SK hynix, the world's top high-bandwidth memory (HBM) maker, filed to list on Nasdaq today, aiming to raise $29.4 billion in what would be the second-largest IPO ever. The South Korean company supplies more than half the global HBM, the ultra-fast memory that powers AI chips from Nvidia and others.
First-quarter revenue soared 198% to $38 billion year-over-year, with a net margin of 77%. HBM modules stack up to 12 memory chips using through-silicon wires, providing higher bandwidth than standard DRAM-critical for AI models that constantly shift data between processor and memory.
SK hynix’s thermal management edge, including its proprietary MR-MUF process and new iHBM cooling technology, helps dissipate heat from densely packed modules. It is also the world's second-largest producer of DRAM and flash storage.
Proceeds from the listing will fund a major expansion. The company plans four new fabs in the Yongin Cluster, a massive semiconductor park near Seoul drawing over $200 billion in total investment.