LowV Technology Geopolitics & AI8 October 2026, Thursday
SK hynix's Solidigm prepares a 10 billion dollar US listing
Bloomberg reported on 7 October that Solidigm, SK hynix's NAND memory unit, has picked Goldman Sachs and Morgan Stanley for a possible US listing of about 10 billion dollars in 2027. SK hynix says no decision has been made.
According to the Bloomberg report cited by Seoul Economic Daily on 8 October, the offering could raise about 10 billion dollars; talks are ongoing and more banks may join the syndicate. The Korea Times says the same report puts Solidigm's valuation at up to 100 billion dollars. SK hynix said on 1 October that it had no concrete plan for Solidigm, and repeated after the Bloomberg report that no listing decision had been taken.
Solidigm accounted for about 9.3% of SK hynix's sales in the first half of 2026. The unit is owned by US-based AI Company, which sits below SK hynix, SK Square and SK Inc. in that order; all except AI Company are listed. That chain has revived the debate over duplicate listings, where the same assets reach the stock market more than once.
Since 3 August, Korea's Financial Services Commission has allowed separate domestic listings of a parent and its subsidiary only in exceptional cases, subject to five obligations. The rule does not cover overseas offerings, and the Korea Exchange does not review a US listing. Ahn Cheol-soo, a lawmaker from the main opposition People Power Party, asked SK Group chairman Chey Tae-won to clarify the listing plan.
Talay assessment
Bottom line
At the peak of the memory cycle, Korea's second-largest chipmaker is weighing whether to open its storage unit to US capital. A valuation of up to 100 billion dollars shows that storage demand from AI data centres is now priced separately. The need for capital would speed the decision; pressure from minority shareholders in Korea would slow it.
Likely effects
- Korean capital marketsNegative1–6 months
An overseas listing exposes the gap in the 3 August rule, and the regulator will face pressure to extend it to foreign listings.
- Memory investment fundingPositive6 months+
Ten billion dollars of outside money gives SK hynix room to keep investing in HBM and DRAM without straining its balance sheet.
- US memory baseUncertain6 months+
A unit listed under a US-based holding company becomes more exposed to Washington's supply chain oversight.
Possibilities, ranked
- 1Preparation continues, decision slips to 202755%
A pre-IPO funding round is completed and SK hynix defers a formal decision to 2027, depending on the US IPO market.
Watch: Announcement of a pre-IPO round and SK hynix exchange filings
- 2Shareholder pressure reshapes the deal30%
Minority shareholder backlash grows; the company shrinks the offering or picks a structure that gives existing holders priority.
Watch: SK Group management's statements at the National Assembly audit
- 3Plan is shelved15%
Slowing memory price momentum lowers the valuation and SK hynix opts for internal funding.
Watch: Fourth-quarter NAND contract prices
Probabilities are calibrated judgement based on the sources, not measurement, and are revised as new information arrives. Not investment advice.
Market reaction
Indicators affected
- Possible offering size▲ $10bn
- Possible valuation▲ up to $100bn
- Share of SK hynix sales▲ 9.3%