The Korean chipmaker’s $26.5 billion U.S. debut marks the largest foreign listing ever, surpassing SpaceX’s first-day gain.
SK Hynix’s Nasdaq-listed American Depositary Receipt opened at $170, 14% above its $149 offer price, raising $26.5 billion in the largest foreign U.S. listing on record. The deal was seven times oversubscribed, reflecting strong institutional demand for AI-related hardware exposure.
The $26.5 billion proceeds exceed initial targets and place SK Hynix alongside megadeals like SpaceX, which opened at $150 with an 11% pop before retreating. Pricing at $149 left unmet demand visible in early trading, underscoring investor appetite for memory-chip suppliers.
The listing provides SK Hynix with a dollar-denominated equity currency to fund global capital expenditures amid a semiconductor spending cycle.