Shares slid 1.8% to $1,370 on July 7 as investors digested what could become one of the largest share sales in global history — a $28 billion Nasdaq listing of American Depositary Receipts announced July 6. The drop follows a volatile stretch that saw the stock swing between $1,185 and $1,550 in a single week, signaling deep uncertainty about what this massive capital raise means for existing shareholders. SK Hynix's $28 Billion Nasdaq Gambit: Will the Biggest Chip Listing in History Actually Close the Gap With Micron?
Seoul-listed shares dipped 1.8% to $1,370 as SK Hynix formally launched the marketing process for a $28 billion Nasdaq ADR listing — the largest ADR listing in recorded market history, surpassing Alibaba's $21.8 billion New York debut in 2014.
Final pricing is expected Thursday, with trading set to begin Friday under the ticker SKHY. The question is whether the world's dominant AI memory supplier can translate Wall Street access into a permanently higher stock price — or whether it's raising billions at the peak of a cycle.
$7 Billion in Cornerstone Orders Suggests This Deal Gets Done
Cornerstone investors including Baillie Gifford, Coatue Management, and Situational Awareness Partners have collectively expressed interest in purchasing as much as $7 billion of the ADRs — roughly a quarter of the deal. That pre-committed demand matters because combined with SpaceX's $85.7 billion IPO and Alphabet's $85 billion equity raise, the three deals add up to roughly $200 billion pulled from investors in a matter of weeks. SK Hynix needs to prove there's appetite left.
A Valuation Discount That Could Narrow — or Widen
SK Hynix trades at 6.2 times estimated earnings over the next 12 months, while Micron is currently at 7 times. Management is betting a Nasdaq presence closes this gap. SK Hynix is expected to join the Philadelphia SE Semiconductor index, helping pave the way for a surge in passive investments — essentially forcing index-tracking funds to become automatic buyers. But that assumes the stock holds up after a 273% year-to-date rally.
Record Profits Today, But Memory Chips Have Crashed Before
In Q1 2026, revenue hit 52.58 trillion won ($35.5 billion), up 198% year-over-year, with operating margins around 72%.
SK Hynix holds about 60% of the high-bandwidth memory market — the specialized chips AI data centers devour. Yet the memory industry is notorious for boom-and-bust cycles; just three years ago, Micron and SK Hynix lost money after a demand slump.
Billions for Factories, but New Capacity Won't Arrive Soon
SK Hynix expects to spend roughly $7.8 billion on advanced lithography scanners from ASML , but delivery isn't expected until December 2027 — confirming the shortage driving today's memory prices will not ease anytime soon.
The company's massive Yongin Cluster of new fabrication plants is set to begin coming online in 2027. That delay is simultaneously bullish for near-term pricing and a reminder that $28 billion won't buy instant capacity.
Bottom line: SK Hynix is raising a record sum at record margins to lock in its AI-memory lead. Whether shareholders benefit depends on whether AI spending holds long enough for those new factories to pay off.