The company has selected Goldman Sachs and Morgan Stanley as lead underwriters for a possible initial public offering (IPO) next year, according to industry sources and foreign media reports on Sunday.
Solidigm could seek a valuation of up to $150 billion and raise as much as $15 billion through the offering, according to foreign media reports.
The company has also strengthened its government relations operations in Washington, hiring former Qualcomm executive Andres Castrillon as vice president for government affairs and engaging Ballard Partners, a lobbying firm led by Brian Ballard, a close ally of U.S. President Donald Trump.
Solidigm said it hired Ballard Partners to advise on U.S. semiconductor manufacturing, trade and regulatory matters.
The potential IPO comes as demand for enterprise solid-state drives (eSSDs) used in artificial intelligence data centers continues to grow.
Solidigm was established after SK hynix acquired Intel's NAND flash memory and SSD business in 2021. A U.S. listing could help finance manufacturing expansion and research and development while easing SK hynix's investment burden.
However, the plan has raised concerns that issuing shares to outside investors could reduce SK hynix's ownership stake in Solidigm and potentially weaken shareholder value.
The Korea Corporate Governance Forum has criticized SK Group's multilayered ownership structure, warning that a separate Solidigm listing could further discount the market value of its parent companies.
"The principle of protecting parent company shareholders should also apply to overseas multiple listings," said Rep. Oh Gi-hyoung of the ruling Democratic Party on Oct. 15, urging SK hynix's board to explain the rationale and potential shareholder impact of the IPO.
Rep. Na Kyung-won of the opposition People Power Party also called for a comprehensive review of the listing plans, emphasizing shareholder interests.
However, some analysts argue that the capital raised could generate enough growth to offset the impact of a reduced ownership stake. Bloomberg Intelligence said in an Oct. 15 report that increased investment in production capacity and research and development could accelerate Solidigm's earnings growth.
SK hynix has maintained that no decision has been made on the IPO, while suggesting that a separate listing could help Solidigm receive a more accurate market valuation.
"Our principle is to ensure that shareholder value is not harmed, regardless of the financing method," an SK hynix official said.
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