starplus Legend Holdings.

The numbers behind the valuation

For the fiscal year ended December 31, 2025, Galaxy reported revenue of ₩298.9 billion, up 619% year on year, and an operating profit of ₩12.5 billion — its first. Total assets rose roughly 300%.

The concentration is stark: roughly 75-80% of FY2025 revenue, or ₩224.2-239.1 billion, traces to G-Dragon, who signed in 2023. Every other line — the robot park, MACH33, the wider artist roster — is a diversification argument against that single dependency.

Listing venue is still open

At an April 8, 2026 press conference, CEO Choi Yong-ho said the company was keeping KOSPI, KOSDAQ, Nasdaq and NYSE all under consideration, adding that "listing is one step, not the ultimate goal." Nasdaq vice chairman of global capital markets Bob McCooey and NYSE vice chairman Michael Harris both visited the company's headquarters in March 2026. No venue has been decided; reports naming one are ahead of the record.

Also announced that day: AI glasses under the brand White Hole, robots, and virtual idols as business lines.

Key Facts

  • Pre-IPO round closed December 9, 2025: ₩100bn at a ₩1tn valuation, up from ₩500bn in 2023; cumulative funding about ₩180bn
  • All common stock, not RCPS — no liquidation preference stack
  • Investors: Korea Investment & Securities (co-bookrunner), Shinhan Venture Investment, Nvestor, ADATA (Taiwan-listed), Starplus Legend Holdings (HK-listed)
  • FY2025 (year ended Dec 31, 2025): revenue ₩298.9bn, +619% year on year; operating profit ₩12.5bn — the first
  • Roughly 75-80% of FY2025 revenue (₩224.2-239.1bn) traces to G-Dragon, who signed in 2023
  • Listing venue undecided as of April 2026 — KOSPI, KOSDAQ, Nasdaq and NYSE all under review

Why it matters

Almost nothing in physical AI has revenue. Figure, 1X and Apptronik are valued on pilots; Unitree, the exception, sells hardware. Galaxy is the odd case of a company with real operating profit whose physical AI line is the newest and smallest part of it — which makes it a useful test of whether entertainment robotics can carry a business rather than decorate one.

The concentration number is the one to watch. A company earning three-quarters of its revenue from a single artist has an obvious structural reason to build something that is not an artist. Whether robot performances, a fashion brand and overseas venues get anywhere near ₩224 billion is the actual question behind the ₩1 trillion mark.

Frequently Asked

What is the valuation?

₩1 trillion, from a ₩100bn all-common-stock pre-IPO round closed in December 2025.

What are the financials?

FY2025 revenue ₩298.9bn, up 619%, with a first operating profit of ₩12.5bn.

Is a Nasdaq listing confirmed?

No. As of April 2026 KOSPI, KOSDAQ, Nasdaq and NYSE were all still under review.

Sources & Further Reading

Disclosure: Embodied Wire has a commercial relationship with Galaxy Corporation. Coverage follows the same sourcing standard as all other companies.