SK Hynix Raises $28B in Historic Nasdaq Listing, Boosting Micron

SK Hynix SKHY is moving ahead with a landmark Nasdaq ADR listing seeking to raise up to $28 billion, one of the largest first-time share sales in history and a direct bet on surging AI-driven demand for high-bandwidth memory chips . The offering drew indications of interest for as much as $7 billion from major investors, and SK Hynix's Seoul-listed shares have rallied roughly 260% this year, pushing its market cap above $1 trillion.

For US investors, the listing is notable less for SK Hynix itself and more for what it signals about the memory cycle: persistent shortages are expected to persist through 2028 as AI and automotive demand strains supply . That backdrop keeps Micron MU, the leading US-based memory maker, well positioned as a primary beneficiary even without direct exposure to SK Hynix's IPO proceeds.

The listing also removes what investors have long called the 'Korean discount' on SK Hynix shares, giving the company access to deeper global institutional capital pools. Part of the proceeds are earmarked for SK Hynix's own capex: the company plans to spend roughly 11.9 trillion KRW on ASML's EUV lithography systems to expand fabrication capacity, reinforcing the capital-intensive arms race across the memory industry.

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