Deal Timeline and Structure

The offering follows a tight, publicly confirmed schedule:

• Book building start: July 6, 2026
• Final pricing date: July 9, 2026
• Listing / first trading day: July 10, 2026
• Offer size: Up to 17.79 million new shares, representing about 2.5% of outstanding stock, raising up to ~$29.65 billion (₩45.45 trillion)
• ADR ratio: 10 ADRs per 1 common share
• Indicative ADR price: Approximately $166 per ADR, based on the June 23 closing price of the common shares
• Underwriters: Bank of America Securities, Citigroup, Goldman Sachs, and J.P. Morgan

The transaction is not a traditional IPO of a private company. It is a primary issuance of new ordinary shares that will back U.S.-listed ADRs, allowing SK Hynix to raise capital without establishing a primary U.S. stock listing . The final offer price and exact number of ADRs will be determined after the book-building process closes, so the $29.65 billion figure represents the maximum upper bound .

An Unusually Low Underwriting Fee

In a sign of the company's extraordinarily strong negotiating position, SK Hynix is considering an underwriting fee of just 0.5% of the offering proceeds . This is far below the typical 1–3% range for large U.S. listings . The 0.5% fee is even lower than the fee rate for SpaceX's initial public offering (0.67%) . On a $29+ billion deal, this would amount to roughly ~$130 million in base fees . SK Hynix may also award discretionary incentive payments on top of this base fee .

Use of Proceeds

The company has stated that the entire proceeds from the offering will be directed toward capital expenditures, specifically:

• Funding for new chip factories in Yongin and Cheongju, South Korea
• Procurement of ASML extreme ultraviolet (EUV) lithography equipment

Regulatory filings confirmed that the proceeds will support 45.5 trillion won in capital expenditures tied to new HBM and advanced-packaging capacity .

The Company Behind the Deal

SK Hynix is not just any chipmaker — it is the linchpin of the current AI hardware boom.

Record Financial Performance

• Record Q1 2026 revenue: ₩52.58 trillion ($35.5 billion), up 198% year-over-year
• Record operating profit: ₩37.61 trillion, with a staggering 72% operating margin
• Net profit: ₩40.35 trillion, up 398% year-over-year
• The first time the company's quarterly revenue exceeded 50 trillion won

Trillion-Dollar Market Cap

On May 27, 2026, SK Hynix's market capitalization exceeded $1 trillion for the first time, after shares surged 9.3% in a single day (peaking at a 14.9% intraday gain) . The company joined Samsung Electronics and Micron Technology in the exclusive trillion-dollar club . Shares have surged approximately 250% year-to-date in 2026 .

HBM Dominance and Sold-Out Production

• SK Hynix is the dominant supplier of HBM for Nvidia's AI accelerators, controlling an estimated 57–62% of the global HBM market
• The company's entire 2026 memory chip production is already sold out
• Management has stated that demand for HBM chips will outstrip manufacturing capacity for at least three more years

Regulatory Process

• A confidential SEC filing (F-1) was submitted in March 2026
• SEC approval was received in late June 2026, followed by the public filing on June 30
• On July 1, SK Hynix finished filing its registration statement, adding litigation risks into the statement as required by the SEC

A Record-Breaking Deal

If fully subscribed at the upper bound of $29.65 billion, the offering would surpass Alibaba Group's $21.8 billion NYSE debut in 2014 as the largest ADR listing in history . It would rank among the largest equity offerings globally, behind only SpaceX's ~$86 billion IPO and exceeding Saudi Aramco's $25.6 billion IPO in 2019 .

Deal Timeline and Structure

The offering follows a tight, publicly confirmed schedule:

• Book building start: July 6, 2026
• Final pricing date: July 9, 2026
• Listing / first trading day: July 10, 2026
• Offer size: Up to 17.79 million new shares, representing about 2.5% of outstanding stock, raising up to ~$29.65 billion (₩45.45 trillion)
• ADR ratio: 10 ADRs per 1 common share
• Indicative ADR price: Approximately $166 per ADR, based on the June 23 closing price of the common shares
• Underwriters: Bank of America Securities, Citigroup, Goldman Sachs, and J.P. Morgan

The transaction is not a traditional IPO of a private company. It is a primary issuance of new ordinary shares that will back U.S.-listed ADRs, allowing SK Hynix to raise capital without establishing a primary U.S. stock listing . The final offer price and exact number of ADRs will be determined after the book-building process closes, so the $29.65 billion figure represents the maximum upper bound .

An Unusually Low Underwriting Fee

In a sign of the company's extraordinarily strong negotiating position, SK Hynix is considering an underwriting fee of just 0.5% of the offering proceeds . This is far below the typical 1–3% range for large U.S. listings . The 0.5% fee is even lower than the fee rate for SpaceX's initial public offering (0.67%) . On a $29+ billion deal, this would amount to roughly ~$130 million in base fees . SK Hynix may also award discretionary incentive payments on top of this base fee .

Use of Proceeds

The company has stated that the entire proceeds from the offering will be directed toward capital expenditures, specifically:

• Funding for new chip factories in Yongin and Cheongju, South Korea
• Procurement of ASML extreme ultraviolet (EUV) lithography equipment

Regulatory filings confirmed that the proceeds will support 45.5 trillion won in capital expenditures tied to new HBM and advanced-packaging capacity .

The Company Behind the Deal

SK Hynix is not just any chipmaker — it is the linchpin of the current AI hardware boom.

Record Financial Performance

• Record Q1 2026 revenue: ₩52.58 trillion ($35.5 billion), up 198% year-over-year
• Record operating profit: ₩37.61 trillion, with a staggering 72% operating margin
• Net profit: ₩40.35 trillion, up 398% year-over-year
• The first time the company's quarterly revenue exceeded 50 trillion won

Trillion-Dollar Market Cap

On May 27, 2026, SK Hynix's market capitalization exceeded $1 trillion for the first time, after shares surged 9.3% in a single day (peaking at a 14.9% intraday gain) . The company joined Samsung Electronics and Micron Technology in the exclusive trillion-dollar club . Shares have surged approximately 250% year-to-date in 2026 .

HBM Dominance and Sold-Out Production

• SK Hynix is the dominant supplier of HBM for Nvidia's AI accelerators, controlling an estimated 57–62% of the global HBM market
• The company's entire 2026 memory chip production is already sold out
• Management has stated that demand for HBM chips will outstrip manufacturing capacity for at least three more years

Regulatory Process

• A confidential SEC filing (F-1) was submitted in March 2026
• SEC approval was received in late June 2026, followed by the public filing on June 30
• On July 1, SK Hynix finished filing its registration statement, adding litigation risks into the statement as required by the SEC

A Record-Breaking Deal

If fully subscribed at the upper bound of $29.65 billion, the offering would surpass Alibaba Group's $21.8 billion NYSE debut in 2014 as the largest ADR listing in history . It would rank among the largest equity offerings globally, behind only SpaceX's ~$86 billion IPO and exceeding Saudi Aramco's $25.6 billion IPO in 2019 .