SK Hynix’s U.S.-Based Solidigm Unit Reportedly Weighs IPO – Offering Expected Next Year At A Valuation Near $150B

According to Reuters, SK Hynix's California-based Solidigm unit could raise about $15 billion through its IPO, as early as next year.

• Solidigm was created after SK Hynix acquired Intel Corp.’s NAND flash memory and storage operations.
• SK Hynix paid $8.8 billion for Solidigm, completing the acquisition in March 2025.
• Solidigm targets data-center and AI storage workloads with enterprise solid-state drives offering capacities of up to 122.88 terabytes.

SK Hynix Inc. (SKHY) is reportedly considering an initial public offering (IPO) of its U.S.-based Solidigm unit as early as next year. The issue could value the storage-chip business at up to $150 billion, Reuters reported Friday, citing people familiar with the matter.

Solidigm could raise about $15 billion through the offering. According to the report, at the top end of the potential valuation range, the listing would rank among the largest semiconductor IPOs on record, giving the NAND and enterprise storage business a standalone public-market valuation.

The potential deal remains at an early stage, and its size and timing could change depending on market conditions, Reuters reported.

What Does Solidigm Do?

Solidigm was created after SK Hynix (SKHY) acquired Intel Corp.’s (INTC) NAND flash memory and storage operations. SK Hynix’s U.S. prospectus showed that it paid $6.6 billion in December 2021 and another $2.2 billion in March 2025 to complete the $8.8 billion transaction.

The South Korean memory giant established Solidigm as a U.S. subsidiary to operate the acquired business. The company focuses on NAND flash memory solutions, particularly high-end enterprise solid-state drives (SSDs), using technologies including quad-level cell NAND.

Solidigm markets its D5-P5336 data-center solid-state drive (SSD) with capacities of up to 122.88 terabytes. In practical terms, the high-capacity drive lets data centers store large amounts of information on fewer drives, making it well-suited to AI, machine learning, and other workloads that require companies to process and retain enormous datasets.

Could Be The Largest Semiconductor Listing Ever

A valuation of up to $150 billion would put Solidigm well above several recent semiconductor IPOs. Arm Holdings debuted in 2023 at a valuation of about $54 billion, while Cerebras Systems entered the public market in 2026 at a fully diluted valuation of roughly $56 billion. 

The broader NAND market puts Solidigm and SK Hynix against Samsung Electronics, Kioxia, Micron Technology Inc. (MU) and SanDisk Corp. (SNDK), which SK Hynix identifies as its major NAND competitors.

A Bigger US Footprint?

The IPO deliberations come as Solidigm also considers expanding its manufacturing footprint in the U.S.

Reuters reported last week that the company is weighing a U.S. NAND flash memory factory, with upstate New York among the potential locations. Such a plant could reduce its reliance on its existing manufacturing operation in Dalian, China, although SK Hynix said it had not confirmed any specific plan.

A potential Solidigm listing would also follow SK Hynix’s own U.S. market debut earlier this year. The key next step is whether SK Hynix moves from considering a Solidigm listing to formally pursuing an offering, including determining the size, timing and valuation.

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