SK Hynix, a South Korean memory chip manufacturer, aims to raise approximately $28 billion through an IPO on the Nasdaq, targeting global investors keen on AI advancements. They plan to offer 17.79 million shares and will use the funds to expand production facilities in South Korea and invest in extreme ultraviolet (EUV) lithography scanners. Despite initial estimates of $29 billion, the reduced target has seen strong demand exceeding available shares. The company’s stock has surged 250% in South Korea, with a market cap exceeding $1 trillion driven by increased AI demand. Major clients include Nvidia, Google, and Microsoft, with a reported 198% surge in year-over-year revenue for Q1 2026.

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SK Hynix seeks $28 billion in US IPO listing as memory maker rides AI wave

Ines Ferré· Senior Business Reporter

Mon, July 6, 2026 at 9:20 AM EDT1 min read

SK Hynix ( 000660.KS) said it will aim to raise roughly $28 billion in a US IPO, seeking to tap into global investors' appetite for AI winners.

The South Korea-based memory chip manufacturer said that it will offer 17.79 million common shares on the Nasdaq, according to an SEC filing on Monday. Trading is expected to begin on Friday, according to Bloomberg and the Wall Street Journal.

The company intends to use the proceeds for capital expenditures related to expanding production facilities in South Korea and acquiring extreme ultraviolet (EUV) lithography scanners, the massive machines manufacturers use to produce advanced chips.

SK Hynix said it will aim to raise roughly $28 billion in a US IPO. REUTERS/Lee Jae-Won·REUTERS / REUTERS

Demand for the offering has already exceeded the number of ADRs available, according to the deal terms seen by Bloomberg.

Shares of the company in South Korea slumped, as the raise would be less than the $29 billion initially indicated in late June.

SK Hynix along with peers Samsung Electronics ( 005930.KS) and Micron Technology ( MU) has been riding the AI wave over the past year as high-bandwidth memory has become a critical bottleneck in AI infrastructure.

The stock has climbed more than 250% in South Korea, pushing the memory chip maker's market capitalization above $1 trillion in May after Micron Technology (MU) reached the same milestone.

2,343,000.00 -82,000.00 (-3.38%)

At close: 3:30:07 PM GMT+9

The company's year-over-year revenue has jumped at an annualized rate of 198% in the first quarter of 2026, according to the filing.

Some of SK Hynix clients include AI chip heavyweight Nvidia ( NVDA), Google ( GOOG, GOOGL), and Microsoft ( MSFT).

Ines Ferre is a senior business reporter for Yahoo Finance. Follow her on X at @ines_ferre .

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