South Korean chipmaker SK Hynix has launched a share sale in the United States aimed at raising roughly $28 billion, according to Reuters.
The company plans to sell 17.79 million new shares. Reuters reports the offering targets 43 trillion won, or about $28.07 billion, and that the specific price range for the shares is expected to be revealed later the same day. The sale was launched on Monday.
SK Hynix is one of the world's largest makers of memory chips — the components that store data inside everything from smartphones to the servers that power artificial intelligence. A capital raise of this size hands a chip company a large pool of cash, which such firms typically put toward the expensive factories and equipment needed to keep pace with demand.
Because the offering is being made in the US market rather than only at home in South Korea, it also widens the pool of international investors the company can reach.
Why it matters: $28 billion is an unusually large sum to raise, and where a leading memory-chip maker chooses to spend that money helps shape the global supply of the chips that underpin AI and consumer electronics.