South Korean chipmaker SK Hynix plans to raise approximately $28 billion in a US IPO on Friday, July 10, listing American Depositary Receipts (ADRs) under ticker SKHY on Nasdaq. The offering, at $149 per ADR, is already oversubscribed seven times, with cornerstone investors Baillie Gifford, Coatue Management, and Situational Awareness Partners pledging $7 billion combined (25% of the total offering).
The listing represents the largest-ever foreign share sale, surpassing Alibaba's $25 billion record in 2010. SK Hynix will deploy proceeds toward expanding production facilities in South Korea and acquiring extreme ultraviolet (EUV) lithography equipment to meet surging demand for high-bandwidth memory chips. The company's revenue jumped 198% year-over-year in Q1 2026 as clients including NVIDIA, Google, and Microsoft race to build AI infrastructure.
SK Hynix's market cap has exceeded $1 trillion after stock gains of over 250% this year in Seoul. The dual listing gives US investors direct access to the AI-memory shortage trade, which has similarly powered Micron to a $1.2 trillion valuation and 700% annual gains. Architects shipping AI infrastructure should watch: this confirms memory-subsystem scarcity is pricing in sustained AI capex at scale, and SK Hynix's ability to service that demand underpins any reasonable path to margin recovery in the sector.