SK Hynix Debuts on Nasdaq in Largest-Ever Foreign IPO at $26.5 Billion

M&A/IPO | Sat Jul 11 2026 00:00:00 GMT+0000 (Coordinated Universal Time) | 7 sources

SK Hynix surged 13% on its first day of trading in the largest foreign company listing in U.S. history, betting on the AI memory boom.

Analysis

[SK Hynix] surged 13% on Nasdaq debut day ^[1][4][6]

• Began trading under ticker SKHYV
• switching to SKHY on Tuesday
• Opened at $170
• approximately 14% above the $149 IPO price
• Closed at $168.01
• up 12.8%

[SK Hynix] set record for largest foreign IPO in U.S. history ^[2][3][6][7]

• Raised $26.5 billion
• the largest-ever foreign company U.S. debut
• Proceeds to fund aggressive expansion including new fabs and equipment
• IPO was oversubscribed

[Chey Tae-won (SK Hynix Chairman)] emphasized structural surge in AI memory demand ^[3][6]

• Customers include major big tech companies such as Nvidia and Apple
• Even with capacity doubling over the next five years
• customers are asking for more
• Stated there are no signs of HBM demand slowing

[Kwak Noh-Jung (SK Hynix CEO)] projected memory supply shortage lasting until 2030 ^[4][5][6]

• Other competitors forecast supply shortage through 2027-2028
• Expects worst-ever memory supply shortage in 2027
• Market cap surged on AI infrastructure demand

[Korea Discount] expected valuation gap to narrow following Nasdaq listing ^[7]

• SK Hynix forward P/E of 4.8x vs. industry median of 29.84x
• Micron forward P/E is 6.6x
• SK Hynix up 240% and Micron up 250% this year

[Sandisk / Micron] memory stocks reacted in tandem to SK Hynix listing ^[4][5]

• Sandisk rose 3.4%
• with NAND memory stocks moving in sync
• Micron declined on new competitive entry
• Broad market strength with EquipmentShare up 17% and WD-40 up 11%

Sources

• [1] SK Hynix’s stock sees double-digit pop in Nasdaq debut - MarketWatch Top Stories
• [2] Gensler: Big Deals a Sign of 'High-Valuation Market' - Bloomberg Markets
• [3] SK Hynix Debut Is a Bet That AI Breaks Boom-and-Bust Chip Cycle - Bloomberg Markets
• [4] Stock Market Today, July 10: Markets Edge Higher and SK Hynix Soars on Debut - The Motley Fool
• [5] Why Sandisk Stock Popped Again Today - The Motley Fool
• [6] SK Hynix rises 13% in Nasdaq debut. Chairman tells CNBC 'demand is enormous' - CNBC World Markets
• [7] Will SK Hynix’s Wall Street debut narrow its 'Korea discount'? - CNBC World Markets