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SK Hynix Plans $29.4bn US IPO
June 26, 2026
SK Hynix announced plans to raise up to $29.4bn via a Nasdaq listing of American Depositary Receipts (ADRs), which would rank among the largest equity offerings globally, after SpaceX’s ~$86bn IPO, surpassing Saudi Aramco’s $25.6bn IPO in 2019. The South Korean memory chipmaker plans to issue up to 17.79mn new shares, with bookbuilding commencing July 6, pricing expected on July 9, and a July 10 Nasdaq debut. Proceeds will be directed toward building chip factories in South Korea and purchasing chipmaking equipment, including ASML’s extreme ultraviolet scanners. The listing is driven by strong global investor appetite for AI-linked stocks, with SK Hynix being a key supplier of high-bandwidth memory chips to Nvidia and Google, which are central to AI data centre operations. The Nasdaq listing is expected to allow SK Hynix to trade alongside rival Micron, potentially driving a valuation re-rating in line with US peer multiples. While the headline raise appears large, portfolio managers note that dilution remains limited relative to the company’s medium-term capital expenditure plans.
SK Hynix’s 5.5% 2029s were stable at 102.2 yielding 4.6%
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