SK Hynix Halts Solidigm US IPO, Shares Fall Over 4%

SK Hynix said Friday it has suspended the planned US initial public offering of its subsidiary Solidigm, citing overall capital market conditions, and shelved the pre-IPO financing assessment. The company's shares fell more than 4% following the announcement. Solidigm, formed in 2021 after SK Hynix acquired Intel's NAND flash and SSD business, focuses on enterprise SSDs and data center storage. The market had expected a US listing as early as 2027, with reports of a valuation of up to $150 billion and proceeds of up to $15 billion, potentially making it one of the largest semiconductor IPOs in US history. In a regulatory filing, SK Hynix said it had viewed the IPO as a way to raise external capital to fund new US production lines and NAND capacity expansion. It cited recent capital market volatility and South Korean regulatory scrutiny over "duplicate listings" and dilution of minority shareholder rights as raising uncertainty over the timetable. SK Hynix said the suspension does not change Solidigm's growth momentum and that its investment commitment remains unchanged, adding it will continue weighing alternatives including direct investment and external financing.