SK Hynix files confidentially for U.S. listing as it rides ‘unprecedented growth’ in memory market

The South Korean memory giant first disclosed its interest in a U.S. listing in December, as it seeks fresh capital to expand production amid surging memory demand driven by the artificial intelligence boom. 

SK Hynix said in a regulatory filing that it aims to proceed with the listing of American Depositary Receipts within 2026, though details such as the size, method, and schedule of the public offering have not yet been finalized. 

ADRs are tradable certificates issued by U.S. banks that represent shares in a foreign company. While they tend to trade with lower liquidity than a full U.S. listing, which can deter some investors, ADRs use existing shares rather than new stock, preserving value for existing shareholders.

“The final decision on the listing will be made after comprehensively considering the SEC’s review of the application, market conditions, demand forecasting, and other relevant factors,” the filing said, according to a Google translation. 

The company said it will make another disclosure when specific details are finalized or within six months.

Local media reported the company is considering raising between 10 trillion won and 15 trillion won, or roughly $6.7 billion to $10 billion at current exchange rates.

SK Hynix is one of the world’s leading suppliers of high-bandwidth memory (HBM) chips used in AI processors. Demand for such memory chips has accelerated so fast that it triggered a global memory shortage and a resulting surge in prices. 

In the face of that shortage, SK Hynix and competitors such as Micron and Samsung have rushed to expand capacity. 

Wednesday also marked the company’s annual shareholders meeting, where Chief Executive Officer Kwak Noh-Jung reportedly said SK Hynix plans to secure more than 100 trillion won in net cash for long-term strategic investments.

A letter to shareholders said the company’s new M15X fab in Cheongju, South Korea, was completed earlier than planned, while construction of its $15 billion Yongin Semiconductor Cluster, as well as its advanced packaging facility in Indiana, U.S., is progressing smoothly.

The letter noted “unprecedented growth” in the memory market, adding that “memory is no longer just a simple component, but a key-value product that determines the performance of AI systems.”

On Tuesday, SK Hynix announced plans to purchase 11.95 trillion won ($7.97 billion) worth of advanced chipmaking equipment from ASML in one of the largest single disclosed orders for such tools.

Shares of SK Hynix rose more than 5% in Seoul on Wednesday. The stock rose 274% in 2025 and is up about 60% year to date.