Memory chip giant SK hynix could help end ‘RAMmageddon’ with blockbuster US IPO
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.
The company announced this week that it has confidentially filed a Form F-1 with the listing, targeting the second half of 2026.
But the real question isn’t just how much it can raise: it’s whether a U.S.
listing could increase its trading value as one of the most critical players in the AI chip supply chain.
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’s 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.
The move is widely seen as an effort to increase its valuation to match global peers like Micron.
“SK hynix’s U.S.
listing could help close a long-standing valuation gap with global peers.
Despite having comparable – 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,” the analyst told TechCrunch.
The analyst also mentioned structural factors shaping the deal.
“SK Square, SK hynix’s largest shareholder, which held 20.07% as of December 2025, is required to maintain a stake of at least 20% under Korea’s holding company rules.” 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’s Fair Trade Act, holding companies must maintain minimum ownership stakes in subsidiaries, at least 20% for listed entities, to retain control.) There’s 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.
