SK Hynix plans a $29.4 billion US public listing following 300% stock surge, capitalizing on record HBM demand from AI data centers.

SK Hynix Inc. (HXSCL) is preparing a landmark US listing to raise 45.45 trillion won, or approximately $29.4 billion, as investor demand for AI-linked memory chips reshapes global semiconductor markets. The South Korean chipmaker expects trading to begin on July 10, according to regulatory filings, with Bank of America, Citigroup, Goldman Sachs, and JPMorgan Chase leading the offering. At this scale, the share sale could rank among the five largest IPOs on record, approaching Saudi Aramco's 2019 offering in size.

The capital will fund additional manufacturing capacity and extreme ultraviolet lithography equipment to support future high-bandwidth memory (HBM) production. HBM has become a critical bottleneck in AI data-center expansion, with SK Hynix controlling 57% of the global market by revenue in the fourth quarter of 2025, according to Counterpoint Research.

The US listing positions SK Hynix to narrow its valuation gap with competitors like Micron Technology, particularly following Taiwan Semiconductor Manufacturing Co.'s success in building deep US investor access through American Depositary Receipts. SK Hynix shares in Seoul have surged approximately 300% this year and now exceed $1 trillion in market capitalization, driven by AI memory demand, though sentiment remains volatile amid fluctuations in confidence around the AI buildout. First-quarter operating profit reached a record 37.61 trillion won, surpassing analyst expectations of 35.7 trillion won, while revenue nearly tripled to 52.58 trillion won.