Solidigm picks Goldman and Morgan Stanley, and the $150 billion IPO talk settles at $100 billion
Goldman Sachs and Morgan Stanley will lead Solidigm's US IPO at up to $100 billion, the figure that has moved the parent's stock since late September and well under the $150 billion Reuters' sources floated. The pre-IPO round now being finalized is the first mark anyone actually pays.
Vincent Jiang · 2 min read
The banks are named, and the number came down
Goldman Sachs−0.37% — Goldman Sachs, down 0.37 percent today and Morgan Stanley−1.03% — Morgan Stanley, down 1.03 percent today will lead Solidigm's initial public offering, with JPMorgan, Citigroup and UBS in the syndicate, for a listing as soon as 2027 that aims to raise about $10 billion at a valuation of up to $100 billion 13. Twelve days before the banks were named, Reuters carried the same deal at up to $150 billion and a $15 billion raise 2. The $100 billion figure is the one that has been moving money since late September, when it knocked about 5% off SK Hynix−4.33% — SK Hynix, down 4.33 percent today in Seoul and more than 8% off SK Square 5.
Seoul's holders are the other side of this trade
The parent's stock fell 10.37% on August 6, the day the pre-IPO round first leaked 4. The Korea Corporate Governance Forum wants the listing dropped outright, arguing it deepens the SK pyramid, with Solidigm held only through a US company two tiers down 56. On October 1 SK Hynix said no decisions had been made and options include internal funds and external capital 3. Fibonacci Asset Management is "caudious but not concerned"; a Mirae Asset analyst counts about $15 billion unlocked by a partial sale, needing no shareholder vote because the unit is under 10% of revenue 45.
Intel sold Solidigm's business for $9B; the rumor mill said $150B; the banks' mark is $100B
- Estimate
Data
| Value | |
|---|---|
| Intel sale agreed, 2020 | $9B |
| Seoul talks mark, Aug 2026 (estimate) | $36B |
| Explore ceiling, Sep 2026 (estimate) | $150B |
| Bank target, Oct 2026 (estimate) | $100B |
What IPO buyers would own
A pure-play AI storage name: high-capacity QLC solid-state drives, a CoreWeave−7.46% — CoreWeave, down 7.46 percent today supply deal struck in August, and Dell, VAST Data and Tencent on the customer list 18. Group NAND revenue ran about $7.53 billion in the first quarter of 2026, up 44.6% from the prior quarter, 17.6% of the world market behind Samsung 4. The balance sheet carries the Intel−5.59% — Intel, down 5.59 percent today deal's leverage, a debt-to-equity ratio reported above 4,484% 4.
The mark to watch
The same two banks are finalizing Solidigm's pre-IPO round 1. That price is the first number anyone pays rather than briefs. SK Hynix, up about 20% this year after a $26.5 billion Nasdaq debut at $149 a receipt, finally gets a sum-of-parts test 84 and so do the Seoul holders who have watched a $9 billion Intel cast-off marked at $36 billion, $150 billion and now $100 billion in six weeks 42.
Deepdive
AI-generated from this story and its cited sources. Not investment advice.
