SK hynix announced plans to raise up to $29.4 billion through an American depositary receipt (ADR) offering on Nasdaq, with trading expected to begin on 10 July. The move, disclosed in a regulatory filing on Wednesday, would make the South Korean memory-chip giant the second-largest equity issuer this year, behind only SpaceX’s record $85.7 billion initial public offering in June. The company’s Seoul-listed shares, which have already surged more than 300 per cent in 2026, extended gains in after-hours trading following the announcement.

The offering will issue 17.79 million new shares, with ten ADRs representing one common share, and proceeds are earmarked for new fabrication plants at the Yongin semiconductor cluster, an advanced packaging facility in Cheongju, and extreme ultraviolet lithography equipment. SK hynix has emerged as the dominant supplier of high-bandwidth memory (HBM) chips essential for artificial intelligence systems, controlling an estimated 57 per cent of the global market by revenue in the fourth quarter of 2025, according to Counterpoint Research. Its market capitalisation briefly surpassed Samsung Electronics this week, reaching roughly $1.1 trillion.

Viewed from Seoul, analysts argue the US listing will allow SK hynix to be valued alongside direct competitor Micron Technology, potentially triggering a re-rating that lifts its Korean shares. ‘The most attractive benefit for investors is that SK hynix will be traded on Nasdaq together with its rival Micron, giving the company an opportunity to be revalued in the American market,’ said Ryu Young-ho, senior analyst at NH Investment & Securities. In the United States, however, some portfolio managers express caution. Robert Pavlik of Dakota Wealth Management noted the offering resembles late-cycle behaviour, while Siebert Financial’s Mark Malek questioned whether sufficient capital remains after SpaceX’s IPO to absorb another mega-issuance, especially given high valuations and negative cash flows at many AI-focused firms.

The listing arrives amid a wave of equity-raising by technology companies seeking to finance AI infrastructure. Alphabet recently outlined plans for an $80 billion share sale, and AI start-ups Anthropic and OpenAI are expected to launch their own public offerings later this year. SK hynix’s chairman, Chey Tae-won, has predicted that memory-chip shortages could persist until 2030 and pledged to double the company’s total production capacity within five years. The ADRs will trade under the ticker ‘SKHY’, with final pricing determined through bookbuilding. The offering’s reception will serve as a key test of investor appetite for AI-exposed semiconductor stocks at the current stage of the cycle.