SK Hynix Launches $28 Billion Nasdaq Listing Amid Soaring AI Chip Demand
South Korean memory chip giant SK Hynix is set to launch its highly anticipated U.S. listing on the Nasdaq on Monday, aiming to raise approximately $28 billion in one of the largest global share sales ever.
According to regulatory filings, the company will issue 17.79 million new American Depositary Receipts (ADRs), with 10 ADRs representing one common share. The pricing range is expected to be announced on Monday based on SK Hynix’s Seoul-listed share price, while the final offering price is scheduled for Thursday ahead of trading on Friday.
Despite a 4.2% decline in its Seoul-listed shares on Monday, SK Hynix stock has surged 273% this year, fueled by soaring investor demand for artificial intelligence-related companies. The broader South Korean KOSPI index fell 2.2% during the same session.
AI Boom Fuels Massive Expansion
The listing comes as South Korea intensifies its push to become a global AI and semiconductor powerhouse. Last week, the government unveiled a 576 billion investment program focused on semiconductor manufacturing and AI infrastructure in the country’s southwest.
SK Hynix, alongside Samsung Electronics, has been named as a cornerstone of the initiative. On Monday, President Lee Jae Myung instructed government officials to accelerate the execution of key AI and semiconductor projects, warning that delays in permits, land acquisition, and infrastructure such as electricity and water could weaken South Korea’s competitive position.
Major AI Memory Supplier
SK Hynix has emerged as one of the biggest beneficiaries of the AI revolution thanks to its leadership in high-bandwidth memory (HBM) chips, which are widely used in AI accelerators from companies including Nvidia and Google.
The company has outperformed rivals Samsung Electronics and Micron in the rapidly expanding HBM market, making it one of the world’s fastest-growing semiconductor firms.
Last week, SK Hynix also announced plans to invest 100 trillion won (approximately $64.4 billion) in new semiconductor manufacturing facilities, including a new NAND flash memory plant, as part of South Korea’s broader AI-driven industrial expansion.
One of the Largest Share Sales Ever
If completed as expected, the Nasdaq offering would become the second-largest global share sale on record, trailing only SpaceX’s reported $85.7 billion IPO last month. It would surpass Saudi Aramco’s $25.6 billion IPO in 2019 and rival Alibaba’s landmark 2014 public offering.
Analysts expect the U.S. listing to boost SK Hynix’s global visibility, improve liquidity, and pave the way for inclusion in the Philadelphia Semiconductor Index, potentially attracting significant passive investment flows.
HSBC recently raised its valuation outlook for the company, citing stronger shareholder-friendly policies and improved access for international investors through the U.S. listing.