SK Hynix, the South Korean memory chip giant whose products sit at the heart of virtually every AI data center on the planet, is listing on the Nasdaq this week in what amounts to one of the largest equity raises by a foreign issuer ever. The company is targeting roughly $28 billion through an American Depositary Receipt offering, arriving on the exchange with a valuation that crossed the $1 trillion threshold back in May.
The numbers behind the Nasdaq debut
SK Hynix first hit the $1 trillion market cap on May 27, 2026, eventually peaking around $1.12 trillion during a broader AI-driven rally. The stock has been on a tear for a while now, with shares climbing between 200% and 800% across prior periods as demand for high-bandwidth memory chips exploded.
The ADR offering, priced on July 9 with trading set to begin July 10, was multiple times oversubscribed by institutional investors before its official pricing. The reference pricing for the ADR listing is tied to SK Hynix’s close on the Korea Exchange, where the company maintains its primary listing. The new shares being issued through the ADR structure aren’t just a liquidity play. They’re designed to raise fresh capital for expansion while opening the door to a much wider base of US investors who previously had limited access.
