From near-bankruptcy to Nasdaq: SK hynix makes history with record US listing

"The market still perceives SK hynix as a commodity manufacturer and has not recognized its full value. SK hynix needs to grow at least 10 times bigger than it is today." — SK Group Chairman Chey Tae-won, from his book "Super Momentum"

"Just 25 years ago, SK hynix was on the verge of bankruptcy. But we never stopped innovating." — SK hynix CEO Kwak Noh-jung, remarks at the Nasdaq opening bell ceremony

SK hynix opened a new chapter in its history Friday, ringing the opening bell at the Nasdaq MarketSite in Times Square, New York, to mark its debut on the US exchange through an American depositary receipt listing.

The company priced its ADR offering at $149 per share, raising $26.51 billion — about 40 trillion won — through 177.9 million shares.

Large-scale initial public offerings typically price shares at a discount to attract investors, but SK hynix achieved premium pricing, setting its offer price above its existing share price.

The offering ranks among the largest transactions in US capital markets history. At $26.5 billion, it surpasses the $25 billion raised by China's Alibaba in 2014, making it the largest US IPO by a foreign company in history.

It is also the largest ADR offering on record. Among all US IPOs, it ranks second only to SpaceX, which raised approximately $85.7 billion.

Earlier this year, Chey laid out his ambitions for SK hynix in his book "Super Momentum," writing that he was "still hungry" and vowing to dramatically increase the company's value.

In the book, Chey recalled that his predecessor's dream "was simple — a company that earns 1 billion won a day, generating 365 billion won ($243 million) in annual profit. That was the dream figure. Looking at SK hynix's projected operating profit for 2025, we have come about 100 times that far."

Yet he said he remained unsatisfied. "Compared with Nvidia, Hynix needs to grow at least 10 times bigger than it is today," he wrote.

Chey outlined a vision to transform SK hynix from a simple chipmaker into an AI infrastructure company — reinventing itself as a "full-stack AI memory creator."

In an interview with Bloomberg after the opening bell ceremony, Chey addressed questions about the timing of the listing. "People ask why now, but this is actually the earliest moment we could have chosen," he said. "The world is in the AI era, and that AI era is generating explosive demand for memory. So this is exactly our moment."

SK hynix's vision of becoming an "AI creator" was equally evident in CEO Kwak Noh-jung's remarks at the ceremony Friday.

"Today is a truly joyful day, a day of great pride, and a genuinely historic day for SK hynix," Kwak said. "Just 25 years ago, our company faced the most difficult moment in its history. The DRAM market was in a severe downturn, and SK hynix was on the verge of bankruptcy."

"But we endured, we pushed through, and we rose back stronger," he continued. "It was during that period that our resilience and determination were forged — and that is what made us who we are today. We then began a new chapter alongside SK Group, a partner that shared our belief in the future, and together we moved forward to build it."

Kwak said the path to HBM was far from obvious at the time. "The future of high-performance memory was completely uncertain, but we saw the need for a new technology called HBM. We chose to invest in it, chose to develop it, and became the first in the world to make it a reality," he said. "And we never stopped innovating. Today, SK hynix's HBM stands at the center of the AI revolution. Through our leadership across HBM, DRAM and NAND flash, we provide the memory technology essential to powering global AI infrastructure."

Kwak also explained the significance of the Nasdaq ADR listing. "This listing will bring us closer to the next-generation computing ecosystem in the US market — the heart of AI, where the customers, partners and talent driving innovation are concentrated," he said. "We will further strengthen our foundation, pursue new opportunities and deepen our global partnerships."

He also expressed optimism about broadening access for global investors. "For many global investors, investing in SK hynix has not always been straightforward," Kwak said. "This ADR listing makes that access easier and will allow a wider global investor community to join us on our journey."

Kwak also reaffirmed the company's sense of responsibility in global markets. "We will not simply chase market opportunities — we will actively contribute to the development of the industry ecosystem by building advanced capabilities and investing in the future of AI technology," he said. "We will live up to the responsibility the market has placed on us through what we build and what we deliver."

"We are here to build the future with you," Kwak said in closing. "AI will be everywhere, and wherever AI exists, SK hynix will be there."

Kwak closed his remarks by emphasizing three values: trust, innovation and pride.

"To our investors and customers, thank you for believing in us — we will repay that trust through our actions," he said. "To our customers and partners across AI systems, thank you as well. We will continue to push the boundaries of what memory makes possible through innovation."

Turning to the company's workforce, Kwak invoked pride. "To our 48,000 employees around the world, thank you," he said. "Thank you for bringing us to this point. Your growth has always been the foundation of our growth, and we will do everything we can to help you achieve even greater things."

"SK hynix's AI technology leadership is not just a title," he added. "It is something we must prove and own every single day. The next chapter of SK hynix begins today, Friday. I invite each and every one of you to join us in writing it."

Bob McCooey, vice chairman of Nasdaq Global Capital Markets, also praised the listing. "SK hynix plays a critical role in advancing the technologies that power today's digital economy — from AI and cloud computing to next-generation data centers and mobile innovation," he said. "This listing is not only an important milestone for SK hynix, but also a deeply meaningful moment for Korea and the broader Asian capital markets."