SK hynixA South Korean memory chip giant already listed on the KOSPI, is laying the groundwork for a possible US listing that could reportedly raise between $10 billion and $14 billion.
The company announced this week that it confidentially filed an F-1 listing, targeting the second half of 2026.
But the real question isn’t just how much it can raise: it’s whether a US listing could boost its business value as one of the most critical players in the AI chip supply chain.
Despite its pivotal role in high-bandwidth memory (HBM), a key component that powers artificial intelligence systems at companies like Nvidia, the stock has historically traded at a discount to global peers, according to a Seoul-based semiconductor analyst. It has a market capitalization of about $440 billion, but its valuation multiples remain lower than those of U.S.-listed semiconductor companies, raising questions about whether geography, rather than fundamentals, is partly the cause of the gap.
The move is widely seen as an effort to boost its valuation to match global peers such as Micron.
“SK hynix’s US listing could help close a long-standing valuation gap with global peers. Despite having comparable (or in some areas stronger) production capacity than US-based chipmakers, the Korean company has historically traded at a discount, in part due to its primary listing in Korea,” the analyst told TechCrunch.
The analyst also mentioned structural factors that shaped the deal. “SK Square, the largest shareholder of SK hynix, which owned 20.07% as of December 2025, must maintain a stake of at least 20% under the Korean holding company’s rules.”
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Based on current share prices, issuing about 2% in new shares could raise between $10 billion and $14 billion while allowing SK Square to maintain its ownership threshold, the analyst said. (Under Korea’s Fair Trade Law, holding companies must maintain minimum ownership stakes in subsidiaries, at least 20% for listed entities, to retain control.)
There is a precedent. Taiwan Semiconductor Manufacturing Company (TSMC), for example, has seen its US-listed shares trade at a premium to its domestic shares at times, particularly during periods of strong AI-driven demand, suggesting that cross-listing may influence how investors value the same underlying business.
The measure is already having repercussions throughout the Korean chip sector. Following SK hynix’s filing, some investors are pressuring Samsung Electronics to consider a similar listing in the United States. Artisan Partners, a major shareholder, said on Friday that a U.S. listing (technically known as an American depositary receipt, or ADR), could also help Samsung boost its valuation, as well as give U.S. retail investors the opportunity to buy its shares, according to a Bloomberg report.
A capital boost to meet AI-driven demand
SK hynix’s planned ADR listing is also widely seen as a move to secure financing ahead of increased capital expenditure to meet growing memory demand from AI semiconductors.
At its annual general meeting on March 25, SK hynix CEO Noh-Jung Kwak said financial capability will be key to sustaining growth in the AI era, adding that the company is targeting approximately $75 billion (more than 100 trillion KRW) in net cash to support long-term investments.
The rising cost of memory and limited supply has been one of the obstacles holding back AI construction, but it has also impacted other industries, such as consumer players. It is a situation that has been called “RAMmageddon” and, if nothing changes in the market, it is expected to continue until at least 2027, Nature reports.
Time will tell if that apocalyptic prediction comes true. Tech giants are working to solve RAMmageddon in other ways beyond ramping up manufacturing. For example, Google this week introduced a technology called TurboQuantan ultra-efficient AI memory compression algorithm. It allows AI to become much more efficient in its use of memory.
However, signs indicate that greater memory production will also be necessary. SK hynix is preparing for a wave of capital-intensive projects. The company plans to invest around $400 billion by 2050 to build a semiconductor cluster in Yongin, South Korea. It is also building new facilities in South Korea and Indiana, with planned investments of around $25 billion and $3.3 billion, respectively, underscoring the magnitude of the capital needed.
The chipmaker said this week it will acquire advanced extreme ultraviolet (EUV) lithography scanners from ASML by 2027 in a deal worth $7.9 billion, aimed at boosting production of high-bandwidth memory (HBM) for AI.
All this would be backed by a successful IPO in the United States. And that could lead other Korean chipmakers to follow suit.
