Solidigm’s Potential IPO: $15 Billion Raise, $150 Billion Valuation

SK Hynix subsidiary Solidigm is considering a U.S. IPO as early as 2027 that could raise about $15 billion and value the business at up to $150 billion, according to a Reuters report citing people familiar with the discussions. The company has reportedly heard pitches from investment banks, but the offering’s timing and size remain tentative—not confirmed deal terms. 2

What is being considered

The reported plan involves a potential U.S. listing as early as 2027. The $15 billion figure is a possible fundraising amount; the $150 billion figure is a potential valuation. Neither is a finalized number, and the available reporting does not establish that Solidigm or SK Hynix has approved an offering. 2

Solidigm has reportedly held meetings with investment banks competing for roles on a possible IPO. In investment banking, this kind of competitive presentation process is often called a “bake-off.” The meetings are a concrete sign that a listing is being explored, but they do not confirm that it will proceed. 2

Solidigm’s origins and business

SK Hynix created Solidigm after acquiring Intel’s NAND flash and solid-state-drive business for about $9 billion in 2021. Solidigm is a U.S.-based subsidiary focused on that storage business. 3

The reporting identifies its NAND and SSD operations, but the sources available here do not quantify Solidigm’s exposure to AI infrastructure or explain how much demand for its products comes from AI-related data centers. That makes it difficult to assess the proposed valuation based on AI demand alone.

A possible U.S. factory is a separate plan

Solidigm is also reported to be considering a U.S. NAND flash factory, with upstate New York identified as a leading candidate. This is a separate possibility from the IPO, and the reporting does not establish that the factory has been approved or will be built. 1

How large could the IPO be?

If an offering proceeds at the reported size, it could rank among the largest U.S. semiconductor IPOs; some coverage describes it as potentially the largest. That comparison depends on the deal going ahead and on its final size. 4

The key distinction is between the two headline figures: $15 billion is the possible amount raised in the IPO, while $150 billion is the reported upper end of a potential company valuation. Neither figure is final. 2