SEOUL, July 6, 2026, 21:01 (KST)
- SK Hynix KRX:000660 opened a Nasdaq ADR sale worth 43.1 trillion won ($28.1 billion). Pricing wraps up Thursday, with shares set to start trading Friday.
- The sale would fund about 77% of the 55.92 trillion won capex plan, according to published project numbers.
- Shares lost 3.4% in Seoul as the company trimmed its raise goal from the previous 45.453 trillion won plan.
- Baillie Gifford Overseas, funds managed by Coatue Management, and Situational Awareness Partners have indicated demand of as much as $7 billion.
SK Hynix KRX:000660 on Monday kicked off a U.S. share sale that looks more like a funding bet on the AI memory market rather than a straight foreign stock listing. The company’s 43.141 trillion won target aims to fund about 77% of a 55.92 trillion won plan for HBM, new fabs and advanced packaging. Reuters said 17.79 million new shares go out through Nasdaq ADRs. The Elec cited the capex details from SK Hynix’s registration filing.
SK Hynix has already seen the stock adjust after the issue. The Wall Street Journal said the company lowered its fundraising target to 43.141 trillion won from 45.453 trillion won after shares slid. On Monday in Seoul, SK Hynix finished down 3.4% at 2,343,000 won. The stock is still up about 260% this year.
The numbers make this listing more about capex and dilution than just another ticker. The estimates below come from the last target, with Reuters’ dollar figure, capex and dilution from The Elec, plus Reuters’ July 4 report on a potential banking fee.
| Pressure point | Latest figure | Investor read-through |
|---|---|---|
| Gross raise | 43.141 trillion won / $28.07 billion | This funds roughly 77.1% of the capex plan at 55.92 trillion won |
| Cut from prior plan | 2.312 trillion won, or 5.1% | Softer shares can mean less cash as books close |
| Indicated interest | Up to $7 billion | About 24.9% of the target is covered so far |
| New shares | 17.79 million | The Elec put dilution near 2.44% if all issued |
| Reported base fee under consideration | 0.5% of proceeds | Works out to about $140 million now—before incentive fee—if dollar target holds |
Most of the cash is set for projects in Korea, not the U.S. SK Hynix said it will put the funds toward building chip plants at home and buying ASML AMS:ASML extreme ultraviolet scanners. The Elec reported a new advanced packaging plant worth 5.9 trillion won in Indiana is also in planning.
| Planned project | Planned spend | Share of 55.92 trillion won plan | Timing reported |
|---|---|---|---|
| Yongin, phase one fab | 9.41 trillion won | 16.8% | Cleanroom set for Q1 2027 |
| Yongin, fab phases two through six | 21.61 trillion won | 38.6% | Cleanrooms coming by end of 2030 |
| Cheongju P&T7, advanced packaging | 19.00 trillion won | 34.0% | Cleanroom expected by end of 2027 |
| Indiana site, advanced packaging | 5.90 trillion won | 10.6% | Cleanroom scheduled for H2 2028 |
| Total | 55.92 trillion won | 100.0% | — |
The split is key for how the stock is valued. Some 89% of the spending that’s been disclosed is in South Korea, meaning U.S. investors are mostly backing Yongin and Cheongju projects. But the Nasdaq listing gives them a way into a stock that most U.S. funds couldn’t touch before.
SK Hynix supplies HBM chips used in AI hardware for Nvidia NASDAQ:NVDA and Google NASDAQ:GOOGL. Di Zhou, portfolio manager at Thornburg Investment Management, called it a “memory super cycle.” Zhou said the ADR could help expand the shareholder base and close the valuation gap with Micron Technology NASDAQ:MU. Reuters
Dave Mazza, CEO at Roundhill Investments, called the listing “more than a liquidity event” and said it gets rid of an “accessibility discount.” Steve Sosnick, chief strategist at Interactive Brokers NASDAQ:IBKR, said the deal will help smaller investors and institutions the most, since the listing lets SK Hynix tap “momentum-hungry investors.” Reuters
Price and timing are the main concerns. Sundeep Gantori, Standard Chartered’s chief investment officer of equities, said investors could get “better access,” but should pay attention to where memory is in the cycle, calling it “mid-cycle stage.” Reuters said some investors are worried that higher memory prices could cut into spending on AI infrastructure, mobile phones and PCs. Reuters
The fee pool is small versus the total factory cost, but it’s still big in dollar terms. Reuters, citing Bloomberg News, said on Saturday that SK Hynix was weighing a 0.5% payout of listing proceeds to its deal banks, with the option for extra discretionary payouts. SK Hynix told Reuters it would not comment. On the present $28.07 billion target, that 0.5% base would be about $140 million.
Policy risk is in focus. Last week, South Korea unveiled a $576 billion chip and AI investment push led by SK Hynix and Samsung Electronics KRX:005930. On Monday, President Lee Jae Myung told officials to speed up permits, land deals, and access to power and water for chip and AI builds.
The final price is set to come out Thursday, ahead of trading that kicks off Friday. Now holders are watching to see if the U.S. book can handle an influx of new stock as the company keeps spending into a buildout. Key cleanroom targets are spaced from 2027 to 2030.
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