SK Hynix Targets $29 Billion Nasdaq Listing in U.S. Debut

South Korean memory chip giant SK Hynix announced Tuesday that it intends to raise approximately $29.65 billion through a Nasdaq listing, marking the company’s first public trading in the United States. The planned offering could become one of the largest equity sales ever as the chipmaker continues to benefit from surging global demand for artificial intelligence technology.

According to a filing submitted to the U.S. Securities and Exchange Commission, SK Hynix plans to begin trading on the Nasdaq as early as July 10 under the ticker symbol “SKHY.” The company will issue American depositary receipts (ADRs), with every 10 ADRs representing one common share in the South Korean firm.

The company said it expects to issue 17.79 million new shares valued at 45.45 trillion won, or about $29.65 billion. In its filing, SK Hynix stated that the U.S. listing would “elevate our status as a global company by broadening our touchpoints in the [U.S.], the epicenter of AI technological innovation.” Bank of America, Citigroup Global Markets, Goldman Sachs and JPMorgan Securities are serving as the lead managers for the transaction.

Although the deal is not an initial public offering, the planned fundraising would rank as the second-largest equity offering of 2026, behind SpaceX’s $85.7 billion transaction. If the company secures the full amount, it would also stand among the biggest equity offerings in history, approaching Saudi Aramco’s $29.4 billion IPO in 2019, which remained the world’s largest until SpaceX’s market debut earlier this month.

SK Hynix had a market capitalization of roughly $1.1 trillion as of Tuesday, making it South Korea’s second-most valuable company behind Samsung, which is valued at $1.4 trillion. The company also ranks as the world’s third-largest memory chip manufacturer after Samsung and Micron. Together, Samsung and SK Hynix account for more than 40% of South Korea’s Kospi benchmark index.

The company’s rapid growth has been fueled by the global expansion of AI infrastructure alongside rivals Samsung and Micron. SK Hynix shares have climbed 281% this year and more than 800% over the past 12 months. Bloomberg data shows the company held about 57% of the global high-bandwidth memory market in the fourth quarter of 2025. Like several other international semiconductor firms, including TSMC, which has traded in the U.S. through ADRs since 1997, SK Hynix is using American depositary receipts to access U.S. investors.