（Singapore, 10.07.2026）South Korean memory chip giant SK Hynix is set to make its Nasdaq debut on July 10 after raising US$26.5 billion (S$34.21 billion) in the largest-ever US share sale by a foreign company, as the global artificial intelligence boom continues to fuel strong investor appetite for advanced chipmakers.
According to Bloomberg, SK Hynix sold 177.9 million American depositary receipts (ADRs) at US$149 (S$192) each. Each ADR represents one-tenth of an ordinary SK Hynix share traded in Seoul.
The offering surpassed Alibaba Group’s US debut and became the third-largest stock listing in history, according to data compiled by Bloomberg.
The deal gives SK Hynix, the world’s leading supplier of high-bandwidth memory (HBM), greater access to the deep US capital market while offering global investors another way to gain exposure to the rapid expansion of AI infrastructure.
Investor appetite for the offering was exceptionally strong.
The deal was more than seven times oversubscribed, with total demand approaching US$200 billion (S$258 billion), Bloomberg reported.
Major investors including Baillie Gifford, Coatue Management and Situational Awareness Partners had indicated interest in buying as much as US$7 billion worth of ADRs.
Nearly half of the shares were allocated to investors, behind the 10 largest orders, while the top 25 accounted for about two-thirds of the entire offering.
Despite recent volatility in its Seoul-listed shares, SK Hynix priced the ADRs at about a 3% premium to Thursday’s closing price in South Korea.
The decision not to offer shares at a discount reflects confidence that strong investor appetite for AI-related companies will support demand for the US-listed stock.
The Nasdaq listing is also expected to help narrow the valuation gap between SK Hynix and US rival Micron Technology.
SK Hynix has traditionally traded at a lower valuation than Micron despite its dominant position in the rapidly growing HBM market.
Sam Konrad, an investment manager at Jupiter Asset Management, said the ADR listing could help lift the valuation of SK Hynix’s Seoul-listed shares, which currently trade at a price-to-earnings discount to Micron.
He said SK Hynix should trade at least on par with its US rival, adding that a higher valuation for the company could potentially support a re-rating of Samsung Electronics as well.
The US listing also opens the door to investors who previously had limited access to the South Korean stock market.
Richard Clode, portfolio manager at Janus Henderson, said the listing gives US and global investors direct access to the world’s leading HBM supplier for the first time.
Even for investors already able to buy shares in Seoul, trading the stock during US market hours could be more convenient, particularly in the volatile and cyclical memory chip sector.
SK Hynix has emerged as one of the biggest corporate winners from the global AI investment boom.
The company moved early to develop HBM, an advanced type of memory chip that plays a crucial role in powerful AI computing systems.
A slower response from Samsung Electronics helped SK Hynix establish itself as a key supplier to Nvidia, the world’s leading AI chip company.
The strategy has delivered a major windfall and transformed SK Hynix from an industry underdog into one of the world’s most important AI infrastructure companies.
According to Counterpoint Research, the company controlled 57% of the global HBM market by revenue in the fourth quarter of 2025.
Investors are increasingly betting that the rise of AI could reshape the traditional business cycle of memory chipmakers.
Memory stocks have historically been viewed as cyclical investments, with demand rising and falling alongside sales of personal computers and smartphones.
However, the rapid construction of AI data centres and other computing infrastructure is creating a new source of demand for advanced memory chips, raising hopes that the sector could enjoy a longer period of growth.
SK Hynix’s record offering comes as some of the world’s biggest technology companies turn to capital markets to finance massive investments in AI infrastructure.
SpaceX completed the largest initial public offering in history in June, while Alphabet is preparing to raise US$85 billion to fund its AI plans.
SK Hynix is also expected to increase spending to meet soaring demand for chips and equipment used in AI computing.
The company and Samsung Electronics are preparing to ramp up investment in South Korea as part of a government-led initiative worth US$880 billion.
Meanwhile, the massive share sale has delivered a major payday for the investment banks and brokerages involved in the transaction.
According to Reuters, banks working on the SK Hynix offering earned nearly US$260 million in fees, equivalent to about 0.97% of the total amount raised.
Citigroup reportedly earned more than US$70 million from the deal, about 20% more than other banks involved in the offering.
Citigroup, Bank of America, Goldman Sachs and JPMorgan Chase served as global coordinators for the transaction, alongside nine other financial institutions.
By comparison, banks working on SpaceX’s record US$75 billion IPO earned about US$500 million, or 0.67% of the total amount raised.
Despite overwhelming demand for SK Hynix shares, some market observers warned that the global semiconductor sector is becoming an increasingly crowded investment theme.
Giuseppe Sette, co-founder of Reflexivity, said SK Hynix offers US investors one of the clearest ways to gain exposure to the AI memory boom.
However, he warned that other companies seeking to follow SK Hynix into the market could face more selective investors.
Julia Hermann, global market strategist at New York Life Investment Management, also noted that an increasing amount of new equity supply is concentrated in the semiconductor sector, meaning investors are being asked to absorb even more exposure to one of the market’s most popular themes.
SK Hynix’s ADRs are scheduled to begin when-issued trading on July 10 on the Nasdaq Global Select Market under the ticker SKHYV. The symbol will change to SKHY when regular trading begins on July 13.
The record-breaking offer underscores how the AI boom is reshaping global capital markets, as investors race to gain exposure to companies powering the rapid expansion of AI infrastructure.
For SK Hynix, the Nasdaq listing not only opens a new channel to global capital but could also strengthen its position as one of the biggest beneficiaries of the AI investment boom.
