A potential U.S. IPO for Solidigm, SK hynix's NAND flash memory subsidiary, has sparked debate. Supporters say a separate listing could draw attention to the NAND business, which has been overshadowed by SK hynix's success in HBM and DRAM. A successful IPO could prompt investors to reassess the parent company's overall valuation.
Critics warn that the listing could dilute SK hynix shareholders' stake in Solidigm's future growth. Those shareholders financed the $9 billion acquisition of Intel's NAND business that formed Solidigm and supported the subsidiary through downturns.
Solidigm was formed in 2021. It posted combined net losses in 2022 and 2023, then returned to profitability in the first half of 2026. Market watchers estimate a potential IPO could value the company at as much as $150 billion.