SK Hynix, the world's largest HBM producer and primary supplier to NVIDIA, raised $26.5 billion through 177.9 million ADRs at $149 each, with the offering 7x oversubscribed. Proceeds from the offering will fund new fabs and ASML EUV equipment, supporting HBM4 production which is already production-ready and effectively sold out with 3-5 year customer commitments.
SK Hynix's IPO capitalizes on HBM's critical bottleneck status for AI compute, funding capacity expansion to meet multi-year customer commitments.