SK hynix files to raise up to $29 billion in historic Nasdaq listing — all proceeds going to advanced AI memory

At a glance:

• SK hynix aims to raise up to 45.45 trillion won ($29.43 billion) via an ADR offering on the Nasdaq Global Select Market slated for July 10
• The entire proceeds will fund a new fab in Yongin, an advanced packaging plant in Cheongju, and EUV lithography equipment
• The offering covers 17.79 million newly issued common shares, making it one of the largest ADR sales ever completed

What the filing reveals

SK hynix submitted a securities registration statement to both South Korea’s Financial Supervisory Service and the U.S. SEC on Wednesday, outlining a plan to list American depositary receipts (ADRs) on the Nasdaq Global Select Market. The company intends to raise up to 45.45 trillion won, which translates to roughly $29.43 billion at current exchange rates. The offering will consist of 17.79 million newly issued common shares, a volume that would rank among the biggest ADR transactions in history.

The price per ADR will be determined through a book‑building process that will conclude shortly before the scheduled debut on July 10. Each ADR will represent one common share of SK hynix, and the final amount raised could vary below the 45.45 trillion‑won ceiling depending on investor demand. The underwriting syndicate includes BofA Securities, Citigroup, Goldman Sachs, and JP Morgan, with regulatory review expected to finish by July 3. The new shares are slated to register on the Korea Exchange on July 29.

Where the money is headed

All proceeds are earmarked for three flagship projects that SK hynix has already committed to. The first is the Yongin fab (designated Y1) in the Yongin Semiconductor Cluster, which carries a 31 trillion‑won ($21.5 billion) commitment for its initial phase and is targeted for completion around February 2027, followed by equipment installation in the second quarter of that year.

The second project is the Cheongju P&T7 advanced packaging plant, a 19 trillion‑won ($12.9 billion) site dedicated to high‑bandwidth memory (HBM) assembly and testing. Ground was broken in April, and the plant is expected to be finished by the end of 2027. Both facilities will rely heavily on extreme ultraviolet (EUV) lithography, prompting SK hynix to place a record $7.9 billion order with ASML in March for roughly 30 EUV scanners covering the period through 2027.

Market context and timing

SK hynix currently controls about 57 % of the HBM market and 32 % of global DRAM, positioning it as a key supplier for AI‑driven workloads. Chairman Chey Tae‑won has repeatedly warned that AI demand will keep memory supply tight until at least 2030, a view reinforced by the company’s decision to double wafer capacity over the next five years.

Despite the massive capital infusion, the funded projects will not alleviate the ongoing memory shortage in the short term. Both the Yongin fab and the Cheongju packaging plant are expected to reach volume output only in 2027, near the back end of the current supply‑tight window. DRAM contract prices are projected to stay elevated through 2026 as the three major memory makers shift wafer capacity toward HBM, which consumes roughly three times the silicon per gigabyte compared with standard DDR5.

Competitive implications

Just two days after announcing the ADR plan, SK hynix overtook Samsung Electronics to become South Korea’s most valuable listed company, ending Samsung’s 26‑year reign at the top of the market. SK hynix’s Korea‑listed shares jumped 5.5 % in after‑hours trading following the disclosure, underscoring investor confidence in the company’s aggressive expansion strategy.

The move also signals a broader shift in the semiconductor landscape, where memory manufacturers are increasingly financing advanced packaging and EUV capabilities to meet the exploding demand for AI‑centric workloads. By tapping U.S. capital markets, SK hynix not only diversifies its funding sources but also raises its profile among global investors focused on AI‑enabled hardware.

What’s next

Regulatory approval is expected by early July, after which the ADRs will be priced and the offering will close. The company will then proceed with equipment installation at Yongin in Q2 2027 and aim to bring both the fab and the packaging plant online by the end of that year. Observers will watch closely how the additional capacity influences DRAM and HBM pricing trends, especially as AI workloads continue to scale.