SK Hynix filed a confidential F-1 for a US listing targeting H2 2026, aiming to raise up to $14B and close valuation discount vs Micron.
SK Hynix, the South Korean memory chip giant and dominant HBM supplier to Nvidia, filed a confidential Form F-1 with the SEC targeting a US IPO in H2 2026. The deal is estimated to raise $10B–$14B, making it one of the largest semiconductor listings in history. The company carries a ~$440B market cap but trades at lower multiples than US-listed peers like Micron despite comparable production capacity. Separately, SK Hynix announced a $7.9B ASML EUV scanner deal to expand HBM production capacity by 2027.
This is a capital markets story, not a tooling story — but the downstream effect matters. SK Hynix's $7.9B ASML investment signals a meaningful HBM capacity ramp by 2027, which could alleviate the GPU memory constraints that currently limit large-scale model training runs and inference cluster buildouts. If HBM supply loosens, cloud GPU pricing pressure eases and access to H100/H200-class hardware broadens.
Check your current cloud GPU waitlist status on Lambda Labs or CoreWeave this week — if HBM-constrained SKUs are still backordered 3+ months, factor that into your infrastructure planning through 2026.
Go to perplexity.ai
Search: 'HBM3E supply shortage 2025 2026 Nvidia H100 H200 availability timeline'
Read the sourced summary and check the most recent analyst quotes on HBM supply normalization dates
A sourced timeline of expected HBM supply normalization with analyst estimates — use this to decide whether to lock in reserved GPU capacity now or wait for spot pricing to drop
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