SK Hynix has filed to raise up to $29 billion through American depositary receipts on Nasdaq, tentatively set for July 10. If priced at the top of its range, the deal would surpass Alibaba's 2014 record as the largest ADR offering ever. The entire raise is earmarked for chip fabrication capacity — including a fab in Yongin, an advanced-packaging facility in Cheongju, and EUV lithography equipment — with nothing going to shareholders or debt repayment. SK Hynix holds 60–70% of HBM4 volume allocated to Nvidia's Vera Rubin platform and recently surpassed Samsung to become South Korea's most valuable listed company. The company crossed $1 trillion in market cap in May, joining Nvidia and TSMC. HBM capacity for 2026 is sold out with shortages forecast into 2027, though the cyclical nature of memory markets remains a key risk.
