SK Hynix Files for Nasdaq Listing, Plans to Raise $29.4 Billion for Capacity Expansion and EUV Equipment Procurement
0xBroomberg
SK Hynix has filed an amended F-1 with the SEC to list on Nasdaq under the ticker "SKHY," targeting roughly $29.4 billion in proceeds — nearly all earmarked for fab construction and EUV lithography machines, signaling the HBM arms race has entered the capital-markets funding stage.
How big is this IPO?
SK Hynix plans to raise approximately ₩45.45 trillion (about $29.4 billion), a record for a Korean company listing in the U.S.
The listing vehicle is American Depositary Shares (ADS), each representing a set ratio of ordinary shares traded on Korea's KOSPI market. The exact conversion ratio has not been disclosed.
Trading is expected to begin July 10. Global coordinators are Bank of America, Citi, Goldman Sachs, and JPMorgan.
Where does the $29.4 billion go?
Roughly ₩45.5 trillion is allocated to building production facilities in Korea. This means → the expansion battlefield stays on Korean soil.
About ₩11.9 trillion is ring-fenced for EUV lithography tools — machines that etch chip circuits with extreme-ultraviolet light — with delivery expected by December 2027.
In plain terms = about a quarter of the entire raise is locked into buying the single most expensive piece of equipment in the semiconductor supply chain. Any shortfall beyond net proceeds will be covered by operating cash flow, credit lines, and debt financing.
Why list in the U.S. now?
SK Hynix is the lead supplier of Nvidia's High Bandwidth Memory (HBM) — high-speed memory chips purpose-built for AI processors. HBM demand is surging alongside the AI compute buildout.
This signals that the capital required for HBM expansion has outgrown what Korea's domestic capital market and internal cash flows can cover alone.
A U.S. listing carries a second, implicit effect: it places SK Hynix on the same exchange as rival Micron, giving investors a direct side-by-side comparison — and putting valuation pressure on Micron.
Content is for reference only, not financial advice.