SK Hynix files for $29 billion Nasdaq listing, largest ADR deal on record

The filing

SK Hynix disclosed in a regulatory filing on Wednesday that it plans to raise up to 45.45 trillion won ($29.43 billion) through an ADR listing on Nasdaq. The company will issue 17.79 million new shares, with 10 ADRs representing one common share. Trading is tentatively set to begin on July 10, though the final amount may change after bookbuilding. The deal would be the largest ADR sale in US history, surpassing Alibaba's $21.8 billion New York debut in 2014.

“The listing will broaden the global investor base.”

Use of proceeds

The entire raise is earmarked for capacity expansion. SK Hynix named a chip fabrication plant in Yongin, an advanced-packaging fab in Cheongju, and purchases of extreme ultraviolet (EUV) scanners. None of the funds will go to shareholders or debt repayment. The company is the world's second-largest memory maker and the dominant supplier of high-bandwidth memory (HBM), holding a 61% global market share.

Market context

At the top of the range, the offering would be the largest ADR sale on record. It comes weeks after SpaceX's $85.7 billion IPO and ahead of expected listings from Anthropic and OpenAI later this year. SK Hynix shares have quadrupled so far in 2026, and on June 22 the company overtook Samsung to become South Korea's most valuable listed firm, with a market capitalisation of about $1.2 trillion. The stock's rally has been driven by AI demand and expectations of a US re-rating.

Analyst views

“The most attractive benefit for investors is that SK Hynix will trade on Nasdaq alongside rival Micron, giving the company an opportunity to be re-rated in the US market.”

“If they can get at least a valuation multiple similar to Micron, then the local shares also need to reflect that, so that kind of expectation is there. I wouldn't be surprised if this rally continues.”

AI memory dominance

SK Hynix is the leading HBM supplier, with an estimated 60–70% of HBM4 volume allocated to Nvidia's Vera Rubin platform. A multi-year co-development deal with Nvidia, signed this month, formalised the relationship. The company's order book is already full, and the listing proceeds will add capacity rather than pay down debt. Underwriters for the deal are BofA Securities, Citigroup Global Markets, Goldman Sachs, and J.P. Morgan Securities. ASML, the Dutch maker of EUV scanners, saw its shares rise 1.1% on the news.