South Korea’s memory chipmaker SK Hynix raised $26.5 billion on the Nasdaq on Friday, marking the largest US IPO by a foreign company. The offering priced 177.9 million American depositary receipts at $149 each, surpassing Alibaba’s 2014 New York listing and second only to SpaceX‘s roughly $85.7 billion IPO.

Record-Breaking Achievement

The IPO represents a historic moment for Korea’s tech industry. Orders during book-building were more than seven times the number of ADRs on offer, signaling strong investor confidence in the memory chip market. Each ADR represents one-tenth of a common share traded on the Korean stock market.

Conditional trading on Nasdaq began Friday under ticker “SKHYV,” with regular trading under “SKHY” starting Monday. The offering closed Tuesday. The pricing carried roughly a 2.9 percent premium to SK Hynix’s closing price on the Korean exchange.

Why It Matters

The timing reflects surging global demand for semiconductor infrastructure driven by AI expansion. Tech giants are racing to build data centers, and memory chips are critical to that build-out. SK Hynix’s US listing gives American investors direct exposure to this growth trend.

Strategic Implications

The capital infusion lets SK Hynix scale production and compete more aggressively with Samsung and other chipmakers. Competition in memory chips has been brutal on margins, but AI-driven infrastructure investment is reshaping the market dynamics.

SK Hynix’s record-breaking debut signals that semiconductor stocks remain the backbone of the AI infrastructure race.