SK Hynix Plans US ADR IPO, Targeting ~$28B Raise
Original: US investors will soon get access to SK Hynix, another memory maker riding the AI boom
Why This Matters
SK Hynix's US listing gives investors direct exposure to the AI memory supply chain outside Micron.
South Korean memory chipmaker SK Hynix announced plans to sell ~17.8 million shares via ADRs in a US IPO, potentially raising ~$28B. Pricing is expected Thursday, with trading starting Friday. Q1 revenue rose ~200% YoY, and its stock is up ~260% in 2026.
SK Hynix, the South Korean memory chipmaker and rival to Samsung and Micron, announced Monday it plans to sell approximately 17.8 million shares through American depositary receipts (ADRs) in a US IPO. Each ADR will represent one-tenth of a common share, allowing US investors to access the stock without trading on the Seoul exchange. Based on its most recent Seoul closing price, the offering could raise around $28 billion, according to Bloomberg. Pricing is expected Thursday, with trading set to begin Friday.
The company is benefiting from surging AI-related memory demand. Its Q1 revenues rose nearly 200% year-over-year, and its stock has climbed approximately 260% so far in 2026. AI infrastructure buildouts by hyperscalers including Amazon, Microsoft, Google, and Oracle have driven demand for HBM, DRAM, and NAND chips beyond available supply — a shortage analysts have dubbed 'RAMageddon.' Apple has cited the shortage as a reason for raising Mac and iPad prices.
SK Hynix and Samsung have jointly pledged over $550 billion in new manufacturing capacity, though analysts note this carries risk if AI memory requirements shift before facilities come online. For comparison, US-based Micron has risen nearly 700% over the past year to a valuation exceeding $1 trillion.