The IPO is progressing toward pricing. The massive ~US$28B raise will significantly boost SK hynix's capacity for AI-memory (HBM, eSSD) production. Final pricing, likely near the KOSPI reference (W2,425,000 per common share on July 3, 2026, ≈US$158.14 per ADS), will determine the exact dilution. Watch for the final prospectus and pricing date.
Executive Summary
SK hynix filed Amendment No. 2 to its Form F-1, advancing the US IPO of 177,900,000 ADSs (representing 17,790,000 common shares). The company is a top-tier memory semiconductor leader with dominant HBM market share (56.4% in Q1 2026) and posted strong financials: Q1 2026 revenue of US$34.5B (+198% YoY) and net profit of US$26.5B. Estimated net proceeds of ~US$28B will fund massive Korean capacity expansions (W45.5T) and EUV scanner purchases (W11.9T). Cornerstone investors (Baillie Gifford, Coatue, Situational Awareness) have indicated up to US$7B in non-binding interest. The IPO terms (price, final size) remain subject to negotiation.
Key Financial Metrics
Key Facts
- Offering of 177,900,000 ADSs (each ADS = 1/10 common share), representing 17,790,000 common shares (~2.50% of outstanding).
- Estimated net proceeds of ~US$28.0 billion, earmarked for W45.5 trillion in Korean production facility capex and W11.9 trillion for EUV scanners.
- Q1 2026 revenue of W52,576 billion (US$34,510 million), up 198.1% YoY; net profit of W40,346 billion (US$26,482 million), up 397.6% YoY.
- Cornerstone investors (Baillie Gifford, Coatue, Situational Awareness Partners) have indicated up to US$7 billion in non-binding purchase interest.
- Company holds #1 HBM market share (56.4% in Q1 2026 per IDC) and #2 in overall DRAM (29.1%) and NAND flash (18.5%).
- Global coordinators: BofA Securities, Citigroup, Goldman Sachs, J.P. Morgan.
Financial Impact
Net proceeds of ~US$28 billion; proceeds allocated to W45.5 trillion Korea capex (Yongin complex, Cheongju P&T7) and W11.9 trillion for EUV scanners through 2030.
Risk Factors
- Dilution from the new share issuance (2.5% of outstanding).
- Semiconductor cyclicality and oversupply risk.
- Geopolitical risks: US-China trade tensions, export controls, Korea-North Korea tensions.
- Concentration of demand in HBM/AI infrastructure; any slowdown in AI capex could hurt revenue.
- Non-binding cornerstone interest: up to US$7B may not materialize.
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| F-1/A Filing (Primary) | 0001193125-26-295501 |
| Document: d32785dex11.htm | 0001193125-26-295501 |
| Document: d32785dexfilingfees.htm | 0001193125-26-295501 |
| Document: d32785dex231.htm | 0001193125-26-295501 |
| Document: 0001193125-26-295501-index-headers.html | 0001193125-26-295501 |
| Document: 0001193125-26-295501-index.html | 0001193125-26-295501 |
| Document: 0001193125-26-295501.txt | 0001193125-26-295501 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 today | 6-K | $140.58 | awaiting T+1 | — | $142.62 (+1.45%) |
Oct 26, 2026 today | 6-K | $140.50 | awaiting T+1 | — | $142.62 (+1.51%) |
Oct 22, 2026 3d ago | 6-K | $137.02 $142.62 | ▲ +4.09% | ▲ +3.38% | $142.62 (+4.09%) |
Oct 21, 2026 5d ago | Institutional Cluster | $131.69 $137.02 | ▲ +4.05% | ▲ +4.57% | $142.62 (+8.30%) |
Oct 14, 2026 12d ago | 6-K | $147.55 $146.11 | ▼ −0.98% | ▼ −1.26% | $142.62 (−3.34%) |
Sep 18, 2026 5w ago | 6-K | $187.50 $188.86 | ▲ +0.73% | ▼ −0.83% | $142.62 (−23.94%) |
Sep 4, 2026 7w ago | 6-K | $177.00 $185.55 | ▲ +4.83% | ▲ +5.38% | $142.62 (−19.42%) |
Aug 21, 2026 9w ago | 6-K | $163.41 $155.37 | ▼ −4.92% | ▼ −4.63% | $142.62 (−12.72%) |
Aug 21, 2026 9w ago | 6-K | $163.41 $155.37 | ▼ −4.92% | ▼ −4.63% | $142.62 (−12.72%) |
Aug 19, 2026 9w ago | 6-K | $156.16 $163.04 | ▲ +4.40% | ▲ +5.24% | $142.62 (−8.67%) |
US Market Status
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