--- title: "Solidigm picks Goldman and Morgan Stanley, and the $150 billion IPO talk settles at $100 billion" description: "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." publisher: "The Inference" section: "Deals" published: 2026-10-09T00:28:32.150Z modified: 2026-10-09T00:28:32.150Z canonical: https://theinference.org/article/solidigm-picks-goldman-and-morgan-stanley-and-the-150-billion-ipo-talk-settles-at-100-billion language: en keywords: "IPO, Solidigm, SK hynix, Semiconductors, Storage" --- # 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. ## The banks are named, and the number came down [Goldman Sachs](https://theinference.org/markets/companies/goldman-sachs) and [Morgan Stanley](https://theinference.org/markets/companies/morgan-stanley) 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](https://www.businesstimes.com.sg/companies-markets/sk-hynixs-flash-memory-unit-solidigm-said-pick-banks-us-ipo-2027) [1][3]. Twelve days before the banks were named, [Reuters](https://www.reuters.com/world/sk-hynixs-solidigm-weighs-ipo-that-could-value-the-unit-up-150-billion-sources-2026-09-25/) [carried the same deal at up to $150 billion and a $15 billion raise](https://theinference.org/article/sk-hynix-paid-intel-8-8-billion-for-nand-the-ipo-talk-is-150-billion) [2]. The $100 billion figure is the one that has been moving money since late September, when it knocked about 5% off [SK Hynix](https://theinference.org/markets/companies/sk-hynix) 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](https://www.techtimes.com/articles/326561/20260903/wall-street-files-solidigm-etf-sk-hynix-faces-september-4-ipo-deadline.htm) [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 [5][6]. On October 1 SK Hynix [said no decisions had been made and options include internal funds and external capital](https://www.msn.com/en-xl/money/investment/solidigm-selects-underwriters-for-us-ipo-push/ar-AA2dNkTj) [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 [4][5]. *Chart: **Intel sold Solidigm's business for $9B; the rumor mill said $150B; the banks' mark is $100B** Bar chart comparing four valuation marks on Solidigm, from the $9 billion Intel sale price to a $150 billion exploration ceiling and the $100 billion bank target* *Dollar value attached to Solidigm at each stage, in billions of US dollars. The Intel figure is the agreed 2020 transaction price; the August 2026 figure is a negotiation mark reported by Korean media; the September figure is Reuters' exploration ceiling; the October figure is the target now that lead banks are named. The last three are estimates, not completed transactions. Sources: TechTimes (Sept 3), Reuters (Sept 25), The Business Times (Oct 8). [4][2][1]* ## What IPO buyers would own A pure-play AI storage name: high-capacity QLC solid-state drives, a [CoreWeave](https://theinference.org/markets/companies/coreweave) supply deal struck in August, and Dell, VAST Data and Tencent on the customer list [1][8]. 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](https://theinference.org/markets/companies/intel) 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](https://theinference.org/article/skhy-is-a-26-5-billion-ticket-to-a-40-7-premium-on-the-same-chipmaker), finally gets a sum-of-parts test [8][4] 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](https://theinference.org/article/solidigm-s-ipo-ceiling-fell-50-billion-in-three-days-sk-hynix-s-new-us-holders-took-the-hit) [4][2]. ## Takeaway The banks are named and the talk has settled at $100 billion, down from $150 billion; the pre-IPO round now being finalized is the first price anyone actually pays, and the mark Seoul's holders will judge. ## Sources 1. [The Business Times, "SK Hynix's flash memory unit Solidigm said to pick banks for US IPO in 2027", 8 October 2026](https://www.businesstimes.com.sg/companies-markets/sk-hynixs-flash-memory-unit-solidigm-said-pick-banks-us-ipo-2027) 2. [Reuters, "SK Hynix's Solidigm weighs IPO that could value the unit at up to $150 billion, sources say", 25 September 2026](https://www.reuters.com/world/sk-hynixs-solidigm-weighs-ipo-that-could-value-the-unit-up-150-billion-sources-2026-09-25/) 3. [The Chosun Ilbo, "Solidigm selects underwriters for US IPO push", 8 October 2026](https://www.msn.com/en-xl/money/investment/solidigm-selects-underwriters-for-us-ipo-push/ar-AA2dNkTj) 4. [TechTimes, "Wall Street Files Solidigm ETF as SK Hynix Faces September 4 IPO Deadline", 3 September 2026](https://www.techtimes.com/articles/326561/20260903/wall-street-files-solidigm-etf-sk-hynix-faces-september-4-ipo-deadline.htm) 5. [Blockonomi, "SK Hynix (SKHY) Stock Tumbles 5% Amid Solidigm IPO Speculation", 28 September 2026](https://blockonomi.com/sk-hynix-skhy-stock-tumbles-5-amid-solidigm-ipo-speculation/) 6. [Yahoo Finance / StockTwits, "SKHY Stock Dips Overnight: SK Hynix's US Subsidiary Solidigm Reportedly Plans IPO", 28 September 2026](https://finance.yahoo.com/markets/stocks/articles/skhy-stock-dips-overnight-sk-052655680.html) 8. [Yahoo Finance / StockTwits, "SK Hynix's Memory Division Reportedly Picks Banks For Its US IPO Next Year", 7 October 2026](https://finance.yahoo.com/markets/stocks/articles/sk-hynix-memory-division-reportedly-232000332.html) --- Solidigm picks Goldman and Morgan Stanley, and the $150 billion IPO talk settles at $100 billion — The Inference. Canonical: https://theinference.org/article/solidigm-picks-goldman-and-morgan-stanley-and-the-150-billion-ipo-talk-settles-at-100-billion