TLDR
- SK Hynix is raising ~$28 billion through a Nasdaq ADR listing, one of the world’s largest share sales this year
- 17.79 million new shares will be offered; 10 ADRs represent one common share, with final pricing set for Thursday and trading starting Friday
- SK Hynix stock is up ~273% this year on the Seoul exchange, though it dipped 4% Monday
- Proceeds will fund new chip factories in South Korea and advanced equipment purchases, including an ASML EUV scanner
- SK Hynix holds 56.4% of the global HBM market and 29.1% of DRAM revenue share as of Q1 2026
SK Hynix is heading to Wall Street with one of the biggest share sales the world has seen in years. The South Korean chipmaker launched its Nasdaq ADR listing on Monday, targeting roughly $28 billion in fresh capital to fuel its AI chip ambitions.
The company will offer 17.79 million new American Depositary Receipts on the Nasdaq. Every 10 ADRs will represent one common share on the Seoul exchange. The price range was due to be revealed Monday, with final pricing expected Thursday and trading kicking off Friday.
On the Seoul exchange, SK Hynix stock fell about 4% Monday to 2,327,000 won. Despite the dip, the stock is up around 273% year-to-date, driven by strong investor appetite for AI-related names.
The Seoul-listed stock (000660.KS) is down about 3.4% as of Monday, reflecting broader market softness — Korea’s KOSPI was also off 2.2% on the day.
The deal is expected to be the second-largest share sale in history, behind SpaceX’s record $85.7 billion IPO last month. It would top Saudi Aramco’s $25.6 billion IPO in 2019 and Alibaba’s similarly-sized offering in 2014.
SK Hynix plans to use the proceeds to build new chip fabrication plants in South Korea and purchase advanced manufacturing equipment, including an extreme ultraviolet scanner from Dutch firm ASML.
Why the U.S. Listing Matters
Dave Mazza, CEO of Roundhill Investments, put it plainly: “SK Hynix has been one of the most important companies in the world that most U.S. institutions could not easily own.” The Nasdaq listing removes what he called an “accessibility discount, not a quality discount.”
Steve Sosnick of Interactive Brokers added that the listing will benefit individual investors and smaller institutions most, giving them direct access to a stock previously hard to trade from the U.S.
HSBC last month raised its valuation of SK Hynix by applying a 20% premium to its price-to-book multiple, bumping it from 2.8x to 3.4x — citing improved global accessibility and shareholder-friendly moves.
Analysts expect SK Hynix to join the Philadelphia SE Semiconductor Index, which could trigger a wave of passive investment flows into the stock.
Where SK Hynix Stands in the AI Race
SK Hynix held a 56.4% share of the global high-bandwidth memory market in Q1 2026 — the top spot worldwide. It ranked second in DRAM at 29.1% revenue share and second in NAND flash at 18.5%, per IDC data.
Revenue for Q1 2026 came in at $34.5 billion, with profit of $26.48 billion. For full-year 2025, the company posted revenue of $63.76 billion and profit of $28.2 billion.
The company is a key supplier to Nvidia and Google, and in July entered a partnership with Nvidia to co-develop advanced memory for platforms including Vera Rubin AI supercomputers.
South Korea’s government also unveiled a $576 billion chip investment program last week, with SK Hynix and Samsung named as anchors.
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