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- SK Hynix's U.S. listing is more than seven times oversubscribed, with nearly 178 million ADRs set to raise close to $25 billion — ranking second only to Alibaba's $25 billion debut among foreign U.S. listings
- Demand came from global long-only funds, sovereign wealth funds, and technology-focused investors, according to people familiar with the matter
- Samsung Electronics, SK Hynix, and the leveraged ETFs tracking them now account for more than 70% of trading value in South Korea's $4.3 trillion market, with the ETFs launching in late May and turning every AI supply-chain headline into a sharp swing
- One South Korean opposition lawmaker has called for the leveraged ETFs to be delisted; SK Hynix fell nearly 11% on Thursday and Samsung close to 6%
- SpaceX's June IPO drew more than $350 billion of demand and closed Wednesday at about $148, its lowest since the mid-June debut — a reminder that strong order books haven't guaranteed much lately
- The SpaceX listing pulled billions in risk capital out of crypto during the month U.S. spot bitcoin ETFs posted their worst outflows on record; bitcoin traded near $62,700 Thursday, still range-bound
Why it matters: SK Hynix's potential $25 billion raise crystallizes how capital is concentrating in AI infrastructure names — Samsung, SK Hynix, and their leveraged ETFs now drive 70%+ of South Korea's $4.3 trillion market — while Bitcoin sits range-bound near $62,700 as spot ETFs suffer record monthly outflows during the same SpaceX IPO window that drained crypto liquidity.
