Micron Competitor IPO Raises $26B Today

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The next nuclear IPO is expected next week.

The largest foreign IPO in U.S. history starts trading this morning.

SK Hynix — the South Korean memory giant behind the chips inside Nvidia's AI accelerators — lists American depositary shares on the Nasdaq today.

That $26.5 billion raise edges out Alibaba's $25 billion debut from 2014. It's now the biggest U.S. listing ever by a foreign company.

The order book tells the story. The deal came in more than seven times oversubscribed. Three anchor investors — Baillie Gifford, Coatue, and Situational Awareness Partners — signaled appetite for as much as $7 billion between them.

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Here's why the demand is so heavy.

SK Hynix is the leader in high-bandwidth memory, or HBM. These are stacked DRAM chips built for the enormous data movement that AI training demands. SK Hynix was first to mass-produce the latest generation, and it remains Nvidia's primary HBM partner.

The company already expects to sell out its 2026 HBM capacity. The fresh capital is earmarked for one thing: building more of it.

This also gives U.S. investors a cleaner way to own the memory boom.

Until now, buying SK Hynix meant a Korean brokerage account, currency conversion, and overnight trading hours. The ADR removes all of that. You buy and sell SKHY in dollars, through a normal U.S. account, just like any other Nasdaq stock.

The obvious comparison is Micron (Nasdaq: MU).

The two are near-twins in size. Both carry market caps right around $1 trillion. Both have sold out HBM capacity through 2026. And both trade at strikingly low forward multiples — roughly 7x earnings for SK Hynix and closer to 6.5x for Micron.

Think about that. Two of the primary suppliers to the AI buildout, priced at single-digit earnings multiples. The market is betting on a huge near-term profit ramp from HBM — and pricing plenty of cyclical risk right alongside it.

SK Hynix has approximately 50% market share. Micron sits near 20% but has been climbing fast from a smaller base. Micron shares jumped more than 4% Thursday as the listing neared.

A word of caution: memory is cyclical. Both stocks have run enormous distances on AI optimism, and those low multiples exist because the market expects earnings to keep exploding. If that growth slows, the stocks could take a big hit.

I'll be watching where SKHY opens relative to its $149 price. A strong pop says the AI trade still has room. A soft open could be a warning sign for the market.

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Ian Wyatt
Editor, IPO Watch