SK Hynix Raises $26.5 Billion in Landmark US Share Offering

South Korea’s SK Hynix priced its American Depositary Receipts at $149 on Thursday, raising roughly $26.5 billion in a US regulatory filing. The offering highlights strong investor interest in a company that plays a central role in the global AI chip supply chain. Demand for the shares came in at more than seven times the number available, according to a person familiar with the matter.

Shares Set to Trade on Nasdaq

The company’s US shares begin trading Friday under the ticker “SKHY” on Nasdaq. The pricing reflected a 2.7% premium over SK Hynix’s average share price in Seoul over the past three trading days.

Ten ADRs represent one common share. Funds raised will go toward building new factories and equipment to meet rising demand for AI-related chips.

Closing the Valuation Gap With Micron

The US listing is expected to help narrow SK Hynix’s valuation gap with American rival Micron, which trades at a higher price-to-earnings ratio despite holding a smaller share of the memory chip market. Analysts note SK Hynix leads in production scale and its close relationship with Nvidia, while Micron benefits from direct access to US investors.

SK Hynix has become the leading supplier of high-bandwidth memory chips essential to AI processors. Its stock is up 680% over the past year, even after slipping in recent weeks alongside a broader pullback in semiconductor stocks. Industry analysts expect demand for high-bandwidth memory to keep climbing sharply through 2030.