What AI Memory Chipmaker SK Hynix Aims To Achieve With $28 Bn US Listing

South Korea's SK Hynix has kicked off a proposed US listing worth around $28 billion, marking what could become the largest-ever American share sale by a foreign company.

The move comes as the world's leading supplier of AI memory chips looks to capitalise on surging global demand for artificial intelligence (AI) infrastructure while expanding its manufacturing capacity.

The company has launched the sale of American Depositary Receipts (ADRs) on the Nasdaq.

A US listing gives SK Hynix access to a broader global investor base and one of the world's deepest capital markets as semiconductor companies race to fund AI-related expansion.

Why is SK Hynix Listing in the US?

SK Hynix plans to sell ADRs representing 17.79 million newly issued common shares, with every 10 ADRs equivalent to one ordinary share.

Based on the company's July 3 closing price in Seoul, the transaction is valued at about 43 trillion won ($28 billion), as per Reuters.

The chipmaker said the proceeds will be used to construct semiconductor fabrication plants in South Korea and purchase advanced manufacturing equipment, including extreme ultraviolet (EUV) lithography systems made by Dutch chip equipment supplier ASML.

Based on its current valuation, the offering could rank among the three largest first-time share sales globally and could surpass the size of Saudi Aramco's 2019 debut to become the biggest US listing by a foreign company.

Riding the AI Boom

SK Hynix has emerged as one of the biggest winners from the global AI spending wave. The company supplies high-bandwidth memory (HBM) chips to AI leaders such as Nvidia and Alphabet's Google, making it a critical player in next-generation AI servers.

SK Hynix's early investment in HBM technology helped it overtake rivals in the fast-growing segment. According to Counterpoint Research, the company controlled 57% of the global HBM market by revenue during the fourth quarter of 2025, reported Bloomberg (BBG).

The rally has transformed investor sentiment. SK Hynix's shares have surged about 260% this year, taking its market capitalisation beyond $1 trillion.

The industry is in the midst of a memory super cycle, with all three major suppliers - Samsung, SK Hynix, and Micron - riding the AI driven demand wave, said Di Zhou, portfolio manager at Thornburg Investment Management, as per Reuters.

The ADR listing would expand the company's investor base and could narrow its valuation gap with US rival Micron.

Strong Investor Interest and Record-Setting Ambitions

Baillie Gifford Overseas, investment funds managed by Coatue Management and Situational Awareness Partners have separately indicated interest in purchasing up to a combined $7 billion worth of the offering, Reuters reported.

The final pricing is expected later this week before trading begins on Nasdaq on July 10 under the ticker "SKHY".

SK Hynix has been one of the most important companies in the world that most US institutions could not easily own, said Dave Mazza, CEO of Roundhill Investments, and described the listing as more than a liquidity event saying that the listing removes an accessibility discount, not a quality discount, as per Reuters.

South Korea has also unveiled a massive semiconductor and AI strategy under which SK Hynix and Samsung Electronics will anchor a government-backed investment programme aimed at strengthening the country's chip leadership.

President Lee Jae Myung has also directed officials to fast-track approvals for major semiconductor and AI projects, warning that delays in land acquisition, permits, power and water infrastructure could undermine South Korea's competitiveness in advanced technologies.

Despite strong momentum, some investors are becoming cautious about how long the memory chip upcycle can last. Higher memory prices could eventually weigh on spending across AI infrastructure, smartphones and PCs.