SK hynix raises $26.5B in its Nasdaq debut — the largest US listing by a foreign company

SK hynix began trading on Nasdaq at $149 per share, raising about $26.5B — the largest-ever US equity debut by a foreign company, surpassing Alibaba's $25B in 2014, and the second-largest share sale on record. The offering, flagged in June at a planned ~$29B, was reported multiple times oversubscribed. Proceeds fund new fabs and equipment for AI memory, alongside the ₩100T Cheongju buildout.

Why it matters

The HBM leader just gave itself a US-listed currency and a war chest in the same week Micron re-upped to $250B — the memory duopoly's arms race is now fully funded on both sides. A record foreign listing also tests whether Korean champions can shed the "Korea discount" by moving where the AI capital is; if the debut holds, expect others to follow the template.

What to watch

Aftermarket performance versus the $149 debut, and how fast the proceeds convert into committed HBM capacity.