SK hynix secured $26.5 billion in its debut on the U.S. stock market, marking the largest-ever American listing by a foreign company. The capital raise positions the South Korean memory chipmaker to expand production of high-bandwidth memory (HBM) chips, a vital component powering artificial intelligence (AI) applications worldwide.
The company’s impressive momentum was fueled by soaring demand for AI-related chips, which pushed its quarterly revenue near $34.5 billion, nearly tripling year over year. This surge propelled SK hynix’s market capitalization past $1 trillion and saw its shares on the Kospi exchange in Seoul climb more than 600% within the past year.
Bloomberg highlighted SK hynix’s dominant role in supplying HBM chips that enable the heavy data processing AI requires. With the funds raised from its U.S. Nasdaq offering, the company plans to significantly increase its capacity to meet escalating orders from major tech companies.
According to Reuters, the spike in AI infrastructure investments has rendered HBM a scarce and highly sought-after commodity, driving up both prices and investor interest in chip manufacturers like SK hynix. Despite recent volatility in chip stocks, long-term investor confidence remains strong due to substantial capital expenditures dedicated to AI expansion by industry giants.
SK hynix emphasized in its Nasdaq listing announcement that entering the U.S. market solidifies its standing in global AI capital markets and enhances its appeal to international investors. The company also affirmed its commitment to reliably supplying Big Tech customers and described itself as a “Core AI Partner.”
At the Nasdaq Opening Bell ceremony, SK hynix CEO Kwak Noh-Jung underlined the strategic importance of high-bandwidth memory in the AI revolution and pledged the company would maintain its presence wherever AI advances. Industry forecasts indicate Big Tech’s AI infrastructure spending could exceed $2.8 trillion by 2029, with hyperscale players like Google, Amazon, and Microsoft investing billions to overcome capacity bottlenecks.