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 increase an estimated $10 billion to $14 billion.
The corporate introduced this week that it has confidentially filed a Type F-1 with the the itemizing, focusing on the second half of 2026.
However the true query isn’t simply how a lot it may increase: it’s whether or not a U.S. itemizing may improve is buying and selling worth as one of the crucial vital gamers within the AI chip provide chain.
Regardless of its vital position in high-bandwidth reminiscence (HBM), a key element powering AI methods 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, nevertheless it’s valuation multiples stay beneath these of U.S.-listed semiconductor companies, elevating questions on whether or not geography, reasonably 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 may 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 attributable to its main itemizing in Korea,” the analyst instructed TechCrunch.
The analyst additionally talked about structural components 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 very least 20% below Korea’s holding firm guidelines.”
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Based mostly on present share costs, issuing roughly 2% in new shares may increase $10 billion to $14 billion whereas permitting SK Sq. to take care of its possession threshold, the analyst stated. (Below Korea’s Truthful Commerce Act, holding corporations should preserve minimal possession stakes in subsidiaries, at the very 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 instances, significantly in periods of sturdy AI-driven demand, suggesting that cross-listing can affect how buyers worth the identical underlying enterprise.
The transfer is already rippling throughout the broader Korean chip sector. Following SK hynix’s submitting, some buyers at the moment are pushing Samsung Electronics to contemplate an identical U.S. itemizing. Artisan Companions, a serious shareholder, stated Friday {that a} U.S. itemizing (technically often known as an American depositary receipt, or ADR), may assist Samsung enhance its valuation, too, in addition to give U.S. retail buyers an opportunity to purchase its inventory, in keeping with a Bloomberg report.
A capital push to fulfill AI-driven demand
SK hynix’s deliberate ADR itemizing can also be broadly seen as a transfer to safe funding forward of elevated capital spending to fulfill the rising demand for reminiscence from AI semiconductors.
At its annual normal assembly on March 25, SK hynix CEO Noh-Jung Kwaksaid monetary capability will likely be key to sustaining development within the AI period, including that the corporate is focusing on roughly $75 billion (greater than 100 trillion KRW) in web money to help long-term investments.
Hovering price for reminiscence, and restricted provide has been one of many bottlenecks slowing AI builds, but in addition impacting different industries, like shopper avid gamers. It’s a scenario that’s been dubbed ‘RAMmageddon’ and, if nothing out there adjustments, is predicted to proceed on till at the very 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. As an illustration, Google this week launched a tech known as TurboQuant, an ultra-efficient AI reminiscence compression algorithm. It permits AI to turn into vastly extra environment friendly in utilizing reminiscence.
However, the alerts point out that extra reminiscence manufacturing will likely be vital as properly. SK hynix is gearing up for a wave of capital-intensive initiatives. The corporate plans to speculate round $400 billion by 2050 to construct a semiconductor cluster in Yongin, South Korea. It is usually establishing 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 is going to purchase superior excessive ultraviolet (EUV) lithography scanners from ASML by 2027 in a deal value $7.9 billion, aimed toward boosting high-bandwidth reminiscence (HBM) manufacturing for AI.
All of this could be supported by a blockbuster U.S. IPO. And that would lead different Korean chip makers to comply with.
