SK Hynix's $28B US Share Sale 7x Oversubscribed
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- SK Hynix's $28 billion US share sale was more than seven times oversubscribed, underscoring huge investor appetite for one of the most important companies in the AI supply chain.
- The offering is set to be the world's second-biggest share sale ever, trailing only SpaceX's record-breaking $85.7 billion IPO last month.
- SK Hynix shares jumped 6% in morning Seoul trade on the news, even as the stock had dropped about a quarter over the prior two weeks; the stock remains up 680% over 12 months.
- SK Hynix is the leading supplier of high-bandwidth memory (HBM) chips to Nvidia after 14 years of contrarian bets that initially brought skepticism but positioned it at the center of the global AI buildout.
- Proceeds will finance new factories and equipment to meet surging AI chip demand, with pricing guidance expected after the South Korean market closes Thursday and allocations finalized later in US time.
Why it matters: SK Hynix's oversubscription — 7x book-coverage on a $28B raise — locks in fresh capital for HBM fab expansion at a moment when Nvidia's next-generation accelerators depend on this exact memory technology. Ranking as the world's second-largest share sale ever, behind only SpaceX's $85.7B IPO, the deal institutionalizes SK Hynix as a top-tier AI infrastructure holding rather than a cyclical memory vendor.
