SK Hynix's Solidigm Plans IPO with Valuation Up to $150 Billion
nashnova research
SK Hynix's U.S. subsidiary Solidigm is preparing an IPO as early as next year, targeting a valuation of up to $150 billion and raising roughly $15 billion — a deal that would dwarf every recent semiconductor listing and test the market's pricing of AI storage.
How big is this IPO?
Solidigm is targeting a valuation of up to $150 billion and aims to raise about $15 billion.
For context: Arm Holdings listed at roughly $54 billion in 2023; Cerebras Systems' fully diluted IPO valuation in 2026 was about $56 billion.
This means → at the top-end figure, Solidigm would be nearly three times Arm's size, far exceeding any semiconductor IPO in recent memory.
How far along is the listing process?
Reuters, citing three people familiar with the matter, reports Solidigm held "bake-off" meetings with multiple banks this week — competitive pitches where banks vie for underwriting roles.
This means → launching a bake-off signals the process has moved beyond the "considering" stage into concrete preparation.
The sources caution, however, that deal size and timeline remain at an early stage and will depend on market conditions.
What does Solidigm actually do — and why the premium?
Based in Rancho Cordova, California, Solidigm makes NAND flash memory — chips that retain data without power — and solid-state drives (SSDs) for servers, cloud infrastructure, and data centers.
The company is focused on high-capacity storage products built for AI workloads, positioning itself inside the AI infrastructure supply chain.
In plain terms = training and running AI models requires massive data throughput; Solidigm's bet is simple — the bigger AI gets, the more storage it needs.
Why is SK Hynix spinning it out?
SK Hynix announced the acquisition of Intel's NAND and SSD business for roughly $9 billion in 2020 and consolidated it into Solidigm as a standalone subsidiary in 2021.
Earlier reports indicated Solidigm was exploring a pre-IPO round of about ₩5 trillion; Reuters also reported this month that the company is considering building a NAND fab in the U.S., with upstate New York as a leading candidate.
This means → the IPO is not just a cash-out — SK Hynix wants an independent public-market valuation for this asset and capital to fund expansion plans, including a potential U.S. factory.
Will the market pay $150 billion for a storage company?
Neither Solidigm nor SK Hynix has officially confirmed the valuation figure; Solidigm declined to comment, and SK Hynix did not immediately respond.
Whether the $150 billion target wins public-market support will be a critical test of how AI-storage assets are priced.
This reflects a larger open question: how much premium the market is willing to assign to the storage layer of AI infrastructure — and that answer is still unwritten.
市场有风险，内容仅供研究参考，不构成投资建议。