SKHY Stock Dips Overnight: SK Hynix’s US Subsidiary Solidigm Reportedly Plans IPO

• Solidigm may pursue a 2027 IPO valuing it at up to $100 billion. • A listing could dilute SK Hynix's ownership stake in its NAND/SSD unit. • SK Hynix's Nasdaq shares fell over 3% overnight but remain ~25% above IPO price. SK Hynix's U.S.-listed shares fell more than 3% overnight after Bloomberg reported that its storage subsidiary Solidigm is weighing an IPO as soon as next year, potentially valuing the company at $100 billion. The move could unlock value and raise expansion capital, but would dilute SK Hynix shareholders' claim on future earnings from the unit. Concerns are heightened by SK Group's complex ownership structure: SK Hynix holds Solidigm through a U.S. subsidiary called AI Company, making Solidigm a "grandchild company," which the Korea Corporate Governance Forum warns could deepen the group's pyramid structure. Solidigm was formed after SK Hynix's $9 billion acquisition of Intel's NAND and SSD business, giving SK Hynix exposure to enterprise SSDs and AI data-center storage alongside its DRAM and HBM strength. The report comes less than three months after SK Hynix's Nasdaq debut; ADRs priced at $149 hit a post-listing high of $198.63 on Sept. 9 before the overnight pullback, leaving shares roughly 25% above their offering price. Retail sentiment on Stocktwits was neutral.