Following SpaceX's Footsteps! SK Hynix U.S. Listing Fizzles as ADR Falls Below IPO Price, Drops Over 10% Intraday

South Korea's memory chip leader SK Hynix's American Depositary Receipts (ADR) suffered a sharp decline on Monday (27th), tumbling as much as 10% intraday to a low of $139.01, breaking below its $149 per share offering price on July 9. Less than a month after listing, it closed at $143.02, 4% below its IPO price.

With this, SK Hynix joins Elon Musk's SpaceX as another major 2026 U.S. IPO to fall below its offering price, highlighting how investor appetite for new issues has clearly cooled amid rising concerns over AI infrastructure investments.

SK Hynix debuted on the U.S. market this month via ADRs, raising a massive $26.5 billion, making it one of the most anticipated global IPOs of the year. Initially surging on AI memory hype, the stock has recently faced accelerating sell-offs as investors dump previously high-flying semiconductor stocks. The Philadelphia Semiconductor Index slid to its lowest since May 19 on Monday, with peers like Micron and SanDisk weakening in tandem, dragging down SK Hynix's ADR and swiftly erasing earlier gains.

Analysts note that while SK Hynix maintains a dominant global position in HBM, its ADR pricing already reflected highly optimistic expectations. After signals emerged of lowered DRAM average price forecasts in earnings guidance and limited profit margins under long-term supply agreements, investors chose to lock in profits. Whether the stock can stabilize above the $140 level will depend on HBM shipment pace and overall risk appetite for U.S. semiconductor stocks.