South Korean semiconductor company SK Hynix plans to raise up to USD 29.4 billion through a US stock market listing. While the tech venture eyes its place among the biggest listings globally, the Nvidia supplier will also be seeking to capitalise on strong investor appetite for AI stocks.
If completed at the indicative price, the deal would be the second-biggest share sale after a record USD 85.7 billion IPO by SpaceX earlier in June 2026, surpassing Saudi Aramco’s USD 25.6 billion IPO in 2019 and Alibaba’s similar-sized offering in 2014. Despite increasing volatility across the American tech and semiconductor markets, global appetite has remained strong for AI-linked equities. Two American AI giants, Anthropic and OpenAI, are also set for their market debuts this year.
By making its IPO plans clear, SK Hynix has joined the elite league of global tech titans, who are tapping debt markets and raising equity to fund a costly expansion of AI infrastructure. Google-parent Alphabet too is looking to raise USD 80 billion in equity offerings.
“The most attractive benefit for investors is that SK Hynix will trade on Nasdaq alongside rival Micron, giving the company an opportunity to be re-rated in the US market. That could also be reflected in its Korea-listed shares as investors increasingly link the two valuations,” said Ryu Young-ho, a senior analyst at NH Investment & Securities, while interacting with Reuters.
The memory chip maker, currently valued at about USD 1.2 trillion, has been one of the clearest beneficiaries of the AI boom. Its shares have quadrupled so far in 2026, outperforming rivals Samsung Electronics and United States-based Micron. SK Hynix’s expertise lies in supplying high-bandwidth memory chips used in AI systems by customers like Nvidia and Google. The semiconductor company recently overtook Samsung to become South Korea’s most valuable company.
SK Hynix’s blistering share price rally marks a dramatic reversal of the company’s fortunes. Two decades ago, it nearly collapsed under debt. As per the chipmaker, the proceeds from the listing of “American Depositary Receipts” will be used to build chip factories in South Korea, apart from purchasing cutting-edge chipmaking equipment like the extreme ultraviolet scanner made by Dutch equipment maker ASML.
The world’s second-largest memory chipmaker plans to issue up to 17.79 million new shares, worth 45.45 trillion won ($29.43 billion), in the ADR listing on Nasdaq.
As per the reports, ten ADRs will represent one common share. Pricing will be finalised after bookbuilding, although the initial range is based on 23rd June’s closing price of 2.555 million won (USD 1,651.69). SK Hynix will kick off its ADR bookbuilding process on July 6 and determine the final offer price on July 9 ahead of its Nasdaq debut the following day. BofA Securities, Citigroup Global Markets, Goldman Sachs and JP Morgan Securities are managing the offering.
“The ADR listing should not materially change our view on SK Hynix or the memory sector. The headline capital raise appears large but implies only limited dilution and remains modest relative to its mid-term capex plans,” said Gary Tan, a Singapore-based portfolio manager at Allspring Global Investments.