SK Hynix officially joined the Nasdaq on Friday, raising approximately $26.5 billion through the sale of American Depositary Receipts priced at $149 each. The BBC reports that the offering is the largest U.S. stock market listing ever by a foreign company.
Ahead of the offering, SK Hynix held an investor roadshow across Asia, Europe, and the United States. According to a person familiar with the matter who spoke to Reuters, investor demand exceeded the available shares by more than sevenfold. The company has not publicly addressed the pricing or demand, while the source requested anonymity due to the confidential nature of the deal.
To celebrate the milestone, Chairman Chey Tae-won, Executive Vice Chairman Chey Jae-won, and CEO Kwak Noh-Jung took part in Nasdaq’s opening bell ceremony in New York’s Times Square on Friday morning.
After recently becoming South Korea’s most valuable company ahead of Samsung, SK Hynix plans to invest the proceeds in new manufacturing facilities and advanced production equipment.
The fundraising comes as rapid growth in artificial intelligence drives demand for more computing infrastructure. Technology companies continue to increase spending on AI, leaving hardware manufacturers under pressure to expand production. Building additional factories is the most direct solution, but it requires enormous investment and time.
The shortage of critical components such as memory chips has given suppliers greater control over pricing and availability. Data center operators and device manufacturers often have to accept higher costs or face limited access to supply, with larger buyers generally receiving priority. As a result, consumers are seeing higher prices for electronics, even when the improvements over previous models are relatively modest.
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