SK hynix (000660.KS), South Korea's dominant supplier of high-bandwidth memory to Nvidia, is pressing ahead with a planned Nasdaq ADR listing that could raise up to USD 20 billion — a move that would make it the first major memory chipmaker to tap US equity markets directly.
The company submitted a confidential filing to the US Securities and Exchange Commission on March 24 and completed a non-deal roadshow with overseas institutional investors earlier this month, according to reports by The Elec and Korea Herald published June 22. Lead underwriters — Citigroup, JPMorgan Chase, Goldman Sachs and Bank of America — have been formally appointed, with the offering sized at approximately 2.5% of outstanding shares. At Friday's closing price of KRW 2,919,000 per share, that 2.5% stake carries a market value of roughly KRW 40.67 trillion (approximately USD 26.6 billion). Most brokerage estimates peg net proceeds at USD 14–20 billion, with the range reflecting pricing flexibility ahead of the SEC approval.
CEO Kwak Noh-Jung, who disclosed the confidential SEC filing at the annual shareholders' meeting in March, said the goal was for SK hynix "to have its value reassessed in the US market alongside major global technology companies." The company cautioned that the listing schedule has not yet been finalized, and flatly denied circulating reports of a KRW 100 trillion shareholder return program tied to the offering.
Capital Allocation Tied to the Listing
Analysts and the company itself have been explicit about where the proceeds would go. Total 2026 capital expenditure is projected at approximately KRW 40 trillion — more than six times the KRW 6.59 trillion spent in 2023 — and spending commitments are already locked in well ahead of the listing.
Key planned outlays include:
- Yongin semiconductor cluster (Phase 2): Second-phase construction set to begin August 2026; partial operations expected in early 2027
- P&T7 DRAM plant (Cheongju): KRW 19 trillion investment; completion targeted end-2027
- Indiana advanced packaging facility (US): USD 3.87 billion
- US AI-focused entity: USD 10 billion earmarked as initial funding
The timing of the offering is partly driven by exchange-rate dynamics. With the Korean won trading above KRW 1,530 to the dollar, SK hynix gains a meaningful premium converting proceeds into won for domestic investment while simultaneously building dollar-denominated assets to sustain its AI memory supply chain.
Earnings Backdrop and Recent Milestones
The financial case for the listing is underpinned by a sharp earnings inflection. SK hynix posted a record KRW 37.6 trillion operating profit in Q1 2026, and analyst consensus tracked by Korea Herald puts Q2 in the range of KRW 60–65 trillion — nearly double the Q1 figure. The company shipped its first samples of sixth-generation HBM4E chips to major customers on June 17, extending its lead in the highest-margin segment of the memory market.
On June 22, SK hynix surpassed Samsung Electronics in KOSPI market capitalization for the first time in more than 25 years, briefly pushing its market value past KRW 2,000 trillion (approximately USD 1.31 trillion). The Nasdaq listing, if completed, would bring that valuation into direct comparison with Micron Technology and other US-listed semiconductor peers — a benchmark CEO Kwak explicitly cited as a listing goal.
Sources: Korea Herald · Seoul Economic Daily · The Elec · KED Global · CNBC
