SK Hynix's Solidigm unit eyes $150 billion IPO, could raise $15 billion

SK Hynix's U.S. subsidiary Solidigm is considering an initial public offering as early as next year that could value the unit at up to $150 billion, Reuters reported on September 25, 2026 . The offering could raise around $15 billion, which would likely make it the largest U.S. semiconductor listing ever . Solidigm held pitch meetings with investment banks this week, according to the report, though the size and timing are at an early stage and could change with market conditions .

Solidigm specializes in NAND flash memory and enterprise SSDs, a business riding AI data-center demand for high-capacity storage . It traces back to SK Hynix's roughly $9 billion purchase of Intel's NAND and SSD business, announced in 2020, with Solidigm launched as a standalone subsidiary in 2021 (Reuters). A $150 billion valuation would dwarf recent chip listings such as Arm, which debuted at about $54 billion in 2023, and Cerebras Systems at roughly $56 billion in its 2026 IPO (Reuters).

For SKHY shareholders, the interest is in what a listing could reveal about the parent's valuation. One investor argued on X that carving out a $150 billion Solidigm from SK Hynix's roughly $1 trillion market cap, and adding its cash and projected earnings, would leave the rest of the company trading at under 2x his own 2027 net income estimate . That is a single investor's back-of-envelope math, which he invited readers to check, not an analyst consensus .

What to watch: whether SK Hynix confirms the process, which banks win lead roles, and whether memory-market conditions hold into 2027. A formal filing would put public numbers on Solidigm's revenue and margins for the first time, which is what any sum-of-the-parts case ultimately rests on.