SK Hynix's $28 billion US IPO to test its $1 trillion AI rally. Here's how

South Korean chipmaker SK Hynix has launched a US share sale to raise about $28 billion, seeking to tap global investor demand for companies tied to the artificial intelligence boom. The company plans to issue American depositary receipts on Nasdaq, in what could become one of the largest foreign listings in the US. The shares are expected to trade under the ticker SKHY.

According to The Wall Street Journal, SK Hynix has lowered its fundraising target to about 43.14 trillion won, or $28.21 billion, after a recent decline in its share price. The company had earlier aimed to raise about 45.45 trillion won.

SK Hynix has filed to offer 17.79 million common shares in the US IPO. These will be represented by 177.9 million American depositary shares, with each ADS representing one-tenth of a common share. Trading is expected to begin on Friday.


The share sale comes after a sharp rally in SK Hynix this year. The stock has gained about 260% in 2026, pushing the company’s market value past $1 trillion. That has made it one of the biggest global winners from the AI trade.

Investor demand for the issue appears strong. Baillie Gifford Overseas, investment funds managed by Coatue Management and Situational Awareness Partners have separately indicated interest in buying up to a combined $7 billion worth of SK Hynix’s ADRs, the company said.

SK Hynix is one of the world’s largest memory-chip makers and a leading supplier of high-bandwidth memory, or HBM, chips. These chips are used in AI servers and advanced processors, where large volumes of data have to move quickly. Demand for HBM has surged as global technology companies and cloud providers spend heavily on AI infrastructure.

The company’s position in HBM has helped it gain ground over rivals and become a key supplier in the AI chip supply chain. The planned US listing will give global investors easier access to the stock at a time when semiconductor companies linked to AI remain in focus.

The proceeds from the offering are expected to support SK Hynix’s expansion plans, including investment in new semiconductor manufacturing capacity and advanced equipment. The company is likely to use part of the funds for high-end chipmaking tools such as EUV lithography machines, which are needed to produce advanced chips.

The listing also comes at a time when investors are testing how much more they are willing to pay for AI-linked stocks after a strong run. SK Hynix’s market value has crossed $1 trillion, but the reduction in the fundraising target shows that even major AI winners are not immune to share-price volatility.

For SK Hynix, the IPO is an opportunity to widen its investor base and strengthen its balance sheet during a period of heavy capital spending. For global markets, it will be another major test of demand for AI infrastructure stocks.

The offering is also important for South Korea’s equity market. SK Hynix has become one of the country’s most valuable companies, helped by its lead in AI memory chips. A successful Nasdaq listing would further raise its global profile and give US investors direct exposure to one of the most important suppliers in the AI hardware chain.