Solidigm Taps Goldman, Morgan Stanley for Potential $100B US Listing

What's Happening SK Hynix's NAND flash subsidiary Solidigm is reportedly gearing up for a US stock market debut, and it's bringing in heavyweight help. According to a new report, Solidigm has selected Goldman Sachs and Morgan Stanley to lead the offering, with early chatter pointing to a valuation that could approach a staggering $100 billion.

For context, Solidigm was born out of SK Hynix's 2021 acquisition of Intel's NAND memory and storage business — a deal that gave the South Korean chip giant a serious foothold in the US memory market. Since then, Solidigm has operated as a standalone brand focused on data center and enterprise SSDs, riding the same wave of demand that's been lifting the entire memory chip sector.

Why This Is Happening Now Timing matters here. The memory chip market has been on fire thanks to the AI boom — data centers need massive amounts of high-performance storage to feed AI training and inference workloads, and NAND flash pricing has been climbing as a result. SK Hynix itself has seen its stock surge as investors bet big on AI-driven memory demand, and spinning off a piece of Solidigm onto US markets could let the parent company cash in on that momentum while giving Solidigm its own currency to fund expansion.

A US listing also puts Solidigm in the same conversation as other memory and storage players that trade stateside, potentially unlocking a valuation multiple that might be harder to capture as a subsidiary buried inside a Korean conglomerate's balance sheet.

The $100 Billion Number That figure is eye-popping for a company most casual investors have never heard of. If it holds up through the IPO process, it would instantly make Solidigm one of the largest US listings in recent memory — on par with some of the biggest tech debuts of the last decade. Of course, early valuation chatter ahead of a formal filing often shifts as bankers gauge investor appetite, so this number should be treated as a starting point rather than gospel.

What to Watch Next Goldman and Morgan Stanley leading the charge signals this is being treated as a marquee offering, not a quiet technical listing. Keep an eye out for an official S-1 filing, which would reveal real financials, growth rates, and how much of the company SK Hynix plans to keep versus sell. Also watch how NAND pricing trends hold up — any cooldown in AI infrastructure spending could pressure that lofty valuation before shares ever hit the market.

Bottom Line Solidigm's potential IPO is shaping up to be one of the bigger chip-sector stories to watch heading into next year, riding the same AI memory supercycle that's reshaped the semiconductor industry over the past two years.