Nasdaq vice chairman’s Seoul visit fuels speculation of US IPO as industry insiders question the substance behind agency’s AI ‘enter-tech’ vision
Bob McCooey, vice chairman and head of global capital markets at Nasdaq, visited Galaxy Corp.’s headquarters in Yeouido, Seoul, Thursday to review the company’s growth strategy and assess the possibility of a US stock market listing. The visit has sparked discussions about a potential Galaxy Corp IPO in the US.
The visit — unusual for a senior figure from a global capital market — has raised speculation that the Korean entertainment-tech firm behind K-pop icon G-Dragon could be preparing a US debut. Yet the move has also prompted skepticism within the industry over whether Galaxy Corp.’s core strategy — combining intellectual property, artificial intelligence and robotics into an “enter-tech” model — is viable. Industry experts are questioning the potential of Galaxy Corp’s AI entertainment approach and its ‘enter-tech’ business model.
According to the company, McCooey showed particular interest in Galaxy Corp.’s AI-based K-pop robot project and its virtual IP strategy. A centerpiece of that vision is “The Day After Tomorrow” project, which aims to create AI-powered digital twins by training AI on a person’s appearance, voice, personality and memory data. The initiative envisions a digital ecosystem where artists could continue interacting with fans or releasing new content even after death. Galaxy Corp highlights its “The Day After Tomorrow” AI digital twin project.
Galaxy Corp. said such initiatives align with the factors Nasdaq typically evaluates, including technological scalability and sustainable growth models. Galaxy Corp emphasizes its technological scalability for Nasdaq listing criteria.
The company has positioned itself as an “enter-tech” firm rather than a conventional entertainment agency, emphasizing a structure that integrates IP, technology platforms and commercial expansion around so-called “super IP.” By doing so, it claims it can reduce reliance on individual content projects while creating a more scalable technology-driven business. Galaxy Corp is branding itself as an “enter-tech” firm focusing on scalable technology-driven businesses.
Industry insiders, however, point out that Galaxy Corporation’s current roster of major IPs is relatively limited and centered largely on G-Dragon. A significant portion of its revenue is reportedly generated from G-Dragon’s world tour and offline events — a structure critics say resembles that of a traditional K-pop agency rather than a technology-driven platform company. Experts argue Galaxy Corp’s revenue is heavily reliant on G-Dragon, resembling a traditional K-pop agency.
Before recruiting G-Dragon, Galaxy Corp. recorded annual revenue of approximately 41.6 billion won ($28.2 million) in 2023. Following his signing, the company reported 126 billion won in revenue in the first half of 2025. Market estimates suggest its annual revenue could reach around 300 billion won this year, marking the company’s strongest performance since its founding and enabling it to return to profitability. G-Dragon’s impact: Galaxy Corp sees significant revenue growth after signing the K-pop star.
“Much of Galaxy Corporation’s revenue currently comes from G-Dragon’s concerts and offline events,” an industry source said Thursday. “If that’s the case, how different is it from a typical K-pop agency?” Industry insiders question whether Galaxy Corp differentiates itself from traditional K-pop agencies.
“Rumors have also circulated within the industry that G-Dragon has expressed dissatisfaction with the company, and he wishes to leave the company,” the source added. Rumors circulate of G-Dragon’s potential departure from Galaxy Corp.
Galaxy Corp.’s strong emphasis on AI may also reflect a strategic attempt to position itself as a software and platform company capable of generating revenue around the clock without relying solely on human artists. Galaxy Corp focuses on AI to become a software and platform company, generating continuous revenue.
Technology firms typically command far higher valuation multiples than conventional entertainment agencies. Tech companies generally receive higher valuations than entertainment agencies.
In theory, AI-powered entertainment — including virtual groups, AI-assisted music production and metaverse content — could allow companies to distribute products simultaneously across global markets without the physical constraints faced by human performers. The potential of AI entertainment: virtual groups, AI music production, and metaverse content.
Yet Galaxy Corp. has yet to demonstrate that capability in practice. Galaxy Corp is yet to demonstrate practical application of its AI entertainment concepts.
Projects introduced last year — including an AI initiative that symbolically transmitted G-Dragon’s music into space and his AI-powered music video collaboration with Microsoft — remain largely experimental and have not yet generated meaningful revenue. Galaxy Corp’s AI projects with G-Dragon remain experimental and haven’t generated substantial revenue.
The company has also attempted to expand into virtual idols, launching a “2025 Global Virtual AI Artist Audition” in the second half of 2025 to debut a virtual act in the near future. Galaxy Corp attempts to create virtual idols with its “2025 Global Virtual AI Artist Audition”.
However, Plave remains the only virtual idol group in Korea widely regarded as commercially successful, while Galaxy Corp. itself has no track record in discovering or developing idol groups. The challenges of virtual idols: Plave’s success and Galaxy Corp’s lack of experience.
The company’s proposed K-pop robot idol project may take even longer to materialize. In an interview with a US media outlet in December, Galaxy Corporation CEO Choi Yong-ho predicted the emergence of “robot idols” within five years, suggesting they could eventually coexist with human performers. Galaxy Corp CEO predicts the emergence of K-pop robot idols within five years.
That same month, a humanoid robot dressed in G-Dragon-inspired attire performed choreography to the singer’s song “Power” during the ComeUp 2025 startup conference in Seoul. G-Dragon inspired robot performs at ComeUp 2025 startup conference.
While the demonstration attracted significant media attention, questions remain about whether K-pop fans would embrace robotic performers or whether such concepts could realistically coexist with traditional idols. The future of K-pop: Will fans embrace robot idols?
Ultimately, industry insiders say the success of any entertainment company depends on building a strong IP portfolio. Strong IP portfolio crucial for entertainment company success.
“To go public as an entertainment company, the most important asset is IP,” an industry official said. “And not just one or two stars — it requires a diverse portfolio of major names.” Diversified IP portfolio needed for entertainment company IPO.
The official added that Galaxy Corp.’s enter-tech narrative resembles, in part, the technology-driven expansion strategy pursued by Hybe. Whether Galaxy Corp. can execute such ambitions, however, remains uncertain. Galaxy Corp’s “enter-tech” strategy resembles Hybe’s technology-driven expansion.
“For now, many of the projects sound impressive but lack tangible results,” the official said. “It risks looking like a shiny idea without real substance.” Concerns about Galaxy Corp: Impressive ideas lacking tangible results.
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