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 Golden Ten Data, sources have revealed that SK hynix (SKHY.US)’s flash memory subsidiary, Solidigm, has selected lead banks for its planned US IPO next year, with Goldman Sachs and Morgan Stanley overseeing the issuance, aiming to raise approximately 10 billion USD. The sources stated that Solidigm is also working with these two banks to finalize a pre-IPO financing round.

The sources added that JPMorgan, Citigroup, and UBS have also been invited to participate in Solidigm’s IPO. Previous reports indicated that the listing could take place as early as 2027, with a potential valuation reaching up to 100 billion USD.

The sources noted that discussions are still ongoing, details may change, and more banks may be added.

An SK hynix spokesperson said its subsidiary Solidigm is evaluating various options to enhance its business competitiveness, but no specific plans have been confirmed yet. Representatives from Solidigm, Goldman Sachs, Morgan Stanley, JPMorgan, and Citigroup all declined to comment. UBS did not respond to requests for comments.

The US depositary receipts of the world’s second-largest memory chipmaker fell 4.3% on Friday. Previously, in July, the company completed a 26.5 billion USD listing—the largest IPO in history for a non-US company—after the expiration of the insider share lock-up period.

Despite a series of major deals, the pace of US IPOs has slowed. Several companies, including smart ring maker Oura, have postponed their expected listings in recent weeks. While Anthropic PBC is expected to go public in the US before Thanksgiving, other firms such as AI competitor OpenAI and flash memory manufacturer Kioxia Holdings are targeting their IPOs for next year.

Solidigm was launched in 2021, after SK hynix acquired and rebranded Intel’s flash memory business. This Korean company’s division has repositioned itself as a supplier of high-capacity hard drives for AI data centers.

In August, Solidigm reached an agreement with CoreWeave Inc. to provide enterprise-class SSD capacity to support its AI cloud platform. According to its website, other customers include Vast Data, Dell Technologies, and Tencent Holdings.

Headquartered in Rancho Cordova, California, Solidigm operates in 13 locations worldwide, including Mexico, Canada, and China, with a workforce of over 2,000 employees.