SEOUL, Oct. 23 — SK hynix said Solidigm ended reviews of a possible U.S. IPO and pre-IPO fundraising, leaving plans for additional U.S. production capacity without a newly announced funding route.
SK hynix attributed the decision to financial-market volatility, share-price movements and a broader decline in semiconductor stocks. It said the business rationale for Solidigm and its capital requirements had not shifted. The announcement did not identify another funding method or a timetable for a new decision.
Solidigm was formed after SK hynix acquired Intel’s NAND and SSD business. Its current business centers on large-capacity enterprise solid-state drives used in AI data centers.
SK hynix had considered a public offering alongside direct investment to help pay for more U.S. production facilities as demand for AI-related memory grows. The company said IPO proceeds could add to its consolidated cash flow for facility investment and shareholder returns, including dividends, share repurchases and share cancellations.
South Korea’s Financial Services Commission (FSC) approved revised listing rules on July 31, 2026, with the changes taking effect Aug. 3. The framework requires parent-company boards to assess how a subsidiary listing may affect shareholders and consider protections; it also covers overseas listings. The rules provide context for the proposal, but SK hynix did not cite regulatory scrutiny as a factor in its decision. EconoTimes previously covered South Korea’s rules for subsidiary listings.
Estimates of a potential offering varied. Reuters reported Sept. 25, citing three people familiar with the matter, that it could raise up to $15 billion and value Solidigm at as much as $150 billion. Bloomberg reported Oct. 8, citing people familiar with the plans, that proceeds could be about $10 billion, with a valuation of up to $100 billion. SK hynix did not confirm either estimate.
