RabbleUp targets KOSDAQ IPO to expand GPU orchestration software overseas

RabbleUp targets KOSDAQ IPO to expand GPU orchestration software overseas

RabbleUp outlined its KOSDAQ listing plans at an October 19 investor presentation in Seoul. The GPU infrastructure software company plans to offer 2.18 million shares at 19,000–22,000 won each, targeting proceeds of 41.4–48 billion won. Public subscriptions are scheduled for October 22–23, with NH Investment & Securities as lead underwriter. Proceeds will support research and development, overseas expansion, and infrastructure.

Its Backend.AI platform addresses a compute allocation problem: expensive GPUs can sit idle while other workloads lack resources. The software combines GPU sharing with automated resource scheduling and supports more than 11 accelerator types across on-premises, cloud, and isolated networks. RabbleUp reports deployments at more than 120 sites, including Samsung Electronics, Hyundai Mobis, and KT. It says some customers increased GPU utilization from 30% to 85% and cut GPU budgets by 40%; these are company-reported outcomes. The investment proposition centers on extracting more work from installed hardware, with accelerator compatibility supporting sales across different infrastructure environments.

For investors, the concrete question is whether that operational value can sustain subscription expansion abroad. RabbleUp says recurring revenue represented 94.7% of 2025 revenue, while net revenue retention averaged 131.9% over the past two years. It plans to target overseas neocloud operators through resellers in the United States, United Kingdom, and Singapore. Those retention figures provide a baseline for assessing whether international deployments reproduce existing customer expansion as the company broadens into model routing and token cost management.

#AIInfrastructure #GPUOptimization #BackendAI #KOSDAQ #IPO