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.”
Techcrunch event
San Francisco, CA
|
…