---
title: "SK Hynix US listing raises $26.5bn at $149 a share"
author: "Naomi Voss"
datePublished: 2026-07-09T23:40:13.000Z
canonical: "https://scramnews.com/post/00thvs00cp86o/sk-hynix-26-5-billion-us-debut-2026"
---

[SK Hynix](https://scramnews.com/tag/sk-hynix) [raised $26.5 billion in its US share sale](https://www.ft.com/content/33133a86-925e-4395-9f60-35e2a4052500) after [pricing its Nasdaq ADRs at $149 apiece](https://www.reuters.com/world/asia-pacific/sk-hynix-us-listing-more-than-seven-times-oversubscribed-source-says-2026-07-09/), completing the [largest US listing by a foreign issuer](https://www.ft.com/content/33133a86-925e-4395-9f60-35e2a4052500). Trading is due to begin on Friday. The offer was priced about 2.7 per cent above SK Hynix’s Seoul close, [Reuters reported](https://www.reuters.com/world/asia-pacific/sk-hynix-us-listing-more-than-seven-times-oversubscribed-source-says-2026-07-09/).

The book was [more than seven times covered](https://www.reuters.com/world/asia-pacific/sk-hynix-us-listing-more-than-seven-times-oversubscribed-source-says-2026-07-09/), shifting the test from allocation to the first public trades. The premium to Seoul gives SK Hynix an immediate read on what US capital will pay for a local line in an AI-memory leader. Friday’s session should show whether the demand came from long-only buyers or from faster money drawn to a scarce record deal.

Deal size is doing more work than the headline suggests. [MarketWatch argued](https://www.marketwatch.com/story/sk-hynix-nasdaq-listing-may-become-the-second-largest-equity-offering-ever-trailing-only-spacexs-8dca5afa?mod=mw_rss_topstories) the sale may rank second only to SpaceX among equity offerings, putting SK Hynix in a narrow group of transactions that test how much US equity capital can absorb at once. The Nasdaq line also reaches a wider specialist investor base than Seoul alone can offer while AI-linked semiconductor exposure remains one of the market’s tighter trades.

That is why investors quoted in [Reuters’ reaction roundup](https://www.reuters.com/world/asia-pacific/reactions-sk-hynixs-265-billion-nasdaq-listing-2026-07-10/) sounded less interested in the mechanics of clearing the book than in the valuation after-effect. Richard Clode of [Janus Henderson](https://scramnews.com/tag/janus-henderson) said the listing gives global investors who cannot easily buy Korean shares direct access to SK Hynix, which he called the global leader in high-bandwidth memory. Sam Konrad of Jupiter Asset Management said the ADR could trade at a premium to the local shares and help re-rate the Korean-listed stock.

The valuation argument has room because the stock still trades below its closest US reference point. [MarketWatch’s analysis](https://www.marketwatch.com/story/sk-hynix-nasdaq-listing-may-become-the-second-largest-equity-offering-ever-trailing-only-spacexs-8dca5afa?mod=mw_rss_topstories) put SK Hynix at about 5.5 times forward earnings, against roughly 6.66 times for [Micron Technology](https://scramnews.com/tag/micron-technology) (MU). A lasting New York premium could narrow that gap even before any shift in the company’s earnings outlook.

## Aftermarket test

Oversubscription answers only the first question. Investors have shown they wanted a large AI-memory name in New York. They have not shown how much support the stock can hold once the book-runners step back and price discovery moves from a controlled sale to a public market screen. Turnover, the opening premium and the relationship between the ADR line and the Seoul stock will matter more than the size of the raise once trading starts.

[Giuseppe Sette of Reflexivity said](https://www.reuters.com/world/asia-pacific/reactions-sk-hynixs-265-billion-nasdaq-listing-2026-07-10/) SK Hynix chose Nasdaq to tap AI demand and the higher valuations US chip names command versus Seoul. A strong ADR debut would give other foreign sellers evidence that a US listing can still deliver fresh capital, deeper liquidity and a valuation reset in the right sector. A weak one would show the order book was real but more conditional than it looked.

The backdrop is already selective. [Reuters reported](https://www.reuters.com/world/asia-pacific/reactions-sk-hynixs-265-billion-nasdaq-listing-2026-07-10/) that investors see a tougher market behind the success of the deal, which means later issuers may face a higher bar even with growth stories that look fashionable on paper. SK Hynix has converted the week’s frenzy into $26.5 billion of proceeds and a live US benchmark for AI-linked capital raising. The next verdict arrives on the screen.