• SK Hynix is considering a U.S. stock listing, likely on the Nasdaq, to narrow the valuation gap with rivals like Micron and TSMC.
  • The South Korean memory chipmaker may raise up to $14 billion through a small share issuance via ADRs, with a confidential filing expected in the second half of 2026.
  • Proceeds would fund AI memory expansion, including facilities in South Korea and the United States.

The world’s second-largest memory chip maker is exploring a U.S. listing to boost its visibility and access deeper capital markets, according to people familiar with the matter. SK Hynix, which has seen record revenue and profit in fiscal 2025 thanks to surging demand for high-bandwidth memory (HBM) used in AI data centers, is seeking to align its valuation more closely with U.S.-listed peers.

Early discussions point to a confidential filing with the Securities and Exchange Commission in the latter half of 2026, with the company likely to issue American Depositary Receipts (ADRs) representing a small portion of its equity. The potential proceeds of up to $14 billion would be earmarked for expanding AI memory production capacity and building new fabrication plants in both South Korea and the U.S.

“SK Hynix has been trading at a discount relative to its global peers, partly because of its limited investor base,” said a person close to the company. “A Nasdaq listing would give it a larger pool of institutional and retail investors.”

The move comes amid a broader trend of non-U.S. chipmakers seeking U.S. listings to capitalize on investor enthusiasm for AI hardware. The company has also undergone leadership reshuffles and established Global AI Research Centers in the U.S., China, and Japan to strengthen its AI memory capabilities.

Regulatory hurdles remain, including SEC compliance and semiconductor export control considerations. South Korea and the U.S. have been coordinating on AI chip policy, which could smooth the path.

Without a deal, SK Hynix could still expand its domestic facilities, but industry observers say the U.S. listing is critical to narrowing the valuation gap and securing long-term funding. The company’s strong operating margins and record financials in 2025 make it an attractive proposition for U.S. investors.

Attempts to reach SK Hynix for comment were unsuccessful.

[Correction: An earlier version of this article misspelled ‘Hynix’ as ‘Hynix’; it has been corrected.]