SK Hynix Puts a $150 Billion Price Tag on Solidigm as Washington and Seoul Take Shape
Published on 09/27/2026 at 07:30 | Editorial boerse-global.de
SK Hynix is weighing a US stock market debut for its NAND-flash subsidiary Solidigm, with a listing possible no earlier than 2027, according to a Reuters report. Early talks with investment banks were already underway on Friday, and the discussions point to a valuation of as much as $150 billion alongside a capital raise of roughly $15 billion.
Nothing has been formally confirmed by the company, and the deliberations remain at a preliminary stage. Even so, the move would unlock substantial value for the South Korean memory maker and shore up its standing in the global market for AI memory. The proceeds could underwrite expansion in a fiercely competitive sector and strengthen the financial footing for future technology projects.
Wolfe Research Lifts Its Target
Sentiment on the equity got a separate boost on Wednesday, when Wolfe Research analyst Chris Caso raised his price target on SK Hynix to $250 from $200 while keeping an Outperform rating. Caso pointed to continued price gains for memory chips and expects global demand to outstrip supply all the way into 2028. He also flagged potential capital returns to shareholders as an additional tailwind.
The upbeat call did not shield the sector from midweek selling in US markets, where chip names including Micron and SanDisk also slipped. Rising US Treasury yields and lingering inflation worries weighed on Wall Street on Thursday. Market watchers, however, largely attribute the recent weakness in memory stocks to macroeconomic forces rather than company fundamentals.
Building Out the Global Footprint
Beyond financing, SK Hynix is pressing ahead with its international build-out. On September 18 it launched SK hynix Ventures, an in-house venture capital arm aimed at stakes and alliances across the artificial intelligence ecosystem, spanning AI computing, data centers, system software and optical interconnects.
Should investors sell immediately? Or is it worth buying SK Hynix?
The company is simultaneously evaluating new manufacturing sites abroad. Responding to reports of a possible chip plant in Japan, SK Hynix told the US Securities and Exchange Commission in a September 18 filing that it is reviewing options and has reached no decision. Management said it would inform the market once details are confirmed, or within three months. Roughly two weeks earlier, the group had described reports of talks with Intel over US manufacturing or a joint venture as undecided.
Ohio Options and Seoul's Oversight
Attention has centered on potential US production sites, with SK Hynix stating that no concrete plans have been confirmed. Preliminary discussions with Intel surfaced about two weeks ago concerning possible memory output in the United States. The options under review include leasing part of a planned Intel fab in Ohio or forming a joint venture with cloud providers. No final agreement has been reached on that front either.
Any such step would also fall under regulatory scrutiny at home. South Korea's Ministry of Trade, Industry and Energy made clear that US manufacturing proposals must be reviewed under the Act on Prevention of Divulgence and Protection of Industrial Technology if national core technologies are involved.
Cost Discipline and a Power Bill Rebuffed
On the domestic front, management is keeping a tight grip on costs. Together with Samsung Electronics, SK Hynix on September 14 turned down a demand from utility KEPCO for advance payments of 25 trillion won — about $18.7 billion — to supply power to planned semiconductor clusters. Both companies cited uncertainty over long-term chip demand in declining. The refusal underscores the cautious stance of the leading memory makers toward large-scale infrastructure commitments, with both industry heavyweights keen to avoid front-loading financial outlays of that magnitude.
Labor Peace and a Leadership Shuffle
Operations have regained clarity after weeks of negotiations. The production workers' union approved a revised wage agreement on September 16 with 57.08 percent backing. The profit-sharing payout is to be split evenly between cash and company stock. Under the terms, the cash portion of performance bonuses rises from 40 to 50 percent, with the share-based component reduced accordingly.
To bolster its global operations and external relations, three SK Group vice presidents moved to SK Hynix effective September 15: Yoo Jeong-jun, Seo Jin-woo and Lee Hyung-hee. At the Global Forum 2026 in Santa Clara, chief executive Kwak Noh-Jung laid out the roadmap for next-generation memory technologies, with manufacturing nodes and an expansion of US research and development taking center stage.
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