SK Hynix is considering an initial public offering in the United States for one of its business units at a valuation of about $150 billion, UPI reported, citing sources familiar with the deliberations.

The reported figure would place the unit among the most valuable semiconductor listings ever attempted on U.S. exchanges. For comparison, that valuation would rival Arm Holdings, whose September 2023 Nasdaq IPO priced the chip designer at roughly $54.5 billion — meaning the SK Hynix unit under discussion would command nearly three times that market value if the plan proceeds.

The report did not specify which unit SK Hynix would carve out for the listing. The Seoul-based company operates primarily as a memory maker — it is the world's second-largest DRAM supplier and a leading producer of NAND flash — but it has also built a foundry services arm through SK Hynix System IC, which runs a 200mm fab in Wuxi, China and a 300mm fab under its subsidiary in Cheongju, South Korea.

A U.S. listing would mark a significant departure for SK Hynix, which trades on the Korea Exchange in Seoul under parent SK Group, one of South Korea's largest conglomerates. No Korean chipmaker of comparable size currently lists in New York.

The deliberations remain at an early stage, according to the report, and SK Hynix has not confirmed the plan or filed any documents with U.S. regulators. The $150 billion figure is a target valuation under discussion, not a priced deal, and any listing timeline, share size, or exchange choice remains undefined.

The potential move comes as SK Hynix sits at the center of the AI memory boom. The company supplies high-bandwidth memory (HBM) chips to Nvidia for its AI accelerators and has invested heavily in advanced packaging capacity at its Cheongju and Icheon complexes to meet demand from hyperscale data center builders.

A U.S. listing could also carry geopolitical weight. Washington has pressed allies to expand semiconductor manufacturing on American soil, and a New York-listed SK Hynix unit would deepen the company's financial and regulatory ties to the U.S. market at a time when export controls increasingly shape the memory and logic supply chain. SK Hynix has already committed to building an advanced packaging facility in West Lafayette, Indiana, with operations targeted for 2028.

Investor appetite for semiconductor equity in the U.S. remains strong following Arm's IPO and subsequent rallies in AI-linked chip stocks, a backdrop that would work in favor of a large listing if SK Hynix decides to proceed.

The company has not commented publicly, and the report cautions that the plan could change or be abandoned. If SK Hynix moves forward, the offering would test whether U.S. markets will support a Korea-based chip asset at a $150 billion price — and would set a benchmark for how other Asian semiconductor giants approach American capital markets.