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Bond Market News
SK Hynix Plans to Raise $14bn via US Listing
March 26, 2026
SK Hynix plans a confidential filing to list shares in the US in 2H2026.The company plans to float 2–3% of its total shares, which could raise up to $14bn, according to sources. Proceeds would fund chipmaking facilities in Yongin (South Korea) and Indiana (USA), as the company scales up to meet surging AI data centre demand. CEO Kwak Noh-jung framed the listing as a “corporate value reassessment” exercise. Analysts note that a US listing would give SK Hynix a direct comparison with Micron, helping highlight its perceived undervaluation relative to its profitability and technological edge. With the US imposing 25% tariffs on certain AI chips and Commerce Secretary Lutnick threatening up to 100% tariffs on chipmakers not investing on American soil, a US listing and domestic fab investment serve as both a capital and diplomatic hedge. However, the plan has drawn domestic pushback. The Korea Corporate Governance Forum argued that issuing new shares would dilute existing shareholders and urged the company to instead pursue buybacks of 10–15% of stock before any listing. The company has yet to finalise the size, structure, or exact timeline of the offering.
Its dollar bonds were stable. For instance, the 5.5% 2029s was at 102.6, yielding 4.5%
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