Key Points
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SK Hynix sold 177.9 million American depositary shares at $149 per share, generating approximately $26.5 billion in proceeds.
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Demand for the offering was robust, with subscriptions exceeding the available shares by more than sevenfold.
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Micron projected fiscal fourth‑quarter revenue of about $50 billion, an increase from $41.5 billion in the prior quarter.
The largest U.S. IPO ever by a non‑U.S. company was achieved by memory‑chip maker SK Hynix, a South Korean firm. It priced 177.9 million American depositary shares at $149 each, raising roughly $26.5 billion—surpassing Alibaba’s $25 billion 2014 debut and trailing only SpaceX’s June listing among all U.S. IPOs.
The shares began trading on Nasdaq on a when‑issued basis Friday, closing at $168.01, a 12.8% rise over the offer price, with regular trading scheduled to commence under the ticker SKHY on Monday.
Image source: Getty Images.
Huge demand
SK Hynix manufactures memory chips, including high‑bandwidth memory (HBM) that supplies data to AI processor workloads. It leads the market, holding 58% of HBM revenue in Q1 2026 according to Counterpoint Research. Its Seoul‑listed shares have more than tripled this year, and the company achieved a $1 trillion market valuation in May.
Investor demand for the newly offered shares was intense, with the placement being more than seven times oversubscribed.
The $149 per‑share price implied a nearly 3% premium over the recent Seoul market price, which is unusual because large offerings typically require a discount to attract sufficient demand.
The proceeds will fund the construction of a new fabrication plant at SK Hynix’s Yongin semiconductor cluster, an advanced packaging facility in Cheongju, and the purchase of manufacturing equipment, accelerating memory capacity growth.
Investors were drawn to the offering because the economics of memory have fundamentally changed.
What the record raise means for investors
A record IPO signals strong demand, yet the $26.5 billion raised ultimately translates into future supply.
Building new fabrication plants and packaging capacity requires years, and memory markets have repeatedly experienced demand booms that were followed by supply surpluses. This wave of capital investment mirrors the pattern that cooled previous memory cycles.
The market appears to recognize this trend. Despite a remarkable run over the past year, Micron trades at roughly six times forward earnings, indicating that investors doubt the sustainability of such record‑level earnings.
Nevertheless, the substantial fundraising suggests investors expect the favorable conditions to persist, though I remain cautious.
Should you buy stock in Sk Hynix right now?
Before purchasing SK Hynix shares, consider the following: