Memory giant SK Hynix has gone public on the Nasdaq, raising $26.5 billion to help it expand to meet AI data center demand.
The market launch is the largest ever U.S. listing by a foreign firm. The company is already publicly traded in its home country, South Korea.
The company’s American depositary receipts, or ADRs, were priced at $149 and have since risen to more than $173.
Over the course of the year, SK Hynix's market cap has more than tripled in South Korea, amid a surge in memory stocks.
Memory prices have risen dramatically this year amid record demand for AI data center servers and chronic supply shortages.
In June, SK Hynix said that it aimed to double its wafer capacity over the next five years, with the new funding set to help the company reach its goal.