SK Hynix's NAND Subsidiary Solidigm Plans U.S. IPO in 2027 with Potential Valuation of Up to $100 Billion
nashnova research
SK Hynix's flash-memory unit Solidigm has tapped Goldman Sachs and Morgan Stanley to lead a U.S. IPO that could raise about $10 billion as early as 2027, at a valuation of up to $100 billion — a landmark deal that would crystallize AI-driven storage demand in the public market.
How is this IPO being set up?
Solidigm targets a roughly $10 billion raise at a valuation of up to $100 billion, with the listing as early as 2027.
Goldman Sachs and Morgan Stanley are lead underwriters; JPMorgan, Citigroup, and UBS have also been invited to join the syndicate.
In parallel, Solidigm is working with Goldman and Morgan Stanley on a pre-IPO funding round. This means → the company wants to anchor part of its valuation before the public offering, reducing pricing uncertainty on listing day.
Who is Solidigm, and why could it be worth this much?
Solidigm was formed in 2021 after SK Hynix acquired Intel's flash-memory business. It is headquartered in Rancho Cordova, California, with 13 global offices and more than 2,000 employees.
The company has repositioned itself as a supplier of high-capacity storage drives for AI data centers. In plain terms = it doesn't make consumer thumb drives — it builds the enterprise SSDs that AI computing centers use to store massive training datasets.
Its client roster already includes CoreWeave, Vast Data, Dell Technologies, and Tencent; in August it signed a deal to supply enterprise SSDs to CoreWeave's AI cloud platform. This reflects real orders flowing from the "storage leg" of AI infrastructure buildout.
Can the current IPO market absorb a deal this size?
The U.S. IPO market has slowed: smart-ring maker Oura and several other companies recently postponed listings, while OpenAI and flash-memory rival Kioxia Holdings have pushed their IPO targets to next year.
SK Hynix itself is cautious — a spokesperson said Solidigm is "evaluating various options to strengthen competitiveness, but no specific plan has been confirmed."
This means → even with the underwriting syndicate largely in place, whether the deal closes within the 2027 window still hinges on market conditions and valuation negotiations. The timeline is far from locked in.
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