South Korea’s SK Hynix is moving ahead with a major US listing as global demand for artificial intelligence chips reshapes the memory market. The company plans to raise about $28 billion through American Depositary Receipts on NASDAQ, after lowering its fundraising target from an earlier estimate.
The planned share sale comes as SK Hynix benefits from strong demand for high-bandwidth memory chips used in AI systems. At the same time, investors are watching the AI memory cycle closely, as recent volatility has raised doubts about how long AI-led demand can support chip prices.
SK Hynix said it plans to issue 17.79 million new shares through a NASDAQ depository receipt listing. Ten ADRs will represent one common share, according to regulatory filings. The company expects final pricing to be set on Thursday before trading begins on Friday.
The fundraising target has been lowered to about 43.141 trillion won, or $28.21 billion. This is down from the earlier plan of 45.453 trillion won. The revised target follows a drop in SK Hynix’s Seoul-listed shares, which fell in recent sessions amid broader pressure on memory chip stocks.
SK Hynix shares were down about 4% on Monday at 2,327,000 won. Still, the stock has risen sharply this year, supported by demand for AI-related memory chips. The KOSPI also fell on Monday, showing wider pressure across South Korean equities.
If completed, the deal would rank among the largest share sales in history. It would come after SpaceX’s record US listing last month and would surpass other large global offerings, including Saudi Aramco and Alibaba.
SK Hynix plans to use the proceeds to expand chip facilities in South Korea. The company also intends to buy chipmaking equipment, including extreme ultraviolet scanners made by ASML. These tools are used in advanced semiconductor production.
The company is a key supplier of high-bandwidth memory chips to customers linked to AI infrastructure, including NVIDIA and Google. High-bandwidth memory is used in AI systems that require fast data processing and large computing capacity.
South Korea has also announced a broad chip and AI investment program worth about $576 billion. SK Hynix and Samsung Electronics are expected to anchor the plan. The program is aimed at expanding semiconductor capacity and supporting advanced technology projects.
President Lee Jae Myung has asked officials to speed up work on major chip and AI projects. He warned that delays in permits, land purchases, and power and water supply could slow the country’s push in advanced industries.
The NASDAQ listing is expected to make SK Hynix easier for US investors to buy. Some analysts said the move could help reduce the valuation gap with US rival Micron Technology. It could also support possible inclusion in the Philadelphia Semiconductor Index, which is tracked by global passive funds.
“This is more than a liquidity event,” said Dave Mazza, chief executive officer of Roundhill Investments. He added, “SK Hynix has been one of the most important companies in the world that most US institutions could not easily own.”
Still, some investors expressed caution over the timing. Memory chip prices have climbed as AI demand grows, but concerns are rising over future supply and the durability of spending on AI data centers, phones, and PCs.
“We expect better access, but timing of the memory cycle is equally important,” said Sundeep Gantori, Standard Chartered’s chief investment officer of equities. He added that the memory cycle is now in its mid-cycle stage, not the early phase.
Meanwhile, Steve Sosnick of Interactive Brokers said the US listing would mainly help individuals and smaller institutions. He said it would give SK Hynix access to a new group of investors seeking momentum in AI-linked stocks.
Also Read: SpaceX to Enter NASDAQ 100 on July 7 After Rules Ease for Newly Listed Companies