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SK Hynix debuts on Nasdaq in largest US listing by a foreign company

SK Hynix debuts on Nasdaq in largest US listing by a foreign company

Money Moves

The South Korean memory maker raised about $26.5 billion, beating Alibaba's 2014 record and opening a core AI-chip supplier to US investors.

Today: SK Hynix debuts on Nasdaq

Overview

SK Hynix rang the Nasdaq opening bell on July 10 and raised about $26.5 billion. No foreign company has ever raised more in a US share sale.

The South Korean firm makes roughly 56% of the world's high-bandwidth memory, the stacked chips that sit next to Nvidia's AI processors. Its stock is now open to US buyers for the first time. Orders covered seven times the shares on offer.

Why it matters

US investors can now buy a direct stake in the company that supplies most of the memory inside Nvidia's AI chips.

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Key Indicators

$26.5B
Raised in the listing
Gross proceeds from selling 177.9 million American Depositary Receipts.
$149
Price per ADR
Each receipt represents one-tenth of a common share.
56%
Share of world HBM
SK Hynix's slice of the high-bandwidth memory used in AI accelerators.
7x
Oversubscription
Orders reportedly covered seven times the shares available.
$25B
Prior record
Alibaba's 2014 US listing, now surpassed.

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People Involved

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Timeline

March 2026 July 2026

6 events Latest: Today
Tap a bar to jump to that date
  1. SK Hynix debuts on Nasdaq

    Today Market

    Trading begins under ticker SKHYV. The sale is the largest US listing ever by a foreign company, beating Alibaba's 2014 record. Shares are indicated to open well above the offer price.

  2. Deal priced at $149

    Corporate

    SK Hynix prices 177.9 million ADRs at $149 each, raising about $26.5 billion. Orders covered seven times the shares.

  3. Offering opens to investors

    Corporate

    The share sale goes live, testing demand for the year's biggest AI-linked listing.

  4. Chip shares slide before the deal

    Market

    Samsung and SK Hynix shares fall as a Nasdaq tech selloff tests appetite for AI stocks days before pricing.

  5. Listing plan goes public

    Corporate

    SK Hynix confirms plans for a Nasdaq ADR listing of up to roughly $29 billion.

  6. Kwak floats a US listing

    Statement

    At SK Hynix's annual meeting, CEO Kwak Noh-jung says an ADR listing would widen the investor base and lift valuation.

Historical Context

3 moments from history that rhyme with this story — and how they unfolded.

September 2014

Alibaba US IPO (2014)

Chinese e-commerce group Alibaba raised about $25 billion on the New York Stock Exchange under ticker BABA. It was the largest US share sale by a foreign company, a record that stood for nearly twelve years.

Then

Shares jumped 38% on the first day, valuing Alibaba above $230 billion.

Now

The listing became a benchmark for foreign mega-deals and later drew scrutiny as US-China tensions grew.

Why this matters now

SK Hynix's $26.5 billion sale is the deal that finally beat Alibaba's record.

October 1997

TSMC lists ADRs in New York (1997)

Taiwan Semiconductor Manufacturing Company, the world's largest contract chipmaker, listed American Depositary Receipts on the New York Stock Exchange while keeping its main listing in Taipei.

Then

The listing gave US investors direct access to a rising Asian foundry.

Now

TSMC grew into a core supplier for Apple, Nvidia, and the whole AI chip industry, and its US-traded shares became a widely held tech holding.

Why this matters now

It shows the same playbook SK Hynix now runs: an Asian chip supplier tapping US markets while staying listed at home.

September 2023

Arm Holdings Nasdaq IPO (2023)

UK chip-design firm Arm, owned by SoftBank, raised about $4.9 billion on Nasdaq at $51 per share. Investors treated it as a way to buy into the AI hardware boom.

Then

Shares rose about 25% on debut, then swung sharply in later months.

Now

Arm's stock became a proxy for AI-chip sentiment, rewarding early buyers but staying volatile.

Why this matters now

Like Arm, SK Hynix is selling US investors a pure-play stake in the AI supply chain, with the same demand and the same volatility risk.

Sources

(7)