SK Hynix tops Alibaba with biggest foreign IPO in US history

SK Hynix has raised $26.5 billion in its US IPO, marking the largest market debut by a foreign company in American history and surpassing Alibaba’s 2014 record. The South Korean memory chip maker sold nearly 178 million ADRs at $149 each, with demand reportedly more than seven times the available shares. Investors are enthusiastic due to SK Hynix’s dominance in high-bandwidth memory, a critical component for AI GPUs used by Nvidia. The company plans to use the funds to build a new fab, expand packaging facilities, and invest in EUV scanners for next-generation chips. Meanwhile, US officials are urging SK Hynix and Samsung to build new fabs in the US to reduce reliance on South Korea’s chip manufacturing.

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