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SK Hynix shares climbed 17% on their Nasdaq debut Friday after the South Korean memory chip maker raised $26.5 billion in the biggest U.S. market entry ever by a foreign company.
The deal surpassed Alibaba's $25 billion U.S. listing in 2014 to become the largest ever by a foreign company in the U.S.
It also now ranks as the second-largest IPO on record, behind only SpaceX's blockbuster flotation, which ultimately reached $85.7 billion after underwriters exercised its overallotment option.
The South Korean AI memory chip maker's American Depositary Receipts (ADRs), which opened at $170 under the temporary ticker symbol SKHYV, were issued at $149 apiece as part of an offering of 177.9 million ADRs.
Each ADR represents one-tenth of a common share, while SK Hynix's primary listing remains on the Korea Exchange. More than 52 million ADRs changed hands within the first 30 minutes of trading, The Wall Street Journal reported.
The strong debut also sparked immediate interest from ETF issuers. Direxion, ProShares, ThemesETFs and CorgiFunds have filed to launch single-stock exchange-traded funds tracking SK Hynix's U.S.-listed ADRs, with several leveraged and inverse products expected to begin trading in the coming days.
SK Hynix plans to use the proceeds for capital expenditures and other corporate purposes as it ramps up production to meet soaring demand for artificial intelligence memory chips. The company is also investing in additional manufacturing capacity, advanced chip-packaging facilities and a new packaging plant and research center in Indiana.
The company, which holds a 56.4% share of the global high-bandwidth memory (HBM) market, is a leading supplier of the AI chips used alongside advanced processors in data centers.
The company reported record 2025 revenue of 95.7 trillion won ($66 billion), up 114.6% from a year earlier, while net profit surged 170.7% to 53.6 trillion won. Its Seoul-listed shares have climbed 174% over the past six months and 634% over the past year, pushing its market capitalization above $1 trillion for the first time in May.
The listing also comes as South Korea accelerates its ambitions to become a global AI and semiconductor powerhouse.
Seoul recently unveiled a more than $1.2 trillion strategy to strengthen the sector, including over $576 billion earmarked for chip investments, with SK Hynix and Samsung Electronics expected to expand fabrication plants, HBM production and advanced packaging capacity.
Wall Street traded mixed Friday as investors monitored developments in the Middle East while continuing to pour money into artificial intelligence-related companies. SK Hynix's strong market debut reinforced demand for semiconductor firms supplying critical AI infrastructure, even as broader technology stocks struggled for direction.
The Dow Jones Industrial Average gained 0.3% to 52,622.92, the S&P 500 was little changed at 7,547.64, while the Nasdaq Composite slipped 0.1% to 26,175.54.
Concerns over inflation and energy prices lingered after the latest escalation between the United States and Iran, although investor sentiment remained supported by expectations that diplomatic efforts could prevent a broader conflict.
Traders also looked ahead to next week's U.S. inflation report and the start of the second-quarter earnings season, with results from major banks including JPMorgan Chase, Goldman Sachs, and Morgan Stanley expected to offer an early read on corporate America.
Investors will also be closely watching Taiwan Semiconductor Manufacturing Co.'s (TSMC) earnings for fresh signals on AI-driven chip demand and technology spending, while the inflation data could shape expectations for the Federal Reserve's next policy moves.
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