Memory chip giant SK hynix could help end ‘RAMmageddon’ with blockbuster US IPO

SK hynix, a South Korean representation spot elephantine already listed connected the KOSPI, is laying the groundwork for a imaginable U.S. listing that could reportedly rise an estimated $10 cardinal to $14 billion.

The institution announced this week that it has confidentially filed a Form F-1 with the the listing, targeting the 2nd fractional of 2026.

But the existent question isn’t conscionable however overmuch it tin raise: it’s whether a U.S. listing could summation is trading worth arsenic 1 of the astir captious players successful the AI spot proviso chain.

Despite its captious relation successful high-bandwidth representation (HBM), a cardinal constituent powering AI systems from companies similar Nvidia, the banal has historically traded astatine a discount to planetary peers, according to a Seoul-based semiconductor analyst. It’s got a marketplace headdress of astir $440 billion, but it’s valuation multiples stay beneath those of U.S.-listed semiconductor firms, raising questions astir whether geography, alternatively than fundamentals, is partially driving the gap.

The determination is wide seen arsenic an effort to summation its valuation to lucifer planetary peers similar Micron.

“SK hynix’s U.S. listing could assistance adjacent a long-standing valuation spread with planetary peers. Despite having comparable – oregon successful immoderate areas stronger accumulation capableness than U.S.-based chipmakers, the Korean institution has historically traded astatine a discount, partially owed to its superior listing successful Korea,” the expert told TechCrunch.

The expert besides mentioned structural factors shaping the deal. “SK Square, SK hynix’s largest shareholder, which held 20.07% arsenic of December 2025, is required to support a involvement of astatine slightest 20% nether Korea’s holding institution rules.”

Based connected existent stock prices, issuing astir 2% successful caller shares could rise $10 cardinal to $14 cardinal portion allowing SK Square to support its ownership threshold, the expert said. (Under Korea’s Fair Trade Act, holding companies indispensable support minimum ownership stakes successful subsidiaries, astatine slightest 20% for listed entities, to clasp control.)

There’s precedent. Taiwan Semiconductor Manufacturing Company (TSMC), for example, has seen its U.S.-listed shares commercialized astatine a premium to its home shares astatine times, peculiarly during periods of beardown AI-driven demand, suggesting that cross-listing tin power however investors terms the aforesaid underlying business.

The determination is already rippling crossed the broader Korean spot sector. Following SK hynix’s filing, immoderate investors are present pushing Samsung Electronics to see a akin U.S. listing. Artisan Partners, a large shareholder, said Friday that a U.S. listing (technically known arsenic an American depositary receipt, oregon ADR), could assistance Samsung boost its valuation, too, arsenic good arsenic springiness U.S. retail investors a accidental to bargain its stock, according to a Bloomberg report.

A superior propulsion to conscionable AI-driven demand

SK hynix’s planned ADR listing is besides wide seen arsenic a determination to unafraid backing up of accrued superior spending to conscionable the rising request for representation from AI semiconductors.

At its yearly wide gathering connected March 25, SK hynix CEO Noh-Jung Kwaksaid fiscal capableness volition beryllium cardinal to sustaining maturation successful the AI era, adding that the institution is targeting astir $75 cardinal (more than 100 trillion KRW) successful nett currency to enactment semipermanent investments.

Soaring outgo for memory, and constricted proviso has been 1 of the bottlenecks slowing AI builds, but besides impacting different industries, similar user gamers. It’s a concern that’s been dubbed ‘RAMmageddon’ and, if thing successful the marketplace changes, is expected to proceed connected until astatine slightest 2027, Nature reports.

Time volition archer if that doomsday prediction holds up. The tech giants are moving connected solving RAMmageddon successful different ways beyond accrued manufacturing. For instance, Google this week introduced a tech called TurboQuant, an ultra-efficient AI representation compression algorithm. It allows AI to go vastly much businesslike successful utilizing memory.

Nevertheless, the signals bespeak that much representation accumulation volition beryllium indispensable arsenic well. SK hynix is gearing up for a question of capital-intensive projects. The institution plans to put astir $400 cardinal by 2050 to physique a semiconductor clump successful Yongin, South Korea. It is besides constructing caller facilities successful South Korea and Indiana, with planned investments of astir $25 cardinal and $3.3 billion, respectively, underscoring the standard of superior required.

The chipmaker said this week it volition get precocious utmost ultraviolet (EUV) lithography scanners from ASML by 2027 successful a woody worthy $7.9 billion, aimed astatine boosting high-bandwidth representation (HBM) accumulation for AI.

All of this would beryllium supported by a blockbuster U.S. IPO. And that could pb different Korean spot makers to follow.