SK Hynix Unit Solidigm Eyes Nasdaq Listing With Pre-IPO Valuation Over $35 Billion
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SK Hynix subsidiary Solidigm has initiated a pre-IPO funding round targeting a $35.15 billion valuation, aiming to raise up to $7 billion. Underwritten by Morgan Stanley and Goldman Sachs, the offering marks a significant appreciation from SK Hynix’s original $9 billion acquisition of the business from Intel. This move reflects a strategic effort to capitalize on the firm’s NAND and SSD growth, potentially mirroring SK Hynix’s successful U.S. capital market entry. A successful listing would strengthen the parent company’s global footprint, though investors should monitor market volatility and demand for memory storage technologies.
TradingKey - According to a report by The Korea Economic Daily on August 5, SK Hynix ( SKHY )'s wholly-owned subsidiary, Solidigm, has officially launched its pre-IPO funding round to prepare for its subsequent Nasdaq listing.
The company has set its target valuation for this round at 50 trillion won (approximately $35.15 billion), with plans to raise 5 trillion to 10 trillion won (approximately $3.5 billion to $7 billion).
[Source: The Korea Economic Daily Official Website]
It is reported that Solidigm has appointed Morgan Stanley ( MS) and Goldman Sachs ( GS) as the lead underwriters for this funding round and the subsequent IPO, and is currently engaging with professional investment institutions such as global alternative asset managers and overseas sovereign wealth funds to gauge investment interest.
According to public information, Solidigm was founded in 2021 and is headquartered in the United States. Its predecessor was the NAND flash memory and solid-state drive (SSD) business unit of Intel ( INTC )'s NAND flash and solid-state drive business. In 2020, SK Hynix signed an acquisition agreement with Intel for a total transaction value of $9 billion, which was fully completed and closed in 2025.
From the perspective of investment return, SK Hynix acquired this business for approximately 10 trillion won (converted at the 2020 exchange rate). If the target valuation of 50 trillion won can be achieved, it means this acquisition has realized a multi-fold increase in valuation within a few years.
It is worth mentioning that SK Hynix officially listed on Nasdaq on July 10 of this year, raising approximately $26.5 billion through the issuance of American Depositary Shares (ADSs), setting a historical record for the fundraising scale of a foreign company listing in the U.S.
As an independently operated subsidiary, Solidigm's separate IPO preparation will further strengthen SK Hynix's overall layout in the U.S. capital markets.
This content was translated using AI and reviewed for clarity. It is for informational purposes only.
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