SK Hynix $26.5B Nasdaq Debut

SK Hynix, the South Korean memory chipmaker and leading supplier of high-bandwidth memory (HBM) chips, completed a landmark $26.5 billion American Depositary Receipt (ADR) offering on the Nasdaq, marking the largest U.S. listing by a foreign company. The ADRs were priced at $149 each, a 2.7% premium over the three-day average in Seoul, and opened at $170, closing the first day at $168 (up 12.8%). The offering was oversubscribed more than seven times, with anchor investors including Baillie Gifford, Coatue Management, and Situational Awareness Partners committing up to $7 billion combined. Proceeds will fund new fabrication plants in South Korea and the U.S. (Indiana), and purchase EUV lithography equipment from ASML. The listing follows a 680% surge in SK Hynix's stock over the past year, though shares have pulled back 25% from their peak amid broader semiconductor volatility. The company's market capitalization surpassed $1 trillion in May 2026. Nvidia CEO Jensen Huang reaffirmed SK Hynix as its largest memory partner, warning that chip shortages could persist for years. The listing is expected to narrow SK Hynix's valuation gap with U.S. rival Micron Technology. STARTRADER and BingX launched CFD and pre-IPO trading products respectively to capitalize on investor interest. The event underscores sustained demand for AI infrastructure, with HBM market projected to grow from $65 billion in 2026 to $290 billion by 2030.