• Solidigm, a subsidiary of South Korea's SK hynix (SKHY), is reportedly considering a US IPO as early as next year that could value the chipmaker at up to $150 billion, with a potential raise of around $15 billion.
  • The listing, if confirmed, would be the largest-ever US semiconductor IPO, but SK hynix says no decisions have been made and is only reviewing ways to strengthen Solidigm's competitiveness.
  • AI-driven demand for enterprise SSDs has lifted Solidigm's fortunes, but the company's high debt ratio and the cyclical nature of NAND memory pose risks to such an ambitious valuation.

A Mega-IPO in the Making?

Solidigm, the California-based enterprise storage subsidiary of South Korea's SK hynix, is exploring a US initial public offering that could value the company at up to $150 billion, according to people familiar with the matter. The listing, which could come as early as next year, might raise approximately $15 billion, potentially making it the largest-ever US semiconductor listing. The news was first reported by Reuters.

However, the plans remain highly preliminary. SK hynix responded to the reports by saying it is "considering measures to improve the subsidiary's competitiveness," but that no decisions have been made. The company also declined to comment on specific figures or timing.

The AI Storage Boom

The strategic logic behind a Solidigm IPO is clear. The global buildout of AI infrastructure has tightened supply and lifted demand for enterprise SSDs and memory, benefiting Solidigm, which specializes in NAND flash-based storage for cloud and AI data centers. SK hynix reported record Q2 2026 revenue of KRW 79.3 trillion and operating profit of KRW 60.5 trillion, driven by strong AI-memory and enterprise-SSD demand. Solidigm, which was formed from Intel (INTC)'s NAND/SSD business acquired by SK hynix for a reported $9 billion, returned to profitability in 2024 with a full-year profit of KRW 830.7 billion after accumulating losses of roughly KRW 8 trillion from 2021 to 2023.

Yet the reported valuation would be extraordinary. For scale, Arm (ARM)'s 2023 Nasdaq IPO raised $4.87 billion and valued the chip designer at $54.5 billion. A $15 billion raise would be roughly three times Arm's proceeds and would value Solidigm at nearly three times Arm's valuation at pricing. Moreover, Solidigm's business model is far more capital-intensive, exposed to volatile NAND pricing and inventory cycles.

Balancing Growth and Debt

Solidigm's financial backdrop remains a key concern. Public reporting indicates the unit entered capital impairment in the first half of 2024 and has an unusually high 2025 debt ratio. Reports suggest that pre-IPO financing of roughly KRW 5 trillion to KRW 10 trillion (about $3.6 billion to $7.2 billion) could precede a listing, which would help strengthen the balance sheet. SK hynix has acknowledged it is reviewing such measures but has not confirmed any details.

"Institutional investors like us are really focused on regulatory stability," said a person familiar with the matter, speaking on condition of anonymity. "Italy in this regard has been on a very steady growth trajectory." The quote, while not directly related to Solidigm, underscores the importance of a stable business environment for a potential IPO.

A US Fab on the Horizon?

Separately, Reuters reported on September 18 that Solidigm is weighing a US-based NAND flash plant, with upstate New York a leading prospective location. The project remains under discussion and is separate from SK hynix's talks with Intel about memory-chip production at Intel's Ohio facility. A US fab would align with Washington's push to localize semiconductor manufacturing, but it would also be a capital-intensive, high-execution-risk endeavor.

The potential US manufacturing move comes amid a more interventionist US semiconductor policy environment. The Trump administration has considered wider semiconductor tariffs and is weighing structures that link relief from tariffs to investment in US manufacturing. A Solidigm fab could serve both commercial and political goals, but it would also raise questions about subsidies, infrastructure, and environmental impact.

Leadership and Governance

In May 2026, Solidigm announced a co-CEO model to bolster its operational and strategic execution. Xin Guo leads global business strategy and technology/engineering, while Richard Chin, who assumed the role on May 1, focuses on operating performance and organizational capacity. The leadership change is seen as a step toward building an investor-ready governance structure, which would be essential for an IPO.

What's Next

The next catalysts for Solidigm include any confirmation of pre-IPO financing, a potential SEC registration filing that would reveal audited standalone financials, and a decision on the US NAND fab. Investors will also be watching NAND pricing trends and US tariff developments affecting Korean chipmakers. Until then, the reported $150 billion valuation and $15 billion raise should be treated as market speculation, not a filed deal.

Correction: An earlier version of this article misstated the size of SK hynix's acquisition of Intel's NAND business. It was approximately $9 billion, not $9.5 billion.

Update: This article was updated to include SK hynix's response that no decisions have been made regarding a Solidigm IPO.