SK Hynix is weighing an initial public offering for Solidigm, its U.S. storage subsidiary, as soon as 2027 in a deal that could raise roughly $15B and value the company at up to $150B, according to Reuters.
Solidigm manufactures enterprise SSDs for servers, cloud infrastructure and AI data centers. SK Hynix assembled the unit in 2024 after acquiring Intel's NAND memory and SSD business for approximately $9B, then folded those operations into a standalone U.S. subsidiary to separate them from the parent company's South Korean operations.
The company has begun preliminary meetings with investment banks to explore IPO roles, according to the report. SK Hynix has also been considering a U.S. NAND manufacturing plant for Solidigm, with upstate New York identified as a potential site.
Solidigm's proposed valuation tracks the market value attached to high-capacity storage for AI workloads in recent years. The subsidiary competes directly with companies like Micron, Western Digital and Kioxia in the enterprise storage segment, which has grown faster than consumer SSD markets as data centers expand capacity for machine learning inference and training.
A $150B valuation would exceed recent semiconductor IPO benchmarks. Cerebras raised capital at roughly $56B fully diluted valuation in 2026. Solidigm's valuation target rests on the assumption that AI datacenter demand will continue to drive enterprise storage spending and that the company can capture meaningful share in that market.
Solidigm began commercial sales of enterprise SSDs in 2025 following the Intel acquisition close. The subsidiary has positioned itself on performance for AI workloads, particularly for models requiring dense, high-throughput storage. Its revenue trajectory since launch, and its ability to win enterprise customers away from established players, will determine whether the $150B target holds or contracts as bankers price the deal.
The IPO window remains contingent on market conditions and regulatory clearance for any U.S. manufacturing operations. If SK Hynix proceeds with the listing in 2027, it would return to the U.S. public markets at a scale typically reserved for established chip manufacturers, not newly spun subsidiaries. The success of Solidigm's IPO will hinge on whether investors value the AI storage thesis as aggressively as the pre-deal bankers' book assumes.
