SK Hynix plans Nasdaq listing to raise $28B for AI memory buildout

SK Hynix wants $28 billion from U.S. investors, and it is only willing to part with 2.5% of the company to get it.

South Korea’s second-largest memory chipmaker announced plans on July 6, 2026, to list American Depository Receipts on the Nasdaq under the ticker SKHY. The target raise sits at approximately $28 billion, adjusted slightly downward from an earlier goal of around $29 billion. Trading is expected to begin July 10, with final pricing set for July 9 to 10.

The deal structure, explained

SK Hynix will issue 17.79 million new shares for the offering, representing 2.5% of the company’s total equity. Each ADR will correspond to one common share, with a 10-to-1 trading ratio, meaning 10 ADRs represent one common share on the Seoul Stock Exchange.

The ADR pricing will be pegged to SK Hynix’s existing Seoul listing, so there is a built-in reference point rather than a traditional IPO price discovery process.

Early investor interest has already reached approximately $7 billion, with Baillie Gifford Overseas, Coatue Management, and Situational Awareness Partners among the institutions that have signaled early commitments.

Where the money goes

SK Hynix has been unusually direct about the capital allocation plan. Proceeds are earmarked for two things: expanding chip fabrication facilities in South Korea, and purchasing extreme ultraviolet scanners from ASML.

The company’s core product driving all of this is high-bandwidth memory, or HBM. SK Hynix is a leading HBM supplier serving major clients including Nvidia and Google. Its stock has climbed approximately 260% year-to-date as of the announcement, fueled by what analysts are calling a memory super cycle driven by AI demand.

What this means for the semiconductor landscape

By establishing a direct presence in U.S. markets, SK Hynix makes itself more accessible to fund managers who are restricted to U.S.-listed securities or who prefer not to deal with currency conversion and Korean market mechanics.

Korean-listed tech companies have historically traded at a discount to comparable U.S.-listed peers, a phenomenon sometimes called the Korea discount, driven by factors including corporate governance concerns, liquidity differences, and index inclusion dynamics.

For anyone trying to get exposure to the AI infrastructure buildout, SK Hynix’s Nasdaq debut creates a new option alongside Nvidia and ASML, making all three now accessible to U.S. investors through major exchanges.

The South Korean government has been actively encouraging its chip industry to deepen ties with global capital markets, and this listing fits that policy direction.