Stock Markets July 5, 2026 08:17 PM

SK Hynix to pursue roughly $28 billion Nasdaq listing as AI demand lifts valuation

South Korea's memory chip maker files for one of the largest U.S. share sales amid surging investor interest in AI-related stocks

By Sofia Navarro
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SK Hynix has filed to list depository receipts in New York in a transaction sized at about $28 billion, selling 17.79 million new shares on the Nasdaq. The move comes as the company benefits from strong investor appetite for AI-related semiconductor stocks and follows a major capital expenditure plan announced last week.

SK Hynix to pursue roughly $28 billion Nasdaq listing as AI demand lifts valuation
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Key Points

  • SK Hynix filed to sell 17.79 million new shares in a Nasdaq depository receipt listing, with ten ADRs representing one common share - a transaction sized at about $28 billion.
  • The stock has gained roughly 273% year-to-date and is seen as a key supplier of high-bandwidth memory chips to AI system customers such as Nvidia and Google, contributing to elevated investor interest.
  • The final U.S. offering price will be set on Thursday, with trading expected to start on Friday, and the deal would rank as the second-largest share sale after a recent $85.7 billion offering.

SK Hynix will launch a U.S. listing valued at roughly $28 billion on Monday, according to regulatory filings, marking one of the biggest new share sales globally and reflecting intense investor demand for companies tied to artificial intelligence.

The Seoul-based chipmaker plans to offer 17.79 million new shares through a depository receipt structure on the Nasdaq. Under the planned arrangement, ten American depositary receipts will equal one common share. The filings state that the stock will be sold within a price range to be disclosed on Monday, based on SK Hynix's trading price in Seoul.

Market data in the filings showed the company's shares trading about 1% higher on the day of the filing, and SK Hynix's stock has risen approximately 273% so far this year as investors have sought exposure to AI-related semiconductor names. Korea's benchmark KOSPI index was up 0.2% early on Monday.

Regulatory documents set the final pricing of the New York offering for Thursday, with the securities slated to begin trading on Friday. Company executives are scheduled to meet global investors on a roadshow this week, according to the filing.

At the center of investor interest is SK Hynix's role as a supplier of high-bandwidth memory chips used in AI systems by customers such as Nvidia and Google. The filings highlight that the company has been a major beneficiary of the AI-driven surge in demand, outpacing rivals including Samsung Electronics and Micron in recent performance.

The anticipated U.S. sale would rank among the largest global share offerings. Filings and accompanying material note that the transaction is expected to be the second-largest share sale after a recent $85.7 billion offering by SpaceX, and would exceed the size of Saudi Aramco's $25.6 billion initial public offering in 2019 as well as Alibaba's similarly sized U.S. listing in 2014.

Separately, the company announced last week plans to invest 100 trillion won, equivalent to $64.38 billion, to build new chip fabs, including a plant for NAND flash memory. The investment was presented as part of a broad South Korean industrial push to distribute gains from the global AI upswing.

The filings and accompanying market moves show a company positioning itself to capture continued investor enthusiasm for AI infrastructure components while timing a major international offering and preparing for investor outreach this week.

Risks

  • The final price for the New York listing is not determined until Thursday, creating pricing uncertainty for investors and issuers in the days before trading begins - this affects equity markets and investor allocations.
  • The stock sale's success depends on ongoing investor demand for AI-related semiconductor names; shifts in that demand could influence pricing and market reception - relevant to the technology and capital markets sectors.
  • The large scale of the offering means market absorption risk; despite strong year-to-date gains, selling a substantial block in New York may face volatility around the listing and roadshow period - impacting equity market liquidity.

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