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

SK hynix, the South Korean memory giant that is already listed on the KOSPI, is laying the groundwork for a US listing that could raise about $10 billion to $14 billion.

The company announced this week that it has privately filed a Form F-1 for the listing, targeting the second half of 2026.

But the real question is not just how much it will increase: it is whether the US listings can increase with the price of the product as one of the most difficult players in the AI ​​chip sector.

Although it has a key role in high-performance memory (HBM), a key component that powers AI systems from companies like Nvidia, the stock has already traded at a discount to its global peers, according to a Seoul-based semiconductor analyst. It has roughly $440 billion in revenue, but its growth rate remains below that of US-based companies, raising questions about whether geography, rather than demand, is driving the disparity.

The move appears to be an attempt to raise its value to match global peers like Micron.

“The US list of SK hynix can help to close the long price gap with its peers around the world. Although they have the same – or in some places stronger production capacity than the US chipmakers, the Korean company has already sold at a discount, probably because of its large list in Korea,” the expert told TechCrunch.

The expert also mentioned the factors that make up this partnership. “SK Square, SK hynix’s largest shareholder, which held 20.07% as of December 2025, is required to have a minimum stake of 20% according to Korean corporate law.”

Based on current prices, issuing about 2% in new shares would raise $10 billion to $14 billion and allow SK Square to retain its ownership, the analyst said. (Under Korea’s Fair Trade Act, private companies must have a minimum ownership stake in corporations, at least 20% for listed corporations, in order to maintain leadership.)

There is an example. Taiwan Semiconductor Manufacturing Company (TSMC), for example, has seen its US-listed shares outsell its domestic shares at times, particularly during AI-driven booms, suggesting that listings can affect how investors buy into the same business.

The move has already begun to permeate the Korean chip sector. Following SK hynix’s filing, some investors are pushing Samsung Electronics to reconsider its US listing. Artisan Partners, the largest shareholder, said on Friday that the US listing (known as the American depositary receipt, or ADR), could help Samsung raise its value, and also give US investment funds the opportunity to buy its stock, according to Bloomberg reports.

Pushing capital to meet AI-driven demand

SK hynix’s ADR listings are also seen as a way to raise money ahead of spending more to meet the demand for memory for AI semiconductors.

At its annual meeting on March 25, SK hynix CEO Noh-Jung Kwaksaid will be key in advancing the growth of the AI ​​era, adding that the company is seeking about $75 billion (over 100 trillion KRW) in total long-term financing.

The high cost of memory, and limited availability has been one of the factors limiting the production of AI, as well as affecting other industries, such as consumer players. It is a condition that is called ‘RAMmageddon’ and, if nothing changes in the market, it is expected to continue until 2027, Environmental reports.

Time will tell if the doomsday prophecy will come true. Tech giants are working to end RAMmageddon in ways other than design. For example, Google this week introduced a technology called TurboQuantUltra-efficient AI memory compression algorithm. It allows AI to be more efficient in memory usage.

However, the signals suggest that more memory should also be important. SK hynix is ​​planning a lot of projects that need a lot of money. The company plans to invest about $400 billion by 2050 to build a semiconductor cluster in Yongin, South Korea. It is also building new facilities in South Korea and Indiana, investing approximately $25 billion and $3.3 billion, respectively, to ensure the level of investment required.

The chipmaker said this week that it will acquire an advanced ultraviolet (EUV) machine from ASML by 2027 at a cost of $7.9 billion, which aims to promote high bandwidth manufacturing (HBM) for AI.

All this could be supported by a blockbuster US IPO. And that may lead Korean chip makers to follow suit.