SK Hynix raises $26.5B in largest foreign IPO on US market, begins Nasdaq trading

SK Hynix, a South Korean memory chip manufacturer, raised $26.5 billion in its US initial public offering, the largest-ever foreign debut on US markets and surpassing Alibaba’s 2014 record of $25 billion. The company sold 177.9 million American depositary receipts (ADRs) at $149 each, with US investors able to purchase at roughly one-tenth the cost of a full share in Seoul. Trading began on Nasdaq under the temporary ticker SKHYV on July 10, 2026, with regular trading under SKHY commencing on July 13.

Demand for the offering reportedly exceeded available shares by more than seven times, according to media reports. The stock opened 14% above its IPO price and continued rising during early trading, despite a 2.7% premium to SK Hynix’s three-day average share price in Seoul, as documented in a Korea Stock Exchange filing.

Proceeds from the IPO will be allocated to three initiatives: a new fabrication plant in South Korea to address global memory shortages driven by AI demand, a new packaging facility in South Korea, and the acquisition of extreme ultraviolet (EUV) lithography scanners used to manufacture next-generation chips.

US Commerce Secretary Howard Lutnick publicly urged SK Hynix and Samsung to build new chip manufacturing facilities in the United States. The remarks were made during a Micron event and framed as a matter of national security and supply chain resilience, with Lutnick emphasizing the need to reduce reliance on South Korean production for critical semiconductor technologies.

SK Hynix competes directly with Micron and Samsung in the global memory chip market. Micron separately announced a planned $250 billion investment in new US manufacturing, projecting the creation of more than 90,000 jobs and the retention of leading-edge chip production within the United States.