SK Hynix, a South Korean memory chip maker, is raising about $28 billion by listing on Nasdaq. Pricing happens Friday, July 10, 2026, according to Reuters and Bloomberg.

The shares will be packaged as American Depositary Receipts, or ADRs. That's a financial tool that lets U.S. investors own shares in a foreign company using dollars, without needing to trade in a foreign currency or overseas exchange. The company's board approved the offering on June 24, 2026.

At $28 billion, this would be the largest foreign company IPO ever — bigger than Alibaba's famous 2014 debut on the New York Stock Exchange. The size reflects how valuable SK Hynix is, plus heavy investor demand for chip companies tied to artificial intelligence.

Why does SK Hynix matter? The company is the world's leading supplier of a specialized type of computer memory called High Bandwidth Memory, or HBM. These chips go inside Nvidia's most powerful AI processors — the computers that power large language models and other AI systems. Demand for HBM has far outpaced what SK Hynix and others can supply. The company's Korea Exchange listing trades on a local exchange, but U.S. investors have struggled to buy shares easily from abroad.

A Nasdaq listing solves that problem. It opens the door to trillions of dollars from American pension funds, endowments, and asset managers who want exposure to AI infrastructure. It removes the friction of trading on a Korean exchange. And it lets major U.S. companies that buy SK Hynix's chips own equity in the supplier.

The $28 billion is new money going into the company's pocket, not cash paid to existing shareholders selling out. That means SK Hynix can spend it on factories and equipment to make more memory chips. Building HBM factories is expensive and difficult — only a handful of chip makers in the world have the capability.

For traders, the listing creates something new: an opportunity to profit if the Nasdaq price and the Korea Exchange price get out of sync. If the ADR trades at a higher or lower price than it should based on the Korean shares, traders can buy the cheap one and sell the expensive one. Taxes and timing differences mean this trade costs money, so it's not risk-free.

July 10 is coming fast. The paperwork is filed. The board has approved the deal. Now comes the hard part: pricing the shares and actually selling them.