SK Hynix Files for a $28 Billion Nasdaq Listing

SK Hynix, the South Korean memory chipmaker that feeds Nvidia's AI hardware, has filed to sell nearly 17.8 million shares in a United States listing that could raise around 28 billion dollars. The offering is expected to price on Thursday and begin trading on Nasdaq the following day, according to TechCrunch. It would be one of the largest technology debuts in years, and it gives American investors direct access to a company that has quietly become one of the biggest winners of the AI boom.

The shares on offer are American Depositary Receipts, each representing one tenth of a common share listed in Seoul. That structure lets SK Hynix tap US capital without moving its primary listing, a route several Asian firms have taken to reach deeper markets.

Riding the memory shortage

The timing is not an accident. Demand for high-bandwidth memory, the specialized chips that sit alongside Nvidia's accelerators, has outrun supply as Amazon, Microsoft, Google, and Oracle race to build out data centers. The crunch has grown severe enough that the industry has taken to calling it RAMageddon, and it has pushed Apple to raise prices on some devices. SK Hynix's first-quarter revenue rose nearly 200 percent from a year earlier, and its shares are up roughly 260 percent in 2026.

The company is not alone in catching the updraft. Micron, its American rival, has seen its stock climb about 700 percent over the past year to a valuation above one trillion dollars. Investors are clearly willing to pay up for anyone with a credible seat at the memory table, which is part of why SK Hynix's debut will be watched as a barometer for the listings expected to follow it.

The Nvidia thread

Underpinning the enthusiasm is a deep tie to Nvidia. The two companies have a multiyear technology partnership to co-develop memory for Nvidia's coming Vera Rubin systems, its Vera CPUs, and its robotics and PC platforms. Reports last month suggested Nvidia had locked in memory supply from SK Hynix through 2030, a commitment that gives the chipmaker rare visibility into future demand.

That dependence cuts both ways. SK Hynix's fortunes are now closely bound to a single dominant customer and to the durability of the current spending wave. We have written before about the strains showing up elsewhere in the supply chain, from Nvidia's own delayed rack systems to warnings about an AI bubble. A blockbuster IPO does not settle that debate. It just raises the stakes on getting the answer right.