SK Hynix’s Memory Division Reportedly Picks Banks For Its US IPO Next Year

Flash memory division Solidigm is preparing for a landmark U.S. initial public offering that could evaluate the business at up to $100 billion.

• Solidigm has appointed Goldman Sachs Group Inc. and Morgan Stanley to lead its initial public offering, alongside working on a pre-IPO financing round. 
• The potential public offering, expected as early as 2027, could generate roughly $10 billion and elevate the company's valuation to as much as $100 billion. 
• Formed through the acquisition of Intel Corp.’s flash memory arm, the California-based enterprise firm has positioned itself around high-capacity solid-state drives for artificial intelligence data infrastructure. 

Solidigm, the flash memory division of South Korea’s SK Hynix Inc.(SKHY), has selected lead banks for a planned initial public offering in the United States.

The California-headquartered firm has chosen Goldman Sachs Group Inc. and Morgan Stanley to head the transaction, Bloomberg reported citing sources familiar with the matter. The two financial institutions are also assisting Solidigm in structuring a pre-IPO investment round.

In addition to the lead underwriters, JPMorgan Chase & Co., Citigroup Inc., and UBS Group AG have been selected to join the syndicate. The proposed listing, which could materialize by 2027, has the potential to raise approximately $10 billion and value the storage manufacturer at up to $100 billion.

Arrangements remain tentative, and details regarding syndicate composition or timing may adjust as preparations progress.

While representatives for the financial institutions involved either declined to comment or did not respond, SK Hynix noted that its subsidiary is evaluating various initiatives to enhance business competitiveness, though no definitive plan has been finalized.

About Solidigm

Solidigm was established in 2021 after SK Hynix completed its acquisition of Intel Corp.’s (INTC) NAND memory enterprise and subsequently rebranded the business unit. Headquartered in Rancho Cordova, California, the organization employs over 2,000 personnel across 13 international facilities, including operations in Mexico, Canada, and China.

The enterprise memory vendor has pivoted its product roadmap toward high-capacity storage drives tailored specifically for artificial intelligence workloads and data center expansion. Recent commercial milestones include an agreement with cloud infrastructure vendor CoreWeave Inc.(CRWV) to deliver enterprise-grade solid-state drives, alongside existing client relationships with enterprise customers such as Dell Technologies Inc.(DELL), Vast Data, and Tencent Holdings Ltd.

SKHY Stock: Retail View 

Retail sentiment on Stocktwits was ‘bullish’ with ‘high’ message volumes. 

SKHY stock has gained about 20% year-to-date. 

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