SK Hynix seeks 45.45 trillion won with US listing to fund AI boom

[SEOUL] SK Hynix is planning to raise 45.45 trillion won (US$29.4 billion) in a landmark US listing, as companies along the artificial intelligence supply chain rush to increase capacity to meet memory chip demand.

At that size, the deal would be among the top five share sales of all time, comparable with Saudi Aramco’s then-record 2019 initial public offering, according to data compiled by Bloomberg.

Companies have been raising record amounts to fund the buildout of AI infrastructure in recent months. SpaceX held the largest initial public offering in history earlier this month, while Alphabet plans to raise US$85 billion to fund its AI plans.

SK Hynix expects trading to start on Jul 10, according to a regulatory filing on Wednesday (Jun 24).

The South Korean company and other leading makers of high-bandwidth memory – most notably Samsung Electronics and Micron Technology – sit at the chokepoint of the global AI buildout, with their products forming a critical bottleneck for data-centre expansion.

SK Hynix controlled 57 per cent of the global market share by revenue in the fourth quarter of 2025, according to data from Counterpoint Research. The firm, however, trades at a discount to both Micron and Samsung Electronics.

The company intends to use the proceeds for the building of a additional capacity, according to its regulatory filing.

The insatiable demand for memory chips has fuelled breakneck rallies in these stocks, with SK Hynix shares listed in Seoul climbing more than 300 per cent this year, exceeding US$1 trillion in market value.

A US listing would give the company access to a fresh pool of investors and could help SK Hynix narrow a gap in its valuation compared with its competitors.

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Asian issuers that have already been listed in the US include Taiwanese chipmaker Taiwan Semiconductor Manufacturing’s US listing enabled it to tap into foreign investor flows, cementing its status as a US investor favourite – particularly as part of the AI-driven rally.

SK Hynix’s operating profit for the first quarter jumped to 37.61 trillion won (S$31.8 billion), a record high that compares with the average estimate by analysts for 35.7 trillion won. Sales nearly tripled to 52.58 trillion won.

The offering is being led by Bank of America, Citigroup, Goldman Sachs Group and JPMorgan Chase. BLOOMBERG