SK Hynix raises $26.5 bn in record U.S. IPO, warns of 2027 memory shortage

South Korean memory‑chip maker SK Hynix completed a historic U.S. IPO, selling 177.9 million American depositary shares at $149 each and raising about $26.5 billion – the largest IPO ever by a foreign company on the Nasdaq. The shares opened at $170, closing the first trading day up roughly 14‑18% and sparking a “reverse kimchi premium” as demand from global investors surged.

Proceeds are earmarked for domestic expansion, including a new wafer fab at the Yongin semiconductor cluster, an advanced packaging plant in Cheongju, and purchases of equipment such as EUV lithography tools. The inflow of dollars is expected to ease pressure on the South Korean won by converting a large portion of the proceeds into local currency.

CEO Kwak Noh‑jung cautioned that the global memory market could face its worst supply shortage in 2027, with demand outpacing capacity well beyond 2030 despite aggressive expansion plans. The company’s leadership in high‑bandwidth memory (HBM) for AI accelerators, notably Nvidia’s chips, underpins the forecast and highlights the strategic importance of the IPO for AI infrastructure.

The listing also attracted attention for the tokenisation of SK Hynix shares on the Solana blockchain, allowing digital‑token trading of the stock shortly after the debut.