Korean data center IPO flops amid AI vibe shift

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 Korean data center IPO flops amid AI vibe shift




Illustration: Morning Brew Inc.

On Wednesdays, the Brew’s Sam Klebanov highlights a fascinating stock, commodity, or other asset that’s worth your attention.

This company’s IPO went worse than the first time you tried to fold a fitted sheet. AI data center provider Elice went public in South Korea yesterday, only for its shares to crash 32% in its debut. The fiasco is the latest sign that investors are souring on the AI buildout trade.
Bad timing

Trouble came despite the company’s ballooning sales and strong IPO expectations: Elice’s revenue tripled for the first half of 2026, compared with the same period a year ago.
The oversubscribed IPO raised $150 million for plans to build modular data centers for AI.

But Elice’s debut stock price was set before revenue growth slowed at AI labs and concerns about heavy borrowing got investors to dump shares of debt-saddled data center upstarts like Coreweave. Analysts say this could mark the end of the optimistic era when even a sneaker company pivoting to AI saw its stock soar.

Some said never mind: The rout in recent weeks got several AI hardware firms to postpone their IPO plans, including Nvidia-backed Firmus and Blackstone-backed AirTrunk.—SK

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