SK Hynix’s $26.5 billion US listing powers the AI IPO wave

SK Hynix raised $26.5 billion with its US listing, and the third-quarter IPO market owes it a thank-you note. A record-setting debut on Nasdaq SK Hynix completed its US offering of American depositary receipts on July 10, 2026. An ADR is essentially a US-traded stand-in for a foreign company’s shares. American investors can buy it without dealing with an overseas exchange. The company sold 177.9 million ADRs at $149 apiece, bringing in $26.51 billion. That total topped Alibaba’s 2014 record for the largest US listing by a foreign company. Demand was not a problem. The offering was more than seven times oversubscribed, meaning investors asked for well over seven times the shares on offer. Cornerstone investors showed interest in up to roughly $7 billion of the offering. Baillie Gifford and Coatue Management were among them. Trading on day one reflected that appetite. The ADRs opened around $170, a jump of approximately 14% from the offer price, and reached intraday highs near $177. Across the session, the gains landed in a range of 14% to 17%. At listing, the company’s market capitalization sat around $1.1 trillion. SK Hynix shares in Seoul had already pushed its market value past $...