G-Dragon’s Galaxy Corporation Targets IPO in 2026

In-Depth Analysis of Galaxy Corporation: An Enter-Tech Firm Nearing a Turnaround and IPO

※ This article is for informational purposes only and is not an endorsement to buy or sell any specific stock. All investment decisions are the sole responsibility of the investor.


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Prologue: Why Galaxy Corporation is the Talk of the Town

In the first half of 2025, one company has captivated the attention of both the entertainment industry and the investment community: Galaxy Corporation.

While it may appear to be just another artist agency, its business model is fundamentally different. Unlike traditional agencies that focus on artist management, album sales, and concerts, Galaxy Corporation is reshaping the industry with a new model it calls “Enter-Tech.”

At the core of its strategy is securing a global superstar like G-Dragon. But the real story isn’t just about having a famous artist on board. The company has built a multi-layered revenue structure, starting with G-Dragon’s IP (Intellectual Property) and extending into content production, media distribution, technology-driven experiences, and commerce.

This model is now proving its effectiveness, leading to a crucial turnaround and its first profit in the first half of 2025. This shift isn’t just a simple improvement in numbers; it signals a fundamental change in the company’s business structure. This is precisely why investors are taking notice.

The critical question now is: “Will Galaxy Corporation remain an agency reliant on a single star, or will it establish itself as a new kind of growth-oriented enterprise?”


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Part 1: Growth Story and Financial Turnaround

1) The Enter-Tech Model Defined

Galaxy Corporation’s defining feature is its diverse, non-reliant business structure. It operates on four balanced pillars:

Artist Management: Building global fandoms and securing IP as long-term brand assets.

Content Production & Media: Variety shows, OTT collaborations, and global format productions.

Technology Integration (Tech): AR, VR, and AI projects that enhance fan experiences.

Commerce & Licensing: Exhibitions, merchandise, brand collaborations, and licensing.


In short: Fandom (IP) → Content → Tech (Experience) → Commerce (Monetization).


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2) The Background of the Turnaround

Until 2024, Galaxy Corporation was stuck with ₩40 billion annual revenue and persistent losses. But in H1 2025, revenue jumped to ₩126 billion, with ₩12 billion operating profit and ₩13 billion net profit.

This wasn’t just G-Dragon’s effect. It came from:

Steady revenue from content production (e.g., Mr. Trot 3, Physical: 100 Season 2).

Growth in exhibitions, fan events, merchandise, and the sale of 10 million cans of Peaceminusone Highball.

Fixed-cost leverage, as prior investments in content and platforms began to scale efficiently.



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3) The Strength of the Business Model

Galaxy Corporation’s strengths lie in:

IP Scalability → Proven with global shows and future format exports.

Leveraging a Super IP → G-Dragon’s world tour triggers cascading revenue streams.

Tech Integration → Microsoft AI music video, space music project enhance brand equity.

Commerce Stability → Mass-market validation through Peaceminusone Highball sales and IP licensing.



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Part 2: The IPO and Future Strategy

1) The IPO Roadmap

Market: KOSPI

Underwriters: Daishin Securities, Shinhan Investment Corp.

Preliminary Review: Expected Oct 2025

Listing Date: Early to mid-2026

Target Market Cap: ₩1.0–1.5 trillion


For Galaxy, IPO means both a revaluation of corporate worth and market validation of the Enter-Tech model.


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2) Future Strategy

IP Diversification: Reduce reliance on G-Dragon by signing Song Kang-ho, Kim Jong-kook, etc.

Global Expansion: More tours and exhibitions in Asia.

Enter-Tech Enhancement: Metaverse exhibitions, AR/VR-based content.

Production Company Acquisitions: Expand content portfolio and licensing sales.



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3) Risk Factors

Sustainability of Earnings: Is profitability structural or temporary?

Celebrity Dependence: Reliance on G-Dragon’s activity is risky.

Tech Commercialization: Heavy R&D spend may not convert to revenue.

Global Risks: Exchange rates, regulations, geopolitical uncertainties.



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Part 3: Thematic Stocks and Investment Insights

1) Thematic Connections

Galaxy’s IPO may highlight:

Content Producers: CJ ENM, Studio Dragon, JTBC Studios.

Technology Firms: AI, AR/VR, metaverse-related stocks.

Celebrity Commerce: Merchandise and brand IP companies.

Entertainment Agencies: SM, JYP, YG, Hybe.



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2) Key Takeaways for Investors

Verify Sustainability: Is the turnaround repeatable?

Valuation Justification: Can a ₩1 trillion valuation hold?

Revenue Diversification: Is dependence on G-Dragon decreasing?

Risk Management: How well are global and tech risks handled?



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Conclusion

Galaxy Corporation has successfully integrated entertainment, content, technology, and commerce into a unique Enter-Tech model. Its profit turnaround in early 2025 confirms its growth trajectory, with the IPO serving as a key milestone.

However, reliance on a single celebrity and the uncertainty of tech commercialization remain key risks. The company’s long-term valuation depends on whether it can sustain diversified, structural growth beyond one-time events.

Final thought: Galaxy Corporation is a growth stock with both explosive potential and structural risks. The repeatability of its performance and diversification speed will ultimately determine its market value.


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📌 Sources

Maeil Business Newspaper (Sep. 19, 2025)

Korea JoongAng Daily (Sep. 19, 2025)

The Bell (Aug. 21, 2025)

E-Today, Korea Economic Daily, and other business publications