SK hynix raises $26.5 billion in record Nasdaq listing debut

South Korean memory-chip maker SK hynix raised about $26.5 billion on July 10, 2026, pricing 177.9 million American Depositary Shares at $149 each on Nasdaq — the largest-ever US listing by a foreign company. The deal surpassed Alibaba’s 2014 Nasdaq debut, which had held the record for more than a decade.

The proceeds are earmarked for new high-bandwidth memory (HBM) factories and equipment, SK hynix said. HBM is the stacked memory that feeds AI accelerators, and SK hynix already controls roughly 58% of that market by its own count. The fresh capital gives the company room to defend that lead as orders for AI memory keep climbing.

Trading opened around $170 under the when-issued symbol SKHYV, about 14% above the $149 offer price; the shares convert to the ticker SKHY on July 13. The offering was reported more than seven times oversubscribed.

SK Group Chairman Chey Tae-won attended the opening-bell ceremony at Nasdaq MarketSite in New York. “Through continuous innovation, we will push the boundaries of what memory can achieve,” Chief Executive Kwak Noh-Jung said.

The ADR offering is scheduled to close July 14, with the newly issued underlying common shares also listing on Korea’s KOSPI market on July 29. SK hynix’s HBM share and oversubscription figures are the company’s own, not independently verified; the market’s real appetite will be tested once the KOSPI float lands and the debut premium is no longer scarce.