SK Hynix is capitalising on the artificial intelligence boom to raise capital on a scale unprecedented amongst foreign companies entering the US market. The memory manufacturer has priced its American depositary receipts at $149, with the offering valued at around $26.5 billion.
The company offered 177.9 million shares, with ten of these representing one share listed in Seoul. Trading under the ticker symbol SKHY is set to begin on 10 July on the Nasdaq. According to market reports, demand exceeded the number of shares available by more than seven times, indicating that investors remain keen to increase their exposure to AI infrastructure, despite the recent correction in semiconductor manufacturers’ share prices.
SK Hynix intends to use the proceeds to fund new factories and advanced production equipment. The company’s most important asset is HBM, a high-bandwidth memory installed alongside graphics processing units in AI systems. Its availability currently determines how quickly Nvidia and other manufacturers can ramp up deliveries of accelerators for data centres.
The company estimates that it will retain over half of the HBM market, and its position is strengthened by close cooperation with the largest buyers of AI chips. Record results for 2025 and further revenue growth in the first quarter of 2026 show that memory is no longer merely a cyclical component but has become one of the most important elements of artificial intelligence infrastructure.
However, the US listing has significance beyond simply financing investments. Direct access to US investors could help SK Hynix narrow the valuation gap with Micron, which has a smaller share of the HBM market but benefits from its presence on Wall Street.
The listing shows that investors are beginning to view the AI race in broader terms than simply through the lens of processor manufacturers. Increasing amounts of capital are flowing to companies providing memory, power and infrastructure, without which further scaling of models will not be possible.
