AI chip startup Rebellion has raised an additional $400 million at a valuation of $2.34 billion, TechCrunch reported on Sunday.

The round has a pre-IPO character ahead of a planned initial public offering this year.

The round was led by Mirae Asset Financial Group and the Korea National Growth Fund. Rebellion is stepping up pre-listing capital expansion by securing additional funds even after completing its Series C round in November last year. The company said total funding reached $850 million, of which $650 million came in over the past six months.

Rebellion raised $124 million in a Series B round in 2024 and $250 million in a Series C round in November last year.

Founded in 2020, Rebellion is a fabless company that designs semiconductors in-house and outsources manufacturing to external foundries. Its main products are chips for inference, the computing required for AI models to respond to user queries. As commercial deployments of large language models increase, the importance of inference computing has grown, and power constraints and cost efficiency have emerged as competitive factors.

Rebellion also unveiled 2 new AI infrastructure platform products alongside the fundraising. RebelPOD is a production-ready unit for inference computing, and RebelRack integrates multiple racks into a scalable cluster to support large-scale AI deployments, the company explained.