SK Hynix's $28 billion US IPO to test its $1 trillion AI rally. Here's how

SK Hynix has lowered its US IPO fundraising target to about 43.14 trillion won, or $28.21 billion, from an earlier aim of about 45.45 trillion won. The company filed to offer 17.79 million common shares represented by 177.9 million ADSs, with trading expected to begin Friday. Investor interest is strong, with Baillie Gifford, Coatue Management and Situational Awareness Partners indicating combined demand of up to $7 billion. Proceeds will fund semiconductor manufacturing expansion including EUV lithography equipment, with the listing testing appetite for AI-linked stocks after the stock's about 260% gain in 2026 that pushed its market value past $1 trillion.