South Korea’s SK Hynix raises $26.5bn in record-breaking US IPO

SK Hynix completed the largest initial public offering by a foreign company in United States history, raising $26.5 billion through the sale of 177.9 million American depositary shares priced at $149 each on the Nasdaq exchange. The offering eclipsed the previous record held by Chinese e-commerce firm Alibaba, which raised $25 billion in 2014. Globally, the listing ranks second only to SpaceX's $85.7 billion Nasdaq debut in June.

The South Korean chipmaker's IPO attracted exceptional investor interest, with the offering receiving more than seven times the number of shares requested compared to those available. According to market observers, the strong reception reflected genuine confidence in the artificial intelligence memory cycle and the company's position as a leading pure-play memory supplier. One analyst noted that global capital had previously lacked straightforward access to such a dominant player in the memory chip space.

SK Hynix's financial performance has been exceptional, with first-quarter 2026 net income reaching 40.34 trillion won, equivalent to $26.6 billion. The company's shares on the South Korean stock exchange have appreciated approximately 229 percent since the beginning of the year. In May, SK Hynix joined an exclusive group of companies valued at $1 trillion or more, alongside Samsung Electronics and US-based Micron Technology.

The company's growth trajectory reflects broader industry trends, with SK Hynix and Samsung both committing to a $1 trillion artificial intelligence investment initiative announced by South Korean President Lee Jae Myung. Under this program, the two chipmakers pledged $518 billion in combined investment with suppliers to construct two new chipmaking facilities. Market analysts attributed the strong investor appetite to a global shift in sentiment toward semiconductor supply chain companies amid heightened focus on artificial intelligence opportunities.