In addition, Elice also reported profits in the first half of 2026. It registered a revenue of 34.4 billion won and an operating profit of 10.3 billion won. The EBITDA for Elice stood at 23.2 billion won with a 68% margin.
The company started its operation in 2015 as a provider of AI cloud infrastructure and software. Its main selling point is its AI Portable Modular Data Centers (PMDC), which can be built in 3 months. Traditional facilities usually require two to three years to be built. Moreover, Elice claims that its concept enables it to reduce overall ownership costs by up to 40%.
The proceeds from the initial public offering will facilitate development of the local centers as well as international expansion.
Korea wants 18.4 GW. The grid is the problem.
South Korea has set its sights on getting more than a thousand trillion won ($649 billion) in investment in AI infrastructure by 2035. The said capacity targets are 8.4 GW by 2029 and 18.4 GW by 2035.
However, the Greater Seoul area had only 601 MW operational by the end of 2025, with only 921 MW still being developed, as reported by Cushman & Wakefield.
According to CBRE, the land and grid capacity around Seoul are practically reached. Besides, S&P points to the fact that corporate borrowing costs will increase due to the expansion.
Due to these factors, Elice has a stronger regional strategy that has yet to be demonstrated in terms of profitability.
Firmus, AirTrunk and the end of growth at any cost
Elice’s weak debut follows other setbacks. Nvidia-backed Firmus abandoned a planned $5 billion IPO, as Cryptopolitan reported. AirTrunk and SoftBank-backed SB Energy also postponed listings.
In 2026, however, Asian>Harry Evans, a partner at Freshfields, explained:
The conversation has shifted from growth at any cost to a much sharper focus on quality.
TechInsights analyst John Dinsdale cautioned that more and more investors are opting for established players with secure contracts, rather than getting involved in potentially speculative projects. The key question is which companies are:
“best placed to capture that growth sustainably.”
A repricing, not a collapse
Investment continues. Singapore’s DayOne could seek up to $5 billion in a November IPO.
But the IMF warned in October 2026 that weaker AI profitability and rising leverage could trigger sharp market corrections.
Elice’s weak debut doesn’t mean investors have lost interest in AI infrastructure. They just want stronger evidence that the growth will translate into lasting profits.
