SK hynix Inc. (SKHY) IPO

Executive Summary

SK hynix — the world's #1 HBM maker and #2 in DRAM — lists American Depositary Shares on the Nasdaq Global Select Market under SKHY, expected Friday, July 10, 2026.

1. 177,900,000 ADSs offered, each representing one-tenth of a common share (17,790,000 common shares) — 100% primary, no selling shareholders, no over-allotment option (Korean law).
2. Offer price CONFIRMED at $149.00/ADS per the 424B4 prospectus (negotiated off the KRX reference, not a marketed range). Implied gross ≈ $26.5B.
3. Day 1 (Jul 10, 2026): first trade $168.31 (+12.96% vs offer) · day-1 close $168.01 (+12.76% vs offer). Open-to-close intraday: −0.18%.
4. Post-offering US float ≈ 2.44% of 728,865,500 shares outstanding (own calc) — mega-raise, fractional float; KOSPI listing (000660) remains the principal market.
5. Cornerstone indications up to $7B aggregate (non-binding): Baillie Gifford Overseas, funds managed by Coatue Management, and Situational Awareness Partners LP.
6. The turnaround: FY2023 net loss ₩(9,138)B → FY2024 ₩19,797B profit → FY2025 record ₩42,948B (≈$28.2B) → Q1 2026 alone ₩40,346B (≈$26.5B), nearly the full prior year in one quarter.

How this Dossier is built

A Bellipo Dossier is built from the filing itself. We aggregate the company's S-1 and its amendments, extract the disclosures that move a deal, and compile them into a single structured brief — the financial statements normalized into comparable lines, the use-of-proceeds split between primary and secondary, the capitalization and ownership table, the underwriting syndicate, insider selling, the auditor and its prior engagements, and the ranked risk factors. Every figure is traced to the source filing rather than the press release. The result is a desk-grade read of what the company disclosed, not what it announced — in plain English, in about five minutes.

Company Information

SK hynix Inc. is one of the world's largest memory-semiconductor makers: #1 globally in HBM (56.4% revenue share), #2 in DRAM (29.1%), #2 in NAND (18.5%) per IDC Q1 2026 as cited in the F-1/A. DRAM was 77.3% of Q1 2026 sales; NAND 22.0%.

How it makes money

Designs and manufactures memory semiconductors — DRAM (including HBM for AI accelerators) and NAND flash — sold to a concentrated set of large customers in the United States and China; capacity anchored in Korean fabs with major expansion underway at Yongin (Fab 1) and Cheongju (P&T7 advanced packaging).

The Bellipo Take

A generational memory supercycle listing with a structure Americans haven't seen: negotiated pricing, fractional float, and a live home-market anchor.

1. The HBM crown.56.4% global HBM revenue share (IDC Q1'26, per the filing) in the single most supply-constrained component of the AI buildout — and the filing says it was first to mass-produce multiple HBM generations.
2. The arc is in the statements.Loss of ₩9.1T in 2023 to ₩42.9T record profit in 2025; Q1 2026 profit of ₩40.3T nearly equaled the record year by itself. Gross margin ran −1.6% → 48.1% → 60.4% → 79.3% (own calc from filed figures).
3. Scarcity mechanics.~2.44% US float, no greenshoe, three cornerstones indicating up to $7B — day-one ADS supply is structurally thin against launch-scale demand.

1. Cyclicality is risk #1 — by the filing's own ranking.Memory has repeatedly swung from shortage to oversupply; the filing lists cyclicality first among its own risks. The 2023 loss on these same statements is the proof.
2. A quarter this good invites mean reversion.79% gross margin (own calc) and one quarter ≈ one record year is extraordinary; the filing itself flags an AI-infrastructure demand slowdown as a distinct risk.
3. Concentration, unnamed.Two customers were 14.8% and 12.4% of Q1'26 revenue; the largest was 23.9% of FY2025. The filing does not name them — concentration this tight in US/China customers carries both demand and export-control exposure.

Bottom line

You are not buying a discovery-priced IPO; you are buying a sliver of an already-priced giant at whatever premium day-one scarcity commands. The question isn't the company — it's the float.

S-1 Deep Dive

Business overview

SK hynix supplies the memory layer of the AI buildout. Its HBM — high-bandwidth memory stacked beside AI accelerators — leads the world at 56.4% revenue share, in a DRAM market where three players hold over 90% (the filing names Samsung Electronics and Micron Technology as the others, per IDC). Q1 2026 DRAM revenue grew 189.7% year over year to ₩40,659B; NAND grew 258.5% to ₩11,574B. The company is 43 years old, KOSPI-listed (000660) since long before this offering, and is now adding a US listing rather than going public for the first time.

Use of proceeds

General corporate purposes centered on capacity: ₩45.5T of remaining planned investment in Korean production facilities — Yongin Fab 1 (₩31.0T total) and Cheongju P&T7 advanced packaging (₩19.0T total; ₩50.0T combined, ₩4.5T already invested) — plus ≈₩11.9T of EUV lithography scanners for delivery by December 2027; the balance funded by operating cash flow and borrowings.

Key terms

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