SK Hynix is preparing to list in the United States on the Nasdaq, choosing the technology-oriented exchange over the New York Stock Exchange, two sources familiar with the matter said. The planned U.S. listing could occur as early as August and is being positioned to capture investor appetite for companies tied to artificial intelligence-related growth.
The decision follows a sharp run-up in SK Hynix's share price this year - a rise of about 230% that lifted the company’s market value above $1 trillion in May - and is expected to broaden the company’s investor base and raise its profile among global investors, according to the sources who declined to be identified because the information is not public. SK Hynix declined to comment. Nasdaq was not immediately available for comment outside business hours.
The Nasdaq is the listing venue for many of the world’s largest technology firms and chipmakers, including Nvidia, Microsoft, Amazon.com and Alphabet, and is also home to SK Hynix’s smaller rival, Micron. Memory-chip stocks have significantly outperformed this year, with Micron up roughly 248% and the Nasdaq Composite gaining around 11% year to date.
Market observers and analysts cited in the reporting said Nasdaq has historically assigned higher valuations to technology and growth companies than the New York Stock Exchange. One analysis point referenced by market participants is the valuation achieved by peers such as Micron, which may have influenced SK Hynix’s choice.
“Passive investment funds now account for a larger share of global investment flows than active funds, with a significant portion of those passive flows concentrated in Nasdaq-listed stocks, making the exchange particularly attractive for technology companies seeking to broaden their investor base,” said Kim Sunwoo, a senior analyst at Meritz Securities.
Passive funds typically track stock indexes rather than selecting individual names, and many technology-focused indexes and exchange-traded funds are heavily weighted toward Nasdaq-listed companies. That concentration of passive flows into Nasdaq-listed names is presented by market participants as one factor supporting the company’s preference for that market.
SK Hynix is the world’s second-largest memory chipmaker and is a major supplier to Nvidia. The company has benefited from strong demand for high-bandwidth memory chips used in AI servers, a market dynamic cited by sources as a factor in the strong reception to the listing plan.
According to reporting, SK Hynix received what was described as "tremendously positive" feedback on its U.S. listing plan, with investors citing robust AI demand and the company’s competitive position in memory chips.
The company said in March that it had confidentially filed for a U.S. listing. At that time, a source indicated the offering could raise as much as $14 billion. SK Hynix has not publicly revealed the final size of the planned listing or how many shares will be offered.
One source stated that the U.S. Securities and Exchange Commission is likely to approve SK Hynix’s American depositary receipt listing during the week of June 22. The company has not announced an official timetable or definitive details about the offering.
Observers also noted the Nasdaq’s recent role as the preferred venue for other high-profile, technology-linked listings. The exchange was cited as the chosen venue for Elon Musk’s SpaceX, which is set to begin trading later on a Friday referenced in reporting.
Contextual note - The information above is based on sources familiar with the matter and on statements and market datapoints provided to reporters; SK Hynix has not publicly confirmed the exchange selection or the full details of the planned U.S. offering.