SK hynix, a South Korean reminiscence chip big already listed on the KOSPI, is laying the groundwork for a possible U.S. itemizing that would reportedly elevate an estimated $10 billion to $14 billion.
The corporate introduced this week that it has confidentially filed a Kind F-1 with the the itemizing, focusing on the second half of 2026.
However the actual query isn’t simply how a lot it might elevate: it’s whether or not a U.S. itemizing might enhance is buying and selling worth as probably the most crucial gamers within the AI chip provide chain.
Regardless of its crucial function in high-bandwidth reminiscence (HBM), a key part powering AI programs from corporations like Nvidia, the inventory has traditionally traded at a reduction to international friends, in keeping with a Seoul-based semiconductor analyst. It’s acquired a market cap of round $440 billion, but it surely’s valuation multiples stay beneath these of U.S.-listed semiconductor companies, elevating questions on whether or not geography, relatively than fundamentals, is partly driving the hole.
The transfer is broadly seen as an effort to extend its valuation to match international friends like Micron.
“SK hynix’s U.S. itemizing might assist shut a long-standing valuation hole with international friends. Regardless of having comparable – or in some areas stronger manufacturing capability than U.S.-based chipmakers, the Korean firm has traditionally traded at a reduction, partly resulting from its main itemizing in Korea,” the analyst instructed TechCrunch.
The analyst additionally talked about structural elements shaping the deal. “SK Sq., SK hynix’s largest shareholder, which held 20.07% as of December 2025, is required to take care of a stake of at the least 20% below Korea’s holding firm guidelines.”
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Based mostly on present share costs, issuing roughly 2% in new shares might elevate $10 billion to $14 billion whereas permitting SK Sq. to take care of its possession threshold, the analyst stated. (Underneath Korea’s Truthful Commerce Act, holding corporations should preserve minimal possession stakes in subsidiaries, at the least 20% for listed entities, to retain management.)
There’s precedent. Taiwan Semiconductor Manufacturing Firm (TSMC), for instance, has seen its U.S.-listed shares commerce at a premium to its home shares at occasions, notably during times of robust AI-driven demand, suggesting that cross-listing can affect how traders worth the identical underlying enterprise.
The transfer is already rippling throughout the broader Korean chip sector. Following SK hynix’s submitting, some traders at the moment are pushing Samsung Electronics to think about an identical U.S. itemizing. Artisan Companions, a serious shareholder, stated Friday {that a} U.S. itemizing (technically generally known as an American depositary receipt, or ADR), might assist Samsung increase its valuation, too, in addition to give U.S. retail traders an opportunity to purchase its inventory, in keeping with a Bloomberg report.
A capital push to satisfy AI-driven demand
SK hynix’s deliberate ADR itemizing can be broadly seen as a transfer to safe funding forward of elevated capital spending to satisfy the rising demand for reminiscence from AI semiconductors.
At its annual common assembly on March 25, SK hynix CEO Noh-Jung Kwaksaid monetary capability can be key to sustaining progress within the AI period, including that the corporate is focusing on roughly $75 billion (greater than 100 trillion KRW) in internet money to assist long-term investments.
Hovering price for reminiscence, and restricted provide has been one of many bottlenecks slowing AI builds, but additionally impacting different industries, like shopper avid gamers. It’s a state of affairs that’s been dubbed ‘RAMmageddon’ and, if nothing available in the market modifications, is predicted to proceed on till at the least 2027, Nature reports.
Time will inform if that doomsday prediction holds up. The tech giants are engaged on fixing RAMmageddon in different methods past elevated manufacturing. For example, Google this week launched a tech known as TurboQuant, an ultra-efficient AI reminiscence compression algorithm. It permits AI to change into vastly extra environment friendly in utilizing reminiscence.
However, the alerts point out that extra reminiscence manufacturing can be crucial as effectively. SK hynix is gearing up for a wave of capital-intensive tasks. The corporate plans to speculate round $400 billion by 2050 to construct a semiconductor cluster in Yongin, South Korea. It is usually developing new amenities in South Korea and Indiana, with deliberate investments of about $25 billion and $3.3 billion, respectively, underscoring the size of capital required.
The chipmaker stated this week it can purchase superior excessive ultraviolet (EUV) lithography scanners from ASML by 2027 in a deal value $7.9 billion, geared toward boosting high-bandwidth reminiscence (HBM) manufacturing for AI.
All of this is able to be supported by a blockbuster U.S. IPO. And that would lead different Korean chip makers to comply with.
