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SK hynix, a South Korean memory chip giant already listed on the KOSPI, is laying the groundwork for a potential U.S. listing that could reportedly raise an estimated $10 billion to $14 billion.<\/p>\n
The company announced this week that it has confidentially filed a Form F-1 with the the listing, targeting the second half of 2026.<\/p>\n
But the real question isn\u2019t just how much it can raise: it\u2019s whether a U.S. listing could increase is trading value as one of the most critical players in the AI chip supply chain. <\/p>\n
Despite its critical role in high-bandwidth memory (HBM), a key component powering AI systems from companies like Nvidia, the stock has historically traded at a discount to global peers, according to a Seoul-based semiconductor analyst. It\u2019s got a market cap of around $440 billion, but it\u2019s valuation multiples remain below those of U.S.-listed semiconductor firms, raising questions about whether geography, rather than fundamentals, is partly driving the gap. <\/p>\n
The move is widely seen as an effort to increase its valuation to match global peers like Micron.<\/p>\n
\u201cSK hynix\u2019s U.S. listing could help close a long-standing valuation gap with global peers. Despite having comparable \u2013 or in some areas stronger production capacity than U.S.-based chipmakers, the Korean company has historically traded at a discount, partly due to its primary listing in Korea,\u201d the analyst told TechCrunch.<\/p>\n
The analyst also mentioned structural factors shaping the deal. \u201cSK Square, SK hynix\u2019s largest shareholder, which held 20.07% as of December 2025, is required to maintain a stake of at least 20% under Korea\u2019s holding company rules.\u201d<\/p>\n
Techcrunch event<\/p>\n
\n\t\t\t\t\t\t\t\t\tSan Francisco, CA<\/span> Based on current share prices, issuing roughly 2% in new shares could raise $10 billion to $14 billion while allowing SK Square to maintain its ownership threshold, the analyst said. (Under Korea\u2019s Fair Trade Act, holding companies must maintain minimum ownership stakes in subsidiaries, at least 20% for listed entities, to retain control.)<\/p>\n There\u2019s precedent. Taiwan Semiconductor Manufacturing Company (TSMC), for example, has seen its U.S.-listed shares trade at a premium to its domestic shares at times, particularly during periods of strong AI-driven demand, suggesting that cross-listing can influence how investors price the same underlying business.<\/p>\n The move is already rippling across the broader Korean chip sector. Following SK hynix\u2019s filing, some investors are now pushing Samsung Electronics to consider a similar U.S. listing. Artisan Partners, a major shareholder, said Friday that a U.S. listing (technically known as an American depositary receipt, or ADR), could help Samsung boost its valuation, too, as well as give U.S. retail investors a chance to buy its stock, according to a Bloomberg report.<\/a> <\/p>\n SK hynix\u2019s planned ADR listing is also widely seen as a move to secure funding ahead of increased capital spending to meet the rising demand for memory from AI semiconductors.<\/p>\n At its annual general meeting on March 25, SK hynix CEO Noh-Jung Kwaksaid financial capacity 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.<\/p>\n Soaring cost for memory, and limited supply has been one of the bottlenecks slowing AI builds, but also impacting other industries, like consumer gamers. It\u2019s a situation that\u2019s been dubbed \u2018RAMmageddon\u2019<\/a> and, if nothing in the market changes, is expected to continue on until at least 2027, Nature reports.<\/a><\/p>\n Time will tell if that doomsday prediction holds up. The tech giants are working on solving RAMmageddon in other ways beyond increased manufacturing. For instance, Google this week introduced a tech called TurboQuant<\/a>, an ultra-efficient AI memory compression algorithm. It allows AI to become vastly more efficient in using memory.<\/p>\n Nevertheless, the signals indicate that more memory production will be necessary as well. SK hynix is gearing up 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 constructing new facilities in South Korea and Indiana, with planned investments of about $25 billion and $3.3 billion, respectively, underscoring the scale of capital required.<\/p>\n 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 high-bandwidth memory (HBM) production for AI.<\/p>\n All of this would be supported by a blockbuster U.S. IPO. And that could lead other Korean chip makers to follow.<\/p>\n<\/div>\n
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\n\t\t\t\t\t\t\t\t\t\t\t\t\tOctober 13-15, 2026<\/span>\n\t\t\t\t\t\t\t<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/div>\nA capital push to meet AI-driven demand<\/strong><\/h3>\n