HSBC backs higher SK Hynix valuation ahead of U.S. listing

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SK Hynix plans a U.S. listing

Highlights

SK Hynix plans a U.S. listing at an indicative price of $166 per share.
The company could raise as much as $29.4 billion.
HSBC sees roughly 20% upside from the proposed listing price.
The listing would expand access for U.S. institutional investors.

U.S. listing targets AI demand

SK Hynix said it plans to raise as much as $29.4 billion through a U.S. listing, with an indicative price of $166 per share. According to CNBC, if completed at that level, the transaction would rank among the largest global listings, behind SpaceX’s record share sale earlier this month.

The company has become one of the clearest beneficiaries of the AI buildout. SK Hynix is a key supplier of high-bandwidth memory, or HBM, used with advanced processors in AI servers. Demand for those chips has surged as cloud providers and technology companies expand data-center capacity.

The listing would also broaden SK Hynix’s investor base. Some U.S.-based institutional investors can only hold U.S.-listed securities under internal mandates, making an American listing potentially important for liquidity and valuation.

HSBC sees room for a repricing

HSBC analysts said the shares could be worth about 20% more than the planned $166 listing price, reflecting confidence in the company’s position in AI memory. The bullish case rests on SK Hynix’s leadership in HBM, tight memory supply, and continued spending on AI infrastructure.

That view comes despite recent volatility in technology shares. Investors have questioned whether AI-related stocks have moved too far too quickly, while rising chip and memory costs have pressured some major technology companies. Still, SK Hynix remains central to the part of the supply chain where demand appears strongest.

The company’s market value recently topped $2 trillion after a sharp AI-driven rally, making it one of Asia’s most valuable semiconductor companies.

AI memory becomes a capital-market story

The planned listing shows how AI demand is changing not only chip production but also capital markets. SK Hynix is trying to convert its position in advanced memory into broader investor access and potentially a higher valuation.

The timing is important. Memory supply remains tight, AI data-center spending is still rising, and U.S. investors are looking for direct exposure beyond Nvidia and Micron. If the listing succeeds, it could give SK Hynix a stronger international valuation benchmark while reinforcing the market’s focus on HBM as one of the most important bottlenecks in AI infrastructure.

In addition, we reported that SK Hynix overtook Samsung Electronics to become South Korea's most valuable publicly traded company.

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