SK Hynix’s U.S. memory-chip subsidiary Solidigm is considering an initial public offering that could value the business at as much as $150 billion, potentially creating one of the largest semiconductor listings ever.
Solidigm could seek to raise approximately $15 billion and list as early as next year, according to people familiar with the discussions.
The company held meetings with investment banks competing for IPO roles last week, representing a concrete preparatory step toward a possible transaction.
No IPO has been formally confirmed.
SK Hynix said Solidigm is reviewing options to strengthen its competitiveness but that no specific plan has been finalized.
The potential valuation reflects the extraordinary amount of capital flowing toward businesses positioned around artificial-intelligence infrastructure.
Solidigm produces NAND flash memory and enterprise solid-state drives, technologies used to store the enormous quantities of data required by cloud computing and AI workloads.
SK Hynix created Solidigm after acquiring Intel’s NAND memory and SSD operations in a roughly $9 billion transaction announced in 2020.
The U.S.-based subsidiary is also considering construction of a NAND fabrication facility in the United States, with upstate New York among the locations under consideration. That project also remains under evaluation rather than being a finalized investment.
A valuation approaching $150 billion would place Solidigm well above many previous semiconductor listings and provide investors with a new public-market vehicle tied directly to AI storage infrastructure.
But the scale of the proposed valuation would also face scrutiny as rising bond yields make investors increasingly selective about technology valuations and capital-intensive AI projects.
The next concrete milestone will be whether Solidigm formally appoints underwriting banks and proceeds toward regulatory filings.
Until then, the transaction should be treated as a potential IPO under consideration rather than an announced offering.
