SK Hynix is moving ahead with a US American depositary receipt, or ADR, listing, with sources saying the US Securities and Exchange Commission could complete its review in the week of June 22. If the process stays on track, trading could begin as early as August. Market estimates have put the fundraising size at as much as $14 billion.
Company targets listing before year-end
Reuters, citing two people familiar with the matter, reported that SK Hynix’s ADR application is progressing smoothly. The company said it is still preparing the ADR issuance and is aiming to complete the listing before the end of the year, though the final size and timetable have not been fixed. In March, SK Hynix submitted a confidential filing to the SEC, laying out plans for a US listing in the second half of the year.
An ADR allows shares of a non-US company to trade in the American market through depositary receipts, giving US-based investors a more direct way to gain exposure. For SK Hynix, the move would widen access to overseas capital as it tries to deepen ties with the US investor base.
HBM remains central to the AI trade
A major driver behind the company’s valuation has been high-bandwidth memory, or HBM, a key component used alongside AI chips and AI servers. According to the source material, SK Hynix held about 57% of the global HBM market in the fourth quarter, with broader estimates placing its share at 70% to 80%. For the next-generation HBM4 expected in 2026, the company is still projected to keep more than 50% market share.
As Nvidia and other customers ship more AI chips, demand for HBM has remained strong. The report notes that HBM production is technically demanding and yield rates are difficult to scale quickly, changing the pricing dynamics that once made the memory business heavily exposed to industry cycles.
Valuation depends on sustained AI spending
The report also points out that the logic behind such a large capital raise rests on two conditions: continued growth in AI infrastructure spending and no sharp reversal in HBM supply-demand conditions. For now, both assumptions remain in place. Microsoft, Amazon, Google, and Meta are still increasing AI infrastructure investment, while Nvidia’s order visibility extends into next year. Micron is also benefiting from higher HBM pricing, but remains behind in market share and technology buildup, according to the source.
Even so, SK Hynix is approaching the market from an elevated valuation base. The source says the company’s stock has climbed more than 210% this year, and its market capitalization passed $1 trillion by late May. That leaves the reception of the ADR deal closely tied to how investors view the staying power of AI computing demand.