SK Hynix is targeting a $28 billion listing on the Nasdaq Global Select Market on July 10, which could make it the largest-ever US listing by a foreign company.

The pricing of SK Hynix American Depositary Shares (ADS) will be determined on Thursday, with trading beginning on Friday, July 10, 2026, under the ticker symbol SKHY. SK Hynix Inc. plans to price its US listing at $149 per American depositary receipt, despite recent volatility in its shares, as reported by Bloomberg on Thursday.

According to companiesmarketcap.com, as of July 2026, SK Hynix has a market cap of about $ 1trillion, ranking it as the world’s 16th most valuable company.

On the Korean Stock Exchange, shares of SK Hynix (000660) closed up 5.3% on Thursday — after jumping over 600% in the last 12 months.

SK Hynix plans to offer 17.79 million American Depositary Shares (ADSs), representing approximately 2.50% of its total common shares. A 90-day lock-up period will be enforced for the company and its affiliates following the listing.

Despite the blockbuster interest, risks loom large as SK Hynix is trading at high valuation, almost double its ten-year median, at what some analysts describe as the peak of a memory cycle, with significant selling pressure already visible in Micron, SanDisk, and Western Digital stocks.

UBS has advised investors to buy SK Hynix’s American depositary receipts while selling its South Korean shares, expecting the ADRs to be priced at a premium and to attract global portfolio managers who do not currently hold Seoul-listed shares.

SK Hynix is poised for a blockbuster US stock market debut, targeting a $28 billion listing on the Nasdaq Global Select Market. The SK Hynix IPO has likely garnered substantial investor interest, with the issue being oversubscribed at least seven times, according to Bloomberg.

If successful, SK Hynix could become the largest-ever US listing by a foreign company, surpassing Alibaba’s $25 billion listing in 2014.

“US investors have historically had limited access to Korean equities, constrained by the friction of opening local brokerage accounts and the absence of ADR offerings from Korean companies. SK Hynix’s ADR listing expands the investable universe for US investors to access two of the three largest memory suppliers globally,” says Di Zhou, portfolio manager at Thornburg Investment Management.

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What UBS Is Saying

UBS Group has issued a notable trade recommendation ahead of the listing. UBS has advised investors to buy SK Hynix’s upcoming American depositary receipts while selling the company’s South Korean stock — expecting the new securities to be priced at a premium, according to Bloomberg.

UBS’s sales and trading desk noted that the new receipts will be more cost-effective and efficient for hedge funds, enhancing their appeal. Additionally, the ADRs could attract global portfolio managers who do not currently own Seoul-listed shares, providing a fresh avenue for purchasing the stock.

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Why SK Hynix Matters in the AI World

SK Hynix is not just a chipmaker — it is a critical pillar of global AI infrastructure. The company holds a 56.4% market share in High-Bandwidth Memory (HBM), 29.1% in DRAM, and 18.5% in NAND flash. Its HBM products are essential for AI accelerator chips — including those from Nvidia — establishing SK Hynix as a key supplier in the global AI sector.

Risks to Consider

Despite the excitement, the SK Hynix IPO arrives at a difficult moment for the memory chip sector. There is significant selling pressure in memory chip stocks, including Micron Technology, SanDisk, and Western Digital Corp. The company’s performance is also significantly linked to AI infrastructure spending — meaning any decrease in demand for data centres or GPUs could adversely affect results.

Valuation is another concern worth flagging. “The company is trading at 20 times earnings, almost double of its ten year median, at the peak of a memory cycle. The valuation only appears reasonable in the context of aggressive growth assumptions. Stocks have peak valuations at peak earnings, and vice versa. Although every AI bull will tell you that ‘this time it’s different’, those have time and again been proven to be the four most dangerous words in investing,” says Eshaan Lazarus, Founder and CEO, 021 Trade.

Whether the recent selloff in AI semiconductor shares will overshadow investor enthusiasm ahead of SK Hynix’s Nasdaq debut on Friday remains to be seen.

Disclaimer: This article is for informational purposes only and does not constitute investment or financial advice. IPO details and stock prices are subject to change. Investing in IPOs and foreign-listed stocks involves significant market risk, valuation risk, currency risk, and liquidity risk. Past performance is not indicative of future returns. Readers are strongly advised to consult a registered investment advisor or qualified financial professional before making any investment decisions related to SK Hynix or any other US-listed stock/ADR.