South Korean chipmaker SK hynix, known for its high-bandwidth memory chips, is preparing to raise roughly $28 billion (€24.5bn) on Wall Street, a sum surpassed only by SpaceX’s record flotation last month.
It is an extraordinary outcome for a firm that once survived on job cuts and asset sales.
Pricing is due on Thursday, with trading expected to begin on Friday under the ticker SKHY.
SK hynix is issuing 17.79 million new shares in the form of American depositary receipts (ADRs), each representing a tenth of a Seoul-listed share, and cornerstone investors including Baillie Gifford and funds run by Coatue Management have signalled interest in up to $7 billion (€6.1bn) worth of stock.
The target was trimmed from an initial $29.6 billion (€25.9bn) after the shares slipped in recent weeks.
ADRs are certificates traded on a US exchange that stand in for shares held abroad, letting American investors buy into a foreign company without dealing in a foreign currency or market.
Unlike a conventional flotation, this is not SK hynix’s stock market debut. Its primary listing remains on Seoul’s Kospi index, and the Nasdaq offering simply opens a second, dollar-denominated avenue for investors to gain exposure.
The listing arrives with the company already worth more than $1 trillion (€876bn), a threshold also crossed by rivals Samsung Electronics and Micron, after a surge of more than 200% this year.
Proceeds will fund new fabrication plants, chiefly a vast cluster in Yongin, plus its first US packaging facility in Indiana.
The move is partly about valuation. Korean-listed chipmakers have long traded at a discount to American peers, and a Nasdaq listing offers a chance to close that gap.
The AI build-out has transformed the industry’s economics.
As hyperscalers pour hundreds of billions into data centres, memory prices have exploded, with DRAM up 44% and NAND flash up 53% in a single quarter, according to Citi Research, and manufacturers have already sold most of their 2026 production.
SK hynix reported first-quarter revenue above 50 trillion won (€29bn) and operating margins north of 70%, figures unheard of for a chipmaker, and commands about 60% of the high-bandwidth memory (HBM) market, according to Counterpoint Research.
Yet the timing is delicate.
Memory has always been a brutally cyclical business. The AI-driven rally that transformed SK hynix has begun to wobble as chip stocks sold off sharply across Asia last week, and Samsung lost more than $100 billion (€87.5bn) in market value despite posting a record profit.
Investors are increasingly asking whether the vast sums being spent on AI infrastructure will earn a return, a question that the Bank for International Settlements raised in late June when it warned that the boom could seed the next financial crash.
Those concerns are not new for SK hynix.
SK hynix traces its roots to Gukdo Construction, founded in 1949, which moved into electronics in 1983 as Hyundai Electronics, an arm of the Hyundai empire.
The Asian financial crisis of the late 1990s brought disaster. Under an IMF-backed restructuring of the Korean economy, Hyundai absorbed rival LG’s semiconductor business, creating a giant that promptly buckled under its own debts.
Salvation came in stages.
Renamed Hynix Semiconductor in 2001, a contraction of “high” and “electronics”, the firm cut jobs, shed assets and split from Hyundai. Profits returned, but the violent swings of the DRAM market left it perpetually exposed.
Starved of capital, it was rescued in 2012 by the telecoms conglomerate SK Group, becoming SK hynix. The takeover proved decisive. SK Group poured money into high-bandwidth memory, then a costly and unprofitable technology that few believed in.
Today it has become the scarcest commodity in AI computing. And the firm employs nearly 46,900 people.
Additional sources • AFP
Uzbekistan’s largest-ever public market transaction has highlighted growing investor interest in the country and its economic reforms, while shifting attention to the next stage of developing its financial markets.
The listing of the National Investment Fund of Uzbekistan, managed by Franklin Templeton, raised more money than all previous IPOs in the country combined over the past 30 years, according to Marius Dan, Central Asia CEO at Templeton Global Investments.
For investors and market operators, the transaction has drawn attention to a wider issue: how Uzbekistan develops the rules, institutions and market depth needed to support capital markets, debt financing, venture capital and private investment.
“What investors really want to know is that they’ll put their money in and that they will get their money back,” Julia Hoggett, chief executive of the London Stock Exchange, told Euronews.
Hoggett said investors usually begin by looking at a country’s fundamentals, including currency stability, inflation, economic growth, population trends and assets, before turning to the regulatory environment.
Uzbekistan is preparing new financial legislation as it seeks to expand the range of financing available to companies and investors.
Laziz Kudratov, the country’s minister of Investment, Industry and Trade, told Euronews that legislation establishing the Tashkent International Financial Centre is expected to be signed soon.
The project would create a separate jurisdiction based on common law principles. Kudratov said the aim is to give foreign financial companies a legal environment based on international standards rather than requiring them to operate solely through local legislation.
He also said the planned jurisdiction would include 50 years of tax incentives, including exemptions from corporate income tax, value-added tax (VAT), property tax and customs duties.
The government is also preparing legislation covering alternative investment structures, including venture capital, private equity and limited partner-general partner investment models.
“We are also coming up with a new law on alternative investments,” Kudratov said. “It will create a framework to protect venture capital, LP and GP investment, and private equity investment in Uzbekistan.”
Dan said the National Investment Fund listing showed that international investors were willing to participate when transactions were structured in the right way.
“The initial public offering of the National Investment Fund shows that, in the right structure, investors are very keen to participate in the capital markets of the country,” he said.
Dan said Uzbekistan’s capital market would need more companies, greater liquidity and more foreign institutional investors in the coming years.
He said continued listings of state-owned enterprises, both within and outside the National Investment Fund’s portfolio, would be important in broadening the investment universe.
Local debt markets are also beginning to attract more attention, he said, with retail investors looking more closely at investment opportunities inside Uzbekistan.
Kudratov said reforms introduced since 2017 had changed the investment environment through tax reforms, currency liberalisation and the removal of restrictions on profit repatriation.
“Any investor can come, invest and get their revenues out of the country within one day,” he said.
For Hoggett, investor confidence also depends on a proven track record.
“You can’t change things overnight and say people need to believe it. They need the evidence to see it,” she said.
The growth of local debt markets and the entry of more retail investors are early signs that Uzbekistan’s financial market is beginning to widen beyond foreign institutional capital, according to Dan.
Hoggett said public markets can play a wider role by opening investment opportunities to more participants.
“The public markets are democratising,” she said.
Hoggett added that private companies are often owned by a relatively small group of investors, while public markets allow a broader range of investors to access company growth. That wider access comes with stronger disclosure requirements for issuers.
For Uzbekistan, broader participation would mean more than attracting foreign capital. It would also involve creating opportunities for domestic investors to participate in the growth of listed companies, debt markets and other financial products.
Governance remains central to the development of Uzbekistan’s capital markets.
Dan said several companies within the National Investment Fund’s portfolio had already introduced board-level changes, including the appointment of independent directors.
“Corporate governance is key,” he said.
He described stronger oversight of state-owned companies as part of improving their operations.
Hoggett said public markets also impose discipline on companies seeking capital.
“The first rule of doing an IPO is meet your estimates, hit what you say you’re going to do,” she said.
That requires companies to build systems, controls, accounting capacity, finance teams and planning processes, she said. Hoggett added that such structures can help companies operate at scale and grow faster.
Published on •Updated
One of Europe’s largest military equipment producers, KNDS, rolled out long-awaited details of its initial public offering (IPO), aiming for a dual listing in Paris and Frankfurt in the coming weeks.
The IPO could value KNDS, the maker of Leopard and Leclerc tanks, at between €12bn and €15bn, according to the Financial Times, potentially making it one of Europe’s largest defence listings in recent years.
The listing comes at a time when European military budgets are surging, driven by the war in Ukraine and doubts over the reliability of the US as a security guarantor.
The company declined to comment on the precise date, but CEO Jean-Paul Alary told reporters the offering was expected within weeks.
According to Alary, the move comes as the continent enters what he called a new era of defence and security, with armed forces modernising rapidly and rebuilding the land-warfare capabilities run down during decades of lower spending.
According to Reuters, the firm has now formally launched the IPO process, which is expected to take place in mid-July.
The announcement comes days after Germany unveiled plans to acquire a 40% stake in KNDS, saying the move would secure long-term influence over a company it considers strategically important to European security and defence.
France, which currently owns 50% of KNDS, is expected to reduce its stake to 40%.
The remaining 20% of the company is set to be floated on the stock market, with France and Germany each retaining 40% stakes following the transaction.
According to the Financial Times, the shares are expected to be marketed primarily to institutional investors amid strong demand for European defence stocks.
Once the listing is completed, KNDS shares will begin trading on Euronext Paris and the Frankfurt Stock Exchange, giving investors direct exposure to one of Europe’s largest land-defence manufacturers.
KNDS was created in 2015 through the merger of Germany’s Krauss-Maffei Wegmann and France’s Nexter.
The rapid emergence of the rival adds to the pressure on Rheinmetall, Europe’s largest ammunition maker and KNDS’s main competitor in subsectors such as land systems.
The Düsseldorf-based group, whose shares have shed roughly a quarter of their value this year, had itself reportedly hoped to buy into KNDS, only to be shut out by the governments’ intervention.
To make matters worse, Berlin announced it would scrap Rheinmetall’s multi-billion-euro F126 frigate programme, which would have been Germany’s largest warship order since the Second World War, in favour of smaller vessels from rival builder TKMS.
Rheinmetall, which had been poised to take over the project, fell 13% in early trading on Wednesday due to the news.
The squeeze also coincides with regulatory scrutiny at home.
Germany’s Monopolies Commission has warned that defence procurement is concentrated among a small number of suppliers, potentially weakening competition and driving up costs.
Calling for reforms to procurement rules, commission chairman Tomaso Duso said competition was “the fundamental pillar of Europe’s economic order” and should play a greater role in the defence sector.
A listed KNDS will give investors a direct yardstick against which to measure Rheinmetall’s order momentum and margins.
Additional sources • AFP
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Barrick Mining (B) is considering a possible London listing for its African business, potentially via an all-stock deal with U.K.-listed Endeavour Mining (EDVMF) as a possible option, Reuters reported Monday.
Under one scenario being explored, Barrick (B) would retain its
SpaceX founder Elon Musk announced plans on Wednesday for one of the biggest stock sales ever, by taking a space company public that is currently losing billions of dollars a year.
A filing shows that SpaceX lost $2.6 billion (€2.24bn) from operations last year on $18.7 billion in revenue, and the losses continued at the start of this year.
The prospectus did not put a dollar figure on the amount Musk hopes to raise, but various reports have estimated it at around $75bn (€64.5bn). An offering of that size would easily surpass the current title holder, Saudi Aramco, the oil giant that went public seven years ago and raised $26bn (€22.4bn).
SpaceX, formally known as Space Exploration Technologies Corp., said the money will help finance projects to put people on the Moon and Mars, as part of its goal to make humans an interplanetary species in the face of existential threats that could wipe out civilisation.
“We do not want humans to have the same fate as dinosaurs,” the filing states.
The prospectus reads, in part, like a Hollywood-style vision of the future, detailing in one section that part of Musk’s compensation will be granted only if he maintains “a permanent human colony on Mars with at least one million inhabitants.”
Short of that, the stock sale alone could make Musk — the founder and a major shareholder of SpaceX — the world’s first trillionaire. Forbes currently estimates his net worth at $839bn (€722bn), roughly equivalent to Poland’s annual GDP.
In addition to making reusable rockets to send astronauts into orbit, SpaceX has other businesses, some successful and others struggling, with plenty of question marks.
The document shows that Starlink, the world’s largest satellite communications company, is a major source of cash, generating $4.4bn (€3.8bn) in operating income last year. The business uses 10,000 satellites in low orbit to provide internet service to 10 million people in 150 countries and territories.
Among the struggling businesses are two Musk ventures recently acquired by SpaceX — his social media platform X, formerly Twitter, and his artificial intelligence firm xAI. Those purchases were criticised by some SpaceX investors as bailouts, as both are significant loss-makers.
The prospectus said its AI business lost $6.4bn (€5.5bn) from operations last year.
The original SpaceX business — building rockets and conducting launches — has benefited from major government contracts, raising questions that could come back to affect the company. Given Musk’s close ties to the Trump administration, government ethics lawyers and watchdogs have questioned whether he received preferential treatment in securing taxpayer-funded contracts, and whether that support will continue once Donald Trump leaves office.
SpaceX has won contracts worth $6bn (€5.2bn) from NASA, the Defence Department and other government agencies over the past five years, according to USAspending.gov. The company noted in its filing that one-fifth of its revenue last year came from the federal government.
Musk was the biggest donor to Trump’s presidential campaign and remains a major backer, despite a sometimes rocky relationship following his role in the government cost-cutting effort known as DOGE early last year.
Like many corporate CEOs, Musk’s compensation goes far beyond his annual salary, which was $54,080 (€46,538.5)in 2025 and has remained unchanged since 2019, according to the filing.
The prospectus says stock grants for him will be divided into 15 nearly equal tranches — 67 million shares each — and will vest only as the company reaches preset market capitalisation targets. In addition to the Mars colony milestone, SpaceX’s market value would need to reach $7.5 trillion (€6.45tr) for him to receive the full award.
He would receive additional stock awards if SpaceX succeeds in deploying giant data centres the size of football fields in space.
The document shows Musk will retain significant control over the business.
It states that he and certain other shareholders will receive shares in a special class of stock that gives them 10 votes per share. These shareholders will be able, among other things, to elect a majority of the company’s board of directors.
“This will limit or preclude your ability to influence corporate matters and the election of our directors,” SpaceX said in a warning to prospective investors.
SpaceX will be able to market the offering to investors — in what is known on Wall Street as a “roadshow” — 15 days after making its prospectus public. In this case, that would be 4 June.