SK Hynix raises $26.5B in record U.S. IPO by foreign company

Aanchal Sugandh Tue, July 14, 2026 at 9:43 AM PDT | 4 min read

• SKHY
• MU

Every gold rush needs a supplier of shovels, and in the artificial intelligence (AI) era, that role belongs to whoever controls high-bandwidth memory (HBM). South Korea's SK Hynix (SKHY) has held that crown for a while now, yet American investors wanting a piece of the action had to settle for Micron Technology (MU) as a workaround — since the real deal wasn't listed on United States shores.

That workaround stopped being necessary on Friday, July 10, when SK Hynix finally opened its doors to Wall Street directly.

SK Hynix's IPO

Markets were choppy going into the listing, but SK Hynix pushed through anyway and walked away with $26.5 billion from its American depositary receipt (ADR) debut. The single number now stands as the largest first-time share sale ever completed by a foreign company in the U.S., built on 177.9 million ADRs priced at $149 each.

Of course, even a record needs context. Space Exploration Technologies (SPCX) raised a whopping $85.7 billion during its own IPO just a month earlier — a windfall that catapulted Elon Musk into trillionaire territory and left most comparisons feeling almost unfair.

Still, SK Hynix held its own against everyone else on the global stage:

• Surpassed Saudi Aramco's $25.6 billion Gulf listing in 2019
• Outran the $21.8 billion raised by Alibaba Group Holding Limited (BABA) during its New York debut years ago

Sam Konrad, who oversees Asia equity income at Jupiter Asset Management in Singapore, framed the listing as more than a fundraising win. He suggested the ADR could trade at a premium and, in doing so, drag the Korean-listed shares closer to the valuation Micron already commands — since SK Hynix has long traded at a discount despite arguably deserving to sit in the same tier.

None of this happened for free, naturally. Bank of America, Citigroup, Goldman Sachs, and J.P. Morgan Chase led a syndicate that pulled in nine additional firms, and together they collected close to $260 million in fees for making the deal happen. Citigroup walked away as the biggest winner among them, pocketing over $70 million — 20% ahead of every other bank involved.

About SK Hynix Stock

When we step outside the IPO headlines, SK Hynix's core business explains exactly why investors showed up in the first place. Headquartered in Icheon-si, Gyeonggi-do, South Korea, the company ranks among the world's premier semiconductor manufacturers, building DRAM, NAND flash, and HBM chips.

These chips sit behind:

• AI platforms
• Cloud infrastructure
• Smartphones
• Personal computers
• Enterprise data centers around the globe

Its customer list includes Nvidia Corporation (NVDA) and Alphabet (GOOG) (GOOGL), placing SK Hynix at the center of the AI memory boom.

On the price performance front, the stock hasn't sat still either. It climbed 6.97% over the past five trading sessions, giving shareholders a nice bit of green.

SK Hynix's Q1 Earnings

SK Hynix opened its books for Q1 FY2026 on April 23. Key financial highlights include:

| Metric | Value | YoY Change | |--------|-------|------------| | Revenue | ₩52.6 trillion ($35 billion) | +198.1% | | Operating Profit | ₩37.6 trillion ($25.1 billion) | Record high | | Operating Margin | 72% | Nearly doubled from prior quarter | | Net Income | ₩40.3 trillion ($26.9 billion) | Record high | | Net Profit Margin | ~77% | — |

Balance Sheet Highlights:

• Cash and cash equivalents grew by ₩19.4 trillion ($12.93 billion) from the previous quarter to ₩54.3 trillion ($36.18 billion)
• Interest-bearing debt dropped by ₩2.9 trillion ($1.93 billion) to ₩19.3 trillion ($12.9 billion)
• Net cash position: ₩35 trillion ($23.3 billion) — giving the company ample room to invest without relying on external capital

What makes the quarter stand out even further is timing. The first quarter typically brings a seasonal slowdown for chipmakers — yet SK Hynix delivered record results regardless.