SK Hynix Launches $28B Nasdaq Listing Amid Global AI Chip Demand

SK Hynix, the world's second-largest memory chipmaker, is moving ahead with a landmark Nasdaq listing intended to raise up to $28 billion (43.14 trillion won) through American depositary receipts, one of the largest equity raises globally this year and a direct bet on surging AI-driven demand for high-bandwidth memory (HBM) chips.

The final size was reportedly trimmed down from an earlier target of roughly 45.45 trillion won, reflecting a pullback in SK Hynix's KOSPI-listed shares in the days leading up to pricing. Under the plan, the company is set to issue up to 17.79 million new shares, equal to roughly 2.5% of its outstanding share count, with subscription and payment dates around July 14 and the new ADRs expected to begin trading on Nasdaq near the end of July.

Demand from institutional investors has reportedly been strong: SK Hynix drew indications of interest for as much as $7 billion from major investors during early bookbuilding, according to reports, underscoring how central the company has become to the AI infrastructure buildout as data-center operators race to secure HBM supply. Proceeds are expected to help fund expansion of memory manufacturing capacity, though a full breakdown of use of proceeds has not been detailed in reporting so far.

For investors, the listing raises two questions worth watching. First, dilution: the roughly 2.5% increase in share count could weigh modestly on per-share metrics even as it deepens SK Hynix's US investor base and liquidity. Second, competitive positioning: the Nasdaq debut invites direct comparison with Micron and Samsung, SK Hynix's chief rivals in the HBM market supplying Nvidia and other AI accelerator makers, and some analysts are already framing the listing as a test of whether SK Hynix can command a valuation multiple closer to its US peers. How the ADRs trade in their first weeks should offer an early read on how global investors are pricing the durability of AI-driven memory demand.