SK Hynix Inc. has set a $149 price for its American depositary receipts (ADRs), aiming to raise $28 billion through 17.79 million new shares. The offer follows a trim from the original $29.6 billion target after recent share volatility.

The chipmaker’s market value now tops $1 trillion, a level shared only by Samsung and Micron. A surge of more than 200 % this year, a first‑quarter revenue above 50 trillion won, and operating margins north of 70 % underscore the company’s strong position. SK Hynix also commands about 60 % of the high‑bandwidth memory (HBM) market, the most sought commodity for AI workloads.

Proceeds will fund a massive fabrication cluster in Yongin and a first U.S. packaging facility in Indiana, while the Nasdaq ADR listing closes the valuation gap that Korean chipmakers often trade at a discount to U.S. peers. The move comes amid a volatile memory cycle; recent sell‑offs saw Samsung lose more than $100 billion in market value, and questions loom over whether AI infrastructure spending will generate returns.

Investors now face a clear upside: near‑$1 trillion valuation and a sizable U.S. listing, but they must weigh the cyclical nature of memory demand and the risk of a market wobble against the company’s current profitability and strategic expansion plans.