SK Hynix Eyes Up to $14 Billion U.S. IPO to Fund AI Chip Expansion

South Korean memory chip giant SK Hynix has submitted a confidential filing for a U.S. stock market listing in 2026, with sources indicating the move could raise as much as $14 billion. The company intends to offer approximately 2% to 3% of its total shares, channeling the proceeds toward expanding semiconductor manufacturing facilities in Yongin, South Korea, and Indiana in the United States.

As one of the world's leading memory chip producers, SK Hynix has been aggressively scaling production capacity to meet surging demand driven by artificial intelligence infrastructure. The company has emerged as the dominant supplier of high bandwidth memory (HBM) chips — a critical component in AI processors developed by industry leaders like Nvidia. News of the filing sent SK Hynix shares climbing nearly 4% in early Wednesday trading.

Based on the company's Tuesday closing price, a 2% to 3% share issuance would be valued between $9.6 billion and $14.4 billion — potentially more than doubling Coupang's $4.6 billion U.S. IPO in 2021, which currently stands as South Korea's largest American listing. SK Hynix confirmed the filing in a domestic regulatory disclosure but noted that specific details, including the size, structure, and timeline, remain undecided.

The announcement has drawn pushback from the Korea Corporate Governance Forum, which argues that issuing new shares would dilute existing shareholder value. The group is urging SK Hynix to instead conduct a stock buyback of 10% to 15% and pursue the U.S. listing using those repurchased shares. Some fund managers echo this sentiment, questioning why new share issuance is necessary given the company's strong projected cash flows through 2028.

Separately, SK Hynix recently disclosed a record-breaking purchase order worth nearly 12 trillion won for ASML's EUV lithography equipment, further underscoring its commitment to next-generation chip manufacturing as competition with rival Samsung Electronics intensifies.