Solidigm, a second-tier subsidiary of SK hynix, has reportedly begun reviewing a listing on the U.S. stock market next year after selecting lead underwriters.

On the 8th, Bloomberg reported that Solidigm has selected Goldman Sachs and Morgan Stanley as lead underwriters for its initial public offering (IPO) and is finalizing pre-IPO fundraising. JPMorgan Chase, Citigroup, and UBS Group are also said to be participating in the underwriting syndicate for Solidigm’s IPO. According to Bloomberg, Solidigm could launch its IPO as early as next year, with its corporate value expected to be assessed at up to USD 100 billion (approximately KRW 134 trillion).

Solidigm is a U.S. company established in 2021 after SK hynix acquired Intel’s NAND and SSD business unit in 2020. Early this year, SK hynix established AI Company, an artificial intelligence (AI) investment subsidiary in the United States, and Solidigm became a subsidiary of AI Company, making it a second-tier subsidiary of SK hynix. It is headquartered in Rancho Cordova, California, and operates bases in 13 locations worldwide, including Mexico, Canada, and China, employing more than 2,000 people.

The background to Solidigm’s consideration of a U.S. IPO lies in the recent expansion of memory demand driven by intensifying competition to build AI data centers. As memory demand increased, the company returned to profit in the second quarter of 2024 (April–June), and the recent memory shortage, which has driven up memory prices, has also boosted Solidigm’s corporate value. In August this year, Solidigm signed an enterprise SSD supply contract with U.S. cloud computing company CoreWeave, and counts Dell Technologies and Tencent Holdings among its customers.

Regarding Solidigm’s IPO push and expansion of production facilities, SK hynix stated, “We are reviewing various options to strengthen competitiveness, but the IPO plan has not been finalized,” adding, “We will make the final decision based on long-term shareholder value.”

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