SK Hynix, The Stock Everyone’s Waiting On

South Korean chipmaker SK Hynix raised $26.5 billion through its New York stock offering, making it the largest U.S. listing ever by a foreign company. 

The Nvidia supplier said Thursday it sold 177.9 million American depositary shares for $149 each. The shares are set to begin trading on the Nasdaq on Friday.

In May, SK Hynix’s market capitalization surpassed $1 trillion in South Korea as soaring demand for AI chips fueled its growth.

The company’s stock has more than tripled this year, fueling South Korea’s benchmark Kospi index by more than 70% alongside gains from Samsung Electronics.

The New York listing allows U.S. investors to purchase SK Hynix shares without trading on a foreign exchange, while also giving the company greater access to one of the world’s largest pools of investment capital. 

SK Hynix is one of the world’s leading producers of advanced memory chips used in AI infrastructure, including data centers.

Investor demand for the offering reportedly exceeded the available shares by more than sevenfold, underscoring strong interest in one of the AI supply chain’s most important companies.