SK Hynix Confidentially Files for U.S. ADR Listing, Could Raise $14 Billion

South Korean chipmaker SK Hynix announced Wednesday it made a confidential filing for a U.S. listing in 2026, which a source said could raise as much as $14 billion. The filing, submitted to the U.S. Securities and Exchange Commission on Form F-1, sets the stage for what could become one of the largest U.S. listings in recent memory.

SK Hynix plans to list about 2% to 3% of its total shares and hopes to use the funds to help finance its work in chip factories in South Korea's Yongin city and the U.S. state of Indiana, a person with direct knowledge of the discussions told Reuters. A 2% to 3% share issue would equate to $9.6 billion to $14.4 billion of SK Hynix's market capitalization, and potentially more than double Coupang's $4.6 billion U.S. IPO in 2021.

The company, in a domestic regulatory filing, said: "While we aim to complete the listing within 2026, specific details — such as the size, structure, and timeline of the offering — have not yet been finalised." CEO Kwak Noh-jung said at the company's annual shareholder meeting that the U.S. listing plan could be described as part of efforts to have its corporate value reassessed in the United States, the world's largest equity market where major global semiconductor firms are listed, and that the company aims to list in the second half of this year.

The valuation case is stark. As of late 2025, the company traded at about 11 times earnings, compared with roughly 29 times for U.S.-based Micron Technology — a gap that persists even as SK Hynix reported operating profit of 11.38 trillion won in the third quarter alone, about double Micron's over the same period. A U.S. listing would give SK Hynix a directly comparable peer in U.S.-listed Micron, enabling a clearer comparison that highlights its undervaluation despite stronger profitability, according to Kim Sun-woo, a senior analyst at Meritz Securities.

The ADR structure is central to how the listing would work. The company plans to use the ADR structure, which allows foreign firms to trade on U.S. exchanges through securities representing their underlying shares without a full domestic listing. In a regulatory filing in December, SK Hynix said it was considering various shareholder value enhancement measures, including a potential U.S. listing using treasury shares, but noted that no decision had been finalized. The exact structure, whether ADRs will be backed by existing treasury shares or newly issued stock, remains unresolved.

The Korea Economic Daily reported earlier this week that SK Hynix was considering raising 10 trillion to 15 trillion won ($6.7 billion to $10 billion) in the U.S. listing, a figure that differs from the $14 billion headline estimate and likely reflects a specific new-share issuance scenario. The company has not confirmed either figure.

The listing ambition connects to a broader financial target Kwak outlined at Wednesday's shareholder meeting. He outlined plans to secure more than 100 trillion won ($66.8 billion) in net cash to support long-term strategic investment, saying "financial soundness that enables stable investment is essential to respond to structural demand growth and maintain competitiveness." As of the end of 2025, SK Hynix's net cash stood at 12.69 trillion won, a figure that would need to grow substantially to approach Samsung Electronics' estimated 92 trillion won in net cash.

The company's new M15X fab in Cheongju, South Korea, was completed earlier than planned, while construction of its $15 billion Yongin Semiconductor Cluster and its advanced packaging facility in Indiana is progressing. On Tuesday, SK Hynix also announced plans to purchase 11.95 trillion won ($7.97 billion) worth of advanced chipmaking equipment from ASML in one of the largest single disclosed orders for such tools.

Shares of SK Hynix rose more than 5% in Seoul on Wednesday. The stock rose 274% in 2025 and is up about 60% year to date. The chipmaker said it plans to make another related regulatory filing within six months or earlier if there are further updates.