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SK Hynix Raises $28B via US ADR Listing, Demand Tops 7x

July 9, 2026 at 05:01 EDT

Infra & Chips
Funding & M&A

South Korean memory giant SK Hynix has launched a roughly $28 billion share sale through an ADR listing on Nasdaq, drawing institutional demand of more than seven times the offering size and underscoring robust capital flows into AI infrastructure.

July 10, 2026 · SK Hynix · Nasdaq

SK Hynix's ~$28B Nasdaq Debut Draws 7× the Demand

The world's #2 memory chipmaker and HBM leader lists ADRs under "SKHY," with bookbuilding oversubscribed more than sevenfold — a signal of how hungry investors are for AI-memory infrastructure.

~$28B

Target offering size

7×+

Institutional oversubscription

$7B

Cornerstone commitments

17.79M

ADRs offered (10 ADRs = 1 share)

Demand vs. offering — sold more than 7 times over

Each block = 1× the offering size. Investors sought over 7× what was available.

1×

Offering

7×+

Investor demand

Operating margin — a steep, forecast-driven climb

Riding HBM price gains — but 1Q26 & 2Q26 are analyst estimates, not results.

48.5%

FY2025

72%

1Q26 est.

81%

2Q26 est.

Bull case

7×+ oversubscription proves AI-memory demand strength
Backing from Baillie Gifford, Coatue & peers
HBM dominance and place in NVIDIA's supply chain

Caution

~2.5% dilution from new share issuance
Possible price divergence with the Seoul-listed shares
Margins are forecasts — earnings due July 29

Where the money goes

Proceeds fund an aggressive HBM capacity push.

New domestic chip plants in Korea → Advanced EUV lithography (ASML) → Expanded HBM output

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