SK hynix's U.S. subsidiary, Solidigm, is reportedly exploring a pre-initial public offering (IPO) capital raise and a subsequent NASDAQ listing, with some reports suggesting a potential IPO as early as 2027. While SK hynix has stated that Solidigm is reviewing various measures to strengthen its competitiveness, the company has clarified that "no matters have been determined" and that an additional disclosure will be made when details are finalized or within three months. Despite this, speculation from the investment banking industry points to Solidigm seeking between ₩5 trillion and ₩10 trillion (approximately $3.6 billion to $7.2 billion) in investment, with an estimated valuation around ₩50 trillion ($36 billion).
The potential listing is seen by some analysts as a strategic move for SK hynix to recover part of its $9 billion acquisition cost for Intel's NAND and SSD division and to secure fresh capital for further expansion in the United States. Mirae Asset Securities analyst Kim Young-gun estimated that selling a portion of Solidigm could provide SK hynix with approximately $15 billion in additional U.S. investment capacity. Other SK Group affiliates, including SK Inc., SK Innovation, and SK Telecom, have already participated in financing arrangements for Solidigm's parent company.
However, the prospect of a separate Solidigm listing has sparked debate among analysts regarding its impact on SK hynix's shareholder value. While some, like Mirae Asset, argue that the impact would be limited due to Solidigm's relatively small contribution to SK hynix's overall revenue, operating profit, and assets, others, such as Toss Securities' Lee Young-gon, warn that a separate listing would dilute the economic value for existing SK hynix shareholders. Lee suggested that a capital allocation framework and shareholder return policy would be necessary to offset this dilution.
Adding another layer to the discussions, former SK hynix President Noh Jong-won has reportedly established an investment firm, TechBridge, in the U.S. to form a fund aimed at participating in Solidigm's pre-IPO. This fund is targeting institutional limited partners, including overseas pension funds, with a minimum commitment of $100 million. This development suggests that while a final decision from SK hynix is pending, preparatory work for external investment in Solidigm is underway. There are also concerns about a potential four-tier duplicate listing structure if Solidigm goes public after SK, SK Square, and SK hynix.
