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SK hynix logo | Image Credits:Timon Schneider\/SOPA Images\/LightRocket \/ Getty Images <\/p>\n SK hynix logo | Image Credits:Timon Schneider\/SOPA Images\/LightRocket \/ Getty Images <\/p>\n
SK hynix<\/a>, 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 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 its 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 its 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 \u2013 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 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 A capital push to meet AI-driven demand <\/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 Kwak said 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 \u201cRAMmageddon\u201d<\/a> and, if nothing in the market changes, is expected to continue until at least 2027, Nature reports.<\/a><\/p>\n