SK Hynix spins off Solidigm for US IPO: Goldman Sachs and Morgan Stanley lead underwriting, $10 billions fundraising focuses on AI storage
SK Hynix has finalized the underwriting lineup for the U.S. IPO of its NAND flash memory subsidiary, Solidigm, choosing Goldman Sachs and Morgan Stanley as lead underwriters. The fundraising amount is approximately 10 billions USD. This marks the first time since SK Hynix acquired Intel's NAND and SSD business and established Solidigm that a clear independent capital operation path has been defined for this asset.
On October 7, according to Bloomberg, SK Hynix has selected Goldman Sachs and Morgan Stanley as the lead underwriters for Solidigm’s US IPO, which could raise about 10 billion USD. Following SK Hynix’s own record-breaking Nasdaq listing this July that raised 26.5 billion USD, the Korean memory giant is once again bringing its assets to the US public market.
This spin-off means Solidigm will be independently priced on the US stock market, focusing on AI-driven enterprise storage demand, providing investors with a publicly listed target to independently observe NAND business performance.
Against the backdrop of rising NAND prices and expanding enterprise storage demand from AI data centers, Solidigm’s independent listing becomes the latest step in the securitization of memory assets.
SK Hynix previously completed the acquisition of Intel’s NAND and SSD business and established its subsidiary Solidigm, but the capital operation path for this subsidiary had remained unclear. The selection of Goldman Sachs and Morgan Stanley as lead underwriters to push for its independent US listing marks SK Hynix’s formal move to bring its NAND business to the public market.
The core rationale for Solidigm’s independent listing is to obtain a higher valuation as an independent entity and to focus on AI-driven enterprise storage demand. NAND differs significantly from SK Hynix’s main products, HBM and DRAM, in terms of technology paths and customer structure. After listing independently, Solidigm can establish its own financing channels and directly present its enterprise storage narrative to US investors.
NAND Upcycle and the Race with Kioxia
The timing of Solidigm’s listing coincides with a NAND price upcycle.
According to TrendForce data, in Q2 2026 NAND flash prices increased by 55% to 60% quarter-on-quarter, and are expected to rise another 10% to 15% in Q3. Meanwhile, Kioxia, a Toshiba subsidiary, is also preparing for a US listing, with both leading giants in the NAND sector advancing their capital market moves simultaneously.
SK Hynix itself set a record for foreign companies’ IPOs in the US with 26.5 billion USD raised. Whether Solidigm can replicate its parent company’s market enthusiasm by raising about 10 billion USD will be the first window to observe whether the AI storage narrative can support an independent NAND valuation.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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SK hynix (SKHY.US) subsidiary Flash Division reportedly selects Goldman Sachs and Morgan Stanley to lead, aiming for a US IPO in 2027
According to sources familiar with the matter, Solidigm, the flash memory subsidiary of SK hynix (SKHY.US), has selected the lead banks for its planned US IPO next year, with Goldman Sachs and Morgan Stanley responsible for the offering.
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