SK Hynix Inc. successfully raised $26.5 billion in its American depositary receipt (ADR) offering, marking the largest-ever U.S. first-time share sale by a foreign company. The South Korean memory chipmaker sold 177.9 million ADRs for $149 apiece. Each ADR represents one-tenth of a common share traded in Seoul. The offering saw significant demand, reportedly over seven times the number of shares available, highlighting strong investor interest in a key player within the artificial intelligence (AI) supply chain.
The proceeds from the historic offering are earmarked for strategic investments to expand production capacity and develop advanced memory chips, particularly those vital for AI infrastructure. Specifically, the funds will help finance the first fabrication plant at the Yongin semiconductor cluster, the P&T7 advanced packaging facility in Cheongju, and the acquisition of extreme ultraviolet lithography (EUV) equipment. This move aims to bolster SK Hynix's leadership in the high-bandwidth memory (HBM) market, where it held a 58% share by revenue in the first quarter of 2026.
The Nasdaq listing is also intended to increase SK Hynix's visibility among global investors and provide greater flexibility for future capital raising. This enables U.S. investors to easily purchase shares without needing to trade on an overseas exchange or convert currency. The company anticipates that this move will help address the valuation gap between itself and rivals like Micron, as it believes improved accessibility will lead to a re-rating of its shares, similar to the experience of Taiwan Semiconductor Manufacturing Co. (TSMC) after its 1997 ADR listing. The offering is the second-biggest IPO in U.S. market history, behind SpaceX's roughly $85.7 billion offering, and surpasses Alibaba's $25 billion listing in 2014.
