Elice Group, a South Korean AI cloud company, raised ₩201 billion ($151 million) in the largest KOSDAQ IPO of 2026. Despite strong institutional interest, with orders exceeding the offering by 388 times, the company's shares dropped over 30% on their first trading day. The stock reached a low of ₩61,400, marking a 32% decline in early trading.
The company's financial performance showed growth prior to the listing, with first-half revenue tripling to ₩34 billion and an operating profit of ₩10 billion. However, the debut coincided with a broader market downturn, as the KOSPI index fell 21% over the past month. Analysts attribute the decline to uncertainty regarding long-term demand for AI infrastructure.
This market shift impacts upcoming listings, including Anthropic, which plans to go public in November. Anthropic has committed at least $518 billion to cloud and computing capacity over a decade. Recent discussions have adjusted its valuation expectations toward $1.5 trillion, down from previous estimates of $2 trillion, following a slowdown in third-quarter revenue growth to 45%.
Market experts suggest that investor focus has shifted toward the sustainability of AI-related revenue. Investors such as Paul Tudor Jones, Michael Burry, and Ray Dalio have recently issued warnings regarding potential bubbles in the AI sector. The performance of Anthropic's upcoming IPO will serve as a key indicator for the broader market's appetite for AI infrastructure companies.
