SK Hynix Plans US IPO to Raise $10 Billion: Benchmarking Against Micron to Reshape Valuation, Ramping Up HBM Capacity

TS News Finance APP has learned that SK Hynix is seeking to raise 10 trillion to 15 trillion Korean won (approximately $100 billion) through a U.S. listing, aiming to accelerate AI high-bandwidth memory (HBM) capacity expansion and strengthen its leadership in the AI storage field. According to reports, SK Hynix plans to issue new shares representing about 2.4% of the total share capital to advance this listing, further boosting its capital strength.

This billion-dollar-scale financing reflects SK Hynix’s ambition to deepen its presence in the AI sector, with funds targeted precisely at high-growth technological frontiers. The company plans to allocate most of the funds to increase HBM capacity, solidifying its position as a core supplier to NVIDIA (NVDA.US). Additionally, this capital will provide strong financial support for the construction of the Korea Yongin semiconductor cluster, ensuring the company maintains an advantage in the next-generation AI semiconductor infrastructure competition.

Industry insiders say that this Korean chip manufacturer plans to issue new shares and list in the U.S. in the form of American Depositary Receipts (ADRs). In response to the reports, SK Hynix spokesperson stated, “We are currently evaluating multiple initiatives to enhance shareholder value, including the issuance of ADRs, but no plans have been finalized yet.”

Furthermore, after listing in the U.S., SK Hynix will have the opportunity to access new investor groups and help narrow the valuation gap with global competitors. It is understood that the company is one of the biggest winners in the global storage chip boom, with its stock soaring 364%, becoming one of the key drivers behind the 110% rise of South Korea’s benchmark index KOSPI over the past year.

Despite outstanding performance in the AI chip sector, SK Hynix’s current P/E ratio is only about 5.7, significantly lower than the approximately 12.1 P/E ratio of U.S. competitor Micron Technology (MU.US). By listing in the U.S., the company hopes to more directly access the global tech stock valuation center and reshape its valuation by benchmarking against similar U.S. companies.

Additionally, if SK Hynix is included in major indices such as the Philadelphia Semiconductor Index (SOX) after listing, it will attract massive passive investment funds and ETFs, providing long-term liquidity support for its stock price.

“Once U.S. institutional investors participate directly in AI infrastructure investments through ADRs, the premium SK Hynix deserves for its dominance in the HBM field may eventually be reflected in its valuation,” said Ha SeokKeun, Chief Investment Officer of Eugene Asset Management Co.

If this deal is finalized, it will become one of the largest cases of a foreign company listing in New York. Previously listed Asian companies in the U.S. include chip manufacturer TSMC (TSM.US).

After listing via ADRs, TSMC successfully attracted overseas investor funds, further consolidating its position as a favorite among U.S. investors, especially amid the AI-driven stock market rally. Besides active investors, ETFs tracking U.S.-listed stocks also brought in substantial passive funds, further boosting its valuation relative to its Taipei-listed shares. Last year, the valuation gap between the two markets once exceeded 30%.

Notably, this year, SK Hynix canceled approximately 15.3 million treasury shares worth about 12.2 trillion Korean won to enhance shareholder value. The potential U.S. listing scale may account for roughly 2.4% of the issued shares, roughly corresponding to the canceled treasury stock.

According to other reports, SK Hynix has issued a request for proposals to investment banks to select its listing arranger. The report cites industry sources but does not disclose their names.

Beyond capital market operations, SK Hynix’s strategic layout in the U.S. is also accelerating. The company plans to invest at least $10 billion to establish an independent entity called “AI Co.” in the U.S., and will reorganize resources at its Solidigm subsidiary in California to develop it into SK Group’s global AI R&D and operations hub.

Coupled with the previously announced $3.87 billion investment in Indiana to build an advanced packaging plant, SK Hynix is creating a complete ecosystem in the U.S. that spans technology R&D, capital financing, and advanced manufacturing to address the increasingly complex global supply chain environment and AI technology iteration needs.

It is understood that SK Group Chairman Chey Tae-won publicly responded at the recent NVIDIA GTC 2026 conference, emphasizing that going public in the U.S. is a core strategy for the company’s globalization and attracting international investors, as well as a key step in enhancing its global brand influence.