• SK hynix has filed for a Nasdaq listing of American Depositary Receipts, targeting up to $29 billion through the sale of 17.79 million new ADRs, with trading expected to begin in July 2026.
  • The offering would be one of the largest U.S. listings by a Korean company, with proceeds earmarked for memory-capacity expansion, including a Yongin fab and advanced packaging facilities.
  • The move underscores strong U.S. appetite for AI-related semiconductor plays and could narrow valuation gaps between SK hynix's Korea-listed shares and its U.S.-listed ADRs.

SK hynix Inc., the world’s second-largest memory chipmaker, has filed for a Nasdaq listing of American Depositary Receipts, aiming to raise as much as $29 billion in one of the largest U.S. offerings by a Korean company. The company plans to sell up to 17.79 million new ADRs, with trading expected to start in July 2026, according to people familiar with the matter.

The proceeds are earmarked for expanding memory-capacity facilities and equipment in Korea, including a Yongin fab and advanced packaging, as well as related production-capital expenditures. The move signals a sustained drive to increase memory capacity amid surging demand from AI and data-center applications.

SK hynix’s stock has surged in 2026 on AI-related demand, with its market capitalization at times approaching $1 trillion, reflecting rapid valuation growth and investor enthusiasm for AI infrastructure plays. The ADR offering could help the company realize a higher valuation tier in the U.S., assist in financing additional capacity, and sustain its leadership in memory technology.

The listing underscores a broader trend of non-U.S. tech firms seeking dual or U.S. listings to capitalize on AI-driven capital flows. If completed at the top end, the deal would be one of the largest U.S. listings by a Korean company and may influence the dynamics of the broader Korean semiconductor sector, including Samsung Electronics.

“This move positions SK hynix to access a broader U.S. investor base and potentially re-rate its valuation in both the U.S. and Korea,” one analyst said, speaking on condition of anonymity because they are not authorized to comment publicly. The company declined to comment beyond its regulatory filings.

The offering is subject to regulatory approvals from the U.S. Securities and Exchange Commission and Korea's Financial Supervisory Service, with timing depending on market conditions. Without a deal, the company would be forced to rely on debt markets or slower internal funding for its capacity expansion plans, according to people familiar with the matter.

Correction: An earlier version of this article misstated the number of ADRs to be sold. It is 17.79 million, not 17.79 billion.