Solidigm Prepares $10 Billion U.S. Listing

SK Hynix's U.S.-based flash-memory unit, Solidigm, is lining up what could become one of the largest semiconductor public market debuts on record. Bloomberg News reported that the enterprise storage maker has selected lead underwriters to prepare an initial public offering in the United States, targeting approximately $10 billion in proceeds at an enterprise valuation reaching up to $100 billion. Goldman Sachs and Morgan Stanley have been tapped as lead underwriters for the listing, according to Bloomberg's reporting, with JPMorgan Chase, Citigroup, and UBS joining the syndicate. The company is pairing the IPO preparation with an accompanying pre-IPO funding round designed to capture private balance-sheet capital ahead of the public registration. The scale of the transaction highlights how aggressively the capital expenditure boom around artificial intelligence infrastructure is spilling out of graphics processors and into backend data storage. While merchant accelerator design commands the market headline volume, modern training clusters and high-throughput inference deployments require dense solid-state storage pools to prevent compute engines from stalling on data ingestion. Solidigm, originally built from the enterprise NAND and SSD assets Intel agreed to sell to SK Hynix in a multi-stage transaction, has increasingly oriented its roadmap toward high-capacity enterprise drives tailored specifically for hyperscale data centers. The planned offering tests public market appetite for capital-intensive hardware plays at an uneasy moment across global credit desks. Benchmark long-term yields remain elevated across sovereign debt markets, lifting financing hurdle rates and narrowing valuation multiples for tech operations that require heavy physical plant reinvestment. A $10 billion primary capital raise would place Solidigm among the top tier of historical hardware offerings, asking institutional allocators to underwrite memory cycle durability against long-horizon AI data center expansion. Whether the valuation clears near the top of the mooted $100 billion band will ultimately hinge on the durability of cloud provider capex budgets into the coming fiscal year. The syndicate will gauge institutional demand in private rounds before filing public registration documents.