Solidigm’s Potential IPO: Possible Timing, Valuation and What’s Still Unclear

SK Hynix subsidiary Solidigm is reportedly weighing a U.S. IPO as early as 2027, with a possible valuation of up to $150 billion and an offering that could raise about $15 billion. Solidigm has held pitch meetings with investment banks, but those discussions do not amount to a decision to list: the timing and size remain preliminary.

What has been reported about the IPO

Reuters reported that banks recently pitched for potential roles on a Solidigm offering, a process known as a “bake-off.” People familiar with the discussions said a listing could happen as early as 2027 and could raise $15 billion, with a valuation of up to $150 billion. These are reported possibilities, not confirmed deal terms.

Reuters described a deal of that scale as potentially the largest U.S. semiconductor listing. That comparison is also conditional: Solidigm has not confirmed an offering or its terms.

How Solidigm fits into SK Hynix

Solidigm grew out of SK Hynix’s acquisition of Intel’s NAND flash memory and solid-state drive business. SK Hynix established Solidigm after the acquisition, which was valued at about $9 billion. 3

The business sells enterprise solid-state drives (SSDs). Its potential significance is tied to the wider expansion of AI data centers, where enterprise SSDs are emerging as a growth area alongside high-bandwidth memory, according to reporting on the market. 6 A separate listing could give public-market investors a way to assess Solidigm’s storage business apart from SK Hynix, although no IPO structure has been announced.

A possible U.S. factory is a separate proposal

Solidigm is also reported to be considering a NAND flash memory factory in the United States, with upstate New York described as a leading candidate. That project is under consideration, not confirmed. The factory discussions are separate from the IPO reports; there is no confirmed link between the proposed plant and any IPO proceeds.

Earlier fundraising reports are not an IPO announcement

Before the IPO reports, Korean media described possible pre-IPO financing, including a reported $5 billion fundraising round. 6 That would be distinct from the later-reported $15 billion public offering.

SK Hynix’s regulatory clarification said Solidigm was reviewing measures to strengthen its competitiveness, but that no specific measures or transactions had been determined. The company’s statement is a reason to treat both fundraising reports as unconfirmed plans, not completed deals. 8

What remains uncertain

The bank meetings indicate that a potential IPO is being explored, but they do not establish that Solidigm will go public. The reported 2027 timing, $150 billion valuation and $15 billion raise could change; SK Hynix has not confirmed a listing or settled the proposed terms. 8