India’s Ministry of Defence has signed a contract for eight Next Generation Corvettes, five from GRSE and three from GSL. The 4,950 t ships are due for delivery starting in 2031.
FuriosaAI’s 820 billion won Series D lifted its valuation to 3.8 trillion won, but nearly half the money came from state and policy funds and no chip giant took a strategic stake. With 2025 revenue of 5.74 billion won, the valuation implies a price-to-sales ratio of about 662 times.
FuriosaAI has raised an 820 billion won Series D, including 370 billion won from Korea’s state-led National Growth Fund. We examine the basis for its 3.8 trillion won valuation and the business risks of RNGD mass production, global orders, Nvidia competition and 2nm/HBM4 development.
Korea’s 2027 R&D budget proposal of 39.5 trillion won puts 4.1 trillion won into AI. We break down the allocation, slower growth in basic research, faster reviews for large programs and conflict-of-interest concerns.