SK Hynix, the giant South Korean chipmaker, has formally filed on Wednesday to list its stock on the Nasdaq, in what would be another multibillion-dollar, AI-related IPO.
The company, , plans to raise $29 billion, reports said the company specializes on producing memory chips. That would make it the second-largest IPO after SpaceX (SPCX), which went public less than two weeks ago and raised $75 billion.
SK Hynix is the largest company in South Korea's Kospi index, representing nearly 28% of the index's weighting, according to FactSet. It recently passed Samsung as the country's largest company.
Hynix is the world's largest supplier of DRAM- and NAND-type memory chips. The latter is "flash" memory that can retain data even when power is turned off.
SK Hynix shares in South Korea have nearly quadrupled so far this year and have shot up more than 800% in the past 12 months.
The news comes as the feverish growth of artificial intelligence computing power has spawned heavy demand for memory chips. Despite a sell-off this week, Micron Technology (MU) stock is up 269% year to date and Sandisk (SNDK) has rallied 723%, according to MarketSurge.
The appetite for AI-related IPOs is not slowing. OpenAI, which runs the ChatGPT AI tool, and Anthropic have also announced plans to go public. Anthropic has a current valuation of $965 billion and OpenAI is valued at $852 billion, according to Crunchbase.
In an announcement Wednesday, SK Hynix said it plans to list American depositary shares (ADS) on the Nasdaq, although it has not determined the number of shares in the IPO. Reports said the company could go public as early as next month.
SK Hynix Revenue Growth Soars
The stock will trade in the U.S. under the symbol SKHY.
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