SK Hynix Raises $26.5 Billion in Record Nasdaq Debut

SK Hynix, one of the world's largest suppliers of the memory chips central to AI infrastructure, pulled off the largest-ever U.S. listing by a foreign company, raising $26.5 billion . The South Korean chipmaker sold 177.9 million American depositary shares at $149 apiece, with each ADR representing one-tenth of a Seoul-traded common share, letting U.S. investors buy in at roughly a tenth of the home-market price. The deal topped Alibaba's $25 billion 2014 IPO to set a new record.

Demand was fierce, with investor orders reportedly around 7x the shares on offer , underscoring how central high-bandwidth memory has become to the AI buildout. Shares traded under the temporary ticker SKHYV on Friday and closed roughly 13% above the offer price; regular trading opens Monday, July 13, under the permanent ticker SKHY.

Not every memory name benefited. U.S.-listed rivals MU and SNDK slipped as investors weighed a large new pure-play competitor now directly accessible on Nasdaq. The listing reopens the capital corridor for Asia's AI supply chain and gives U.S. investors a more direct stake in the memory cycle. What to watch is whether SK Hynix channels proceeds into U.S. fab capacity, as some policymakers have urged.

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