Solidigm Taps Goldman, Morgan Stanley for $10 Billion US IPO

SK hynix’s U.S. flash-memory subsidiary Solidigm has reportedly selected Goldman Sachs and Morgan Stanley as lead underwriters for a planned initial public offering that could raise around $10 billion.

Bloomberg News reported, citing people familiar with the matter, that the San Jose, California-based company could seek a valuation of up to $100 billion. The potential Solidigm IPO represents a major strategic move as the NAND flash-memory maker looks to benefit from accelerating demand for storage infrastructure supporting artificial intelligence data centers.

Alongside preparations for the U.S. listing, Solidigm is reportedly working with Goldman Sachs and Morgan Stanley on a pre-IPO financing round. The funding would strengthen the company's capital position ahead of its anticipated stock-market debut.

JPMorgan Chase, Citigroup and UBS have also been selected to participate in the underwriting syndicate, according to the report. The IPO could take place as early as 2027, although discussions remain ongoing. The offering's timing, valuation and final lineup of banks could change depending on market conditions and corporate approvals.

SK hynix has previously cautioned that no final decision has been made regarding Solidigm's funding structure. In a Sept. 30 statement on its website, the South Korean semiconductor company said it was considering various strategic options aimed at improving Solidigm's competitiveness. Any capital-related decision would prioritize long-term shareholder value, SK hynix said.

Solidigm was created in 2021 following SK hynix's multi-stage acquisition of Intel's NAND memory and storage business. Since the deal, Solidigm has increasingly focused its portfolio on high-capacity enterprise solid-state drives designed for data-intensive AI workloads and cloud computing infrastructure.

A successful $10 billion IPO at a valuation approaching $100 billion would give Solidigm substantial additional capital as competition intensifies across the global memory and enterprise storage markets. It would also highlight growing investor interest in semiconductor and infrastructure companies positioned to benefit from continued AI data-center expansion.