SK Hynix is offering up to $29 billion in new shares on Nasdaq, with pricing set for July 10 and trading starting the same day. The new common shares will convert into American depositary shares for US buyers.
Price it at the top of that range and SK Hynix’s ADR would be the largest US share sale ever by a foreign issuer, Bloomberg reported, edging past Alibaba’s 2014 New York debut. Seoul’s KOSPI doesn’t hand out the multiple Wall Street pays for AI exposure right now. A Nasdaq listing buys that multiple directly.
What does the buyer actually get. SK Hynix posted a record 40.3 trillion won quarterly net profit built on high-bandwidth memory chips that feed AI servers. Micron and Samsung are spending billions to chase the same demand curve, which caps how long SK Hynix’s lead holds up.
The trade only works if AI capital spending doesn’t crack, and SK Hynix’s own 2026 outlook leans on Goldman Sachs pegging its HBM share at over 50%, while Bank of America projects the market will hit $54.6 billion this year. Google and Microsoft are funding their AI buildouts with debt now, not just cash flow, and that’s exactly the leverage investors are watching.
Proceeds go toward HBM and packaging capacity. Payment settles July 14, the date that turns this filing into cash.
Diana Kowalski