South Korean chip giant SK Hynix raises $26.5bn in US share sale

South Korean computer chip maker SK Hynix has raised $26.5 billion in its New York share offering, marking the largest ever listing by a foreign firm in the United States. The company, a key supplier to AI chip giant Nvidia, sold 177.9 million American depositary shares for $149 each, with trading set to begin on the Nasdaq. The offering was reportedly over seven times oversubscribed, highlighting strong investor appetite for a key company in the AI supply chain. SK Hynix's market value topped $1 trillion in South Korea in May, lifted by the boom in demand for AI chips, and its share price has more than tripled in South Korea this year. The listing is the world's second largest stock sale after SpaceX, which raised $85.7 billion in June. The offering gives US investors a way to buy SK Hynix shares without trading via an overseas exchange and provides the firm easier access to investment from the world's biggest economy. The company has previously said it will invest in developing South Korea's chip making and AI capabilities, with the country's government unveiling plans for more than $880 billion of investments in partnership with SK Hynix and Samsung.