Observed Signal · Jul 9, 2026 · Secondary Listing · Source: Trending Topics · Impact: 4/5 · Sentiment: Positive
SK Hynix Targets $28B in Historic Nasdaq Listing
South Korean memory chip maker SK Hynix is listing American Depositary Receipts (ADRs) on the Nasdaq, potentially raising between $24.5 and $28 billion. This would make it the second-largest equity offering in history after SpaceX's IPO. The order book was over seven times oversubscribed, with total orders around $171.5 billion, including cornerstone interest from Baillie Gifford, Coatue Management, and Situational Awareness Partners. The listing occurs during a semiconductor stock correction and is seen as a barometer for institutional demand for AI infrastructure. SK Hynix is the leading supplier of High Bandwidth Memory (HBM) for AI chips, with Nvidia as its largest customer. Proceeds will fund capacity expansion in South Korea. The company also announced the acquisition of Margelo by Callstack in a separate story.
Second-largest equity raise in history for a key AI infrastructure supplier, indicating robust institutional demand for AI capex despite market correction.
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Key Takeaways & Evidence Grounding
- SK Hynix lists ADRs on Nasdaq under ticker SKHY, with 177.9 million ADRs representing 17.79 million common shares.
- The offering could raise between $24.5 and $28 billion, making it the second-largest equity raise in history.
- The order book is over seven times oversubscribed, with total orders of approximately $171.5 billion.
- Cornerstone investors include Baillie Gifford, Coatue Management, and Situational Awareness Partners.
- Proceeds will go toward capacity expansion in South Korea, including $20.5B for a new fab at Yongin and $12.5B for an advanced packaging plant in Cheongju.
Connected Companies & Entities
23 Entities mapped“South Korean memory chip giant SK Hynix is bringing its ADRs to the Nasdaq on Friday....”
“Nvidia is by far the largest buyer: SK Hynix supplies HBM3E and HBM4 memory for the GPU market leader’s AI accelerators....”
“AMD and Broadcom source HBM for their AI chips....”
“AMD and Broadcom source HBM for their AI chips; Broadcom primarily for custom chips for hyperscalers....”
“Cloud giants like Microsoft, Google, Amazon and Meta are major customers....”
“Cloud giants like Microsoft, Google, Amazon and Meta are major customers....”
“Cloud giants like Microsoft, Google, Amazon and Meta are major customers....”
“Cloud giants like Microsoft, Google, Amazon and Meta are major customers....”
“Callstack is acquiring Vienna-based engineering firm Margelo, putting Margelo’s valuation at more than 20 million euros....”
“Polish software company Callstack is acquiring Vienna-based engineering firm Margelo....”
“US hedge fund Coatue Management ... have indicated interest in up to $7 billion....”
“Only SpaceX has ever raised more capital in one go, with its June 2026 IPO....”
“Smartphone and PC manufacturers, including Apple, buy mobile DRAM and NAND flash memory....”
“UK asset manager Baillie Gifford (a SK Hynix shareholder since 2000) has indicated interest in up to $7 billion....”
“UBS is even recommending an arbitrage trade to clients: buy the ADRs, short the Korea-listed shares....”
“Alongside Samsung and Micron, SK Hynix is one of the world’s three major memory chip manufacturers....”
“Goldman Sachs, Citigroup, Bank of America and JPMorgan are acting as lead underwriters....”
“US fund Viking Global Investors came in with a growth investment that valued Callstack at roughly 120 million euros....”
“Alongside Samsung and Micron, SK Hynix is one of the world’s three major memory chip manufacturers....”
“Goldman Sachs, Citigroup, Bank of America and JPMorgan are acting as lead underwriters....”
“Around $7.9 billion for EUV lithography machines from Dutch equipment maker ASML....”
“Goldman Sachs, Citigroup, Bank of America and JPMorgan are acting as lead underwriters....”
“Goldman Sachs, Citigroup, Bank of America and JPMorgan are acting as lead underwriters....”
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