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SK Hynix shelves Solidigm's planned $10B-$15B U.S. IPO as AI-valuation fears rattle tech
What happened
SK Hynix, the world's second-largest memory-chip maker and a key Nvidia supplier, on Friday said it has discontinued the review of a potential U.S. public offering for its Solidigm flash-memory subsidiary (the former Intel NAND business). Solidigm had aimed to raise $10B-$15B at a valuation of up to $150B — potentially one of the largest tech IPOs ever — to fund a new U.S. production facility serving AI data-center demand. SK Hynix cited 'market conditions and share price trends' and said the decision does not reflect any change in Solidigm's growth prospects or investment needs.
Why it matters & what’s next are part of Pro, along with the audio summary.
Start your free 14-day trialWho’s affected
- SK Hynix (listed in Seoul and, since July's $26.5B Nasdaq debut, in New York) — shares whipsawed in Seoul, down as much as 4.2% early Friday before closing +4.4% as dilution fears abated; semiconductor and AI-infrastructure names broadly — the decision is the latest in a wave of AI-linked deal cancellations (Firmus Grid's ~$5B IPO canceled earlier this month, AirTrunk's Singapore listing delayed to 2026) and reinforces the 'valuation fear' overhang that drove Thursday's 2.6% Nasdaq rout
- Nvidia — key SK Hynix partner whose bellwether status makes any AI-capex sentiment shift hit the name.