SK Hynix, the world's second-largest memory chip manufacturer, officially kicked off its U.S. listing process this week, aiming to raise approximately $29 billion by issuing American Depositary Receipts (ADRs) on the Nasdaq exchange. This fundraising scale is second only to SpaceX's IPO last month and is poised to become one of the largest-ever listings by a foreign company in the U.S. market.

According to reports, SK Hynix plans to issue 17.79 million new shares, with each common share represented by 10 ADRs. The final pricing will be set on Thursday, with formal trading slated to begin on Friday. The listing is being jointly managed by four institutions, including BofA Securities.

Over the past year, SK Hynix's stock price has soared nearly 770%, driving its market capitalization past the $1 trillion mark. At one point, it even surpassed Samsung Electronics to become South Korea's most valuable listed company. As a key supplier of NVIDIA's high-bandwidth memory (HBM), SK Hynix has significantly benefited from the surge in AI infrastructure investment. This has translated into substantial growth in both operating profit and sales during the first quarter of this year.

The proceeds from the listing will primarily be used to expand semiconductor and packaging facilities in South Korea, as well as to acquire essential manufacturing equipment. Additionally, SK Hynix has already invested $4 billion in Indiana, U.S., to establish its first overseas packaging project.

Analysts point out that this listing represents a critical test of the sustainability of demand for AI chips, warning of potential cyclical risks in the chip industry. Nevertheless, given the robust market demand for HBM, SK Hynix's listing performance will serve as a key indicator of the global market's ability to absorb narratives around AI-related capital investments.