SK Hynix Targets $28B US IPO on Nasdaq
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- SK Hynix filed with the SEC on Monday to offer 17.79 million common shares on Nasdaq, with trading expected to begin Friday.
- SK Hynix will use the proceeds for capital expenditures expanding South Korean production facilities and acquiring extreme ultraviolet (EUV) lithography scanners for advanced chip manufacturing.
- Demand for the offering has already exceeded the number of ADRs available, according to deal terms seen by Bloomberg.
- SK Hynix's South Korea-listed shares slumped 3.38% on the news, as the $28 billion raise fell short of the $29 billion figure initially indicated in late June.
- SK Hynix stock has climbed more than 250% in South Korea, pushing its market cap above $1 trillion in May, alongside peers Samsung Electronics and Micron Technology riding the AI wave.
- SK Hynix's year-over-year revenue grew at an annualized 198% in Q1 2026, with high-bandwidth memory emerging as a critical AI infrastructure bottleneck for clients including Nvidia, Google, and Microsoft.
Why it matters: Oversubscribed demand underscores how hungry investors are for pure-play AI memory exposure, but the $1 billion trim from the $29 billion preliminary target triggered a 3.38% slide in SK Hynix's Seoul shares — a reminder that even blockbuster AI listings can disappoint on the margin. The proceeds flow directly into EUV scanner acquisitions and Korean fab expansion, tightening the HBM supply line that Nvidia, Google, and Microsoft are all competing for.
