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SK Hynix has announced plans to raise as much as $29.4 billion through a Nasdaq listing in the United States, positioning the deal as one of the largest global stock offerings in history. The South Korean memory chip leader aims to capitalize on the surging demand for artificial intelligence (AI) technologies while strengthening its presence among U.S. investors.
If priced at the top end of its proposed range, the offering would rank as the world's second-largest share sale, trailing only SpaceX's recent $85.7 billion IPO. It would also surpass landmark offerings from Saudi Aramco and Alibaba, highlighting continued investor enthusiasm for AI-focused companies despite ongoing volatility in technology markets.
SK Hynix has become one of the biggest beneficiaries of the AI boom, thanks to its leadership in high-bandwidth memory (HBM) chips used in AI servers. Major technology companies, including Nvidia and Google, rely on the company's advanced memory solutions to power next-generation AI systems. The company's market value has climbed to approximately $1.2 trillion after its shares quadrupled this year, allowing it to overtake Samsung Electronics as South Korea's most valuable company.
Industry analysts believe a Nasdaq listing could boost SK Hynix's valuation by allowing it to trade alongside U.S. competitor Micron. They also expect the higher valuation to positively influence the company's shares listed in South Korea.
The company plans to use the funds raised through its American Depositary Receipts (ADRs) to expand semiconductor manufacturing capacity in South Korea and invest in advanced chipmaking equipment, including extreme ultraviolet (EUV) lithography machines produced by Dutch semiconductor equipment maker ASML.
SK Hynix intends to issue up to 17.79 million new shares, with every common share represented by ten ADRs. Bookbuilding is scheduled to begin on July 6, followed by final pricing on July 9, while the Nasdaq debut is expected on July 10.
Investment managers overseeing the landmark offering include BofA Securities, Citigroup Global Markets, Goldman Sachs, and JPMorgan Securities. Market experts note that although the fundraising amount is substantial, shareholder dilution remains relatively limited compared to the company's long-term capital expenditure plans, reinforcing confidence in SK Hynix's aggressive AI-driven growth strategy.
