국민성장펀드의 첫 직접투자 '리벨리온'…이제 증명의 시간 [넘버스]

Rebellion's $640M pre-IPO raise marks a significant milestone for Korean AI chip design, but the company faces a fundamental paradox: its choice of expensive HBM memory undermines the cost advantage that makes NPUs compelling alternatives to Nvidia's GPUs. With customers like KT questioning its price-to-performance ratio and only SKT committed as an early adopter, Rebellion's success depends on rapid market validation and customer acquisition rather than pricing differentiation alone.