🔥 Solidigm plans to go public in the United States, and SK hynix’s stock price first got a scare!
On September 28, SK hynix’s share price fell by more than 5% at one point, while SK Square even dropped by more than 8%. The reason is simple: its U.S. subsidiary Solidigm has been reported to be considering listing in the U.S. as early as next year, with a valuation that could reach as high as $100 billion.
At face value, this is good news—if the subsidiary lists separately, it can raise funds for expansion, and it can also turn the storage demand behind AI data centers directly into real cash 💰.
But what worries the market is another layer: once Solidigm lists on its own, the growth benefits that SK hynix originally held 100% could in the future be partly shared with other shareholders.
Add to that the fact that SK Group’s ownership chain is already fairly complicated—if they add another layer this time, investors naturally start to question: is this truly unlocking asset value, or is it about “breaking up and selling” a good asset?
For the crypto world, this logic is actually easy to understand: when a project takes its core assets out separately to raise financing, it can get more money for development in the short term, but the cost is that the original holders’ future entitlement to earnings may be diluted.
So the real highlight here isn’t the IPO itself, but rather how much these assets—AI computing power, storage, and chips—are actually worth, and how much valuation the capital market is willing to give them.
Now the AI industry chain is increasingly resembling a “land-grab” game: compute power needs money, data centers need money, GPUs need money—and even storage has started going into a frenzy of financing.🔥
And where the money ultimately flows may also become an important clue for the next phase of capital rotation between technology stocks and the crypto market.
On September 28, SK hynix’s share price fell by more than 5% at one point, while SK Square even dropped by more than 8%. The reason is simple: its U.S. subsidiary Solidigm has been reported to be considering listing in the U.S. as early as next year, with a valuation that could reach as high as $100 billion.
At face value, this is good news—if the subsidiary lists separately, it can raise funds for expansion, and it can also turn the storage demand behind AI data centers directly into real cash 💰.
But what worries the market is another layer: once Solidigm lists on its own, the growth benefits that SK hynix originally held 100% could in the future be partly shared with other shareholders.
Add to that the fact that SK Group’s ownership chain is already fairly complicated—if they add another layer this time, investors naturally start to question: is this truly unlocking asset value, or is it about “breaking up and selling” a good asset?
For the crypto world, this logic is actually easy to understand: when a project takes its core assets out separately to raise financing, it can get more money for development in the short term, but the cost is that the original holders’ future entitlement to earnings may be diluted.
So the real highlight here isn’t the IPO itself, but rather how much these assets—AI computing power, storage, and chips—are actually worth, and how much valuation the capital market is willing to give them.
Now the AI industry chain is increasingly resembling a “land-grab” game: compute power needs money, data centers need money, GPUs need money—and even storage has started going into a frenzy of financing.🔥
And where the money ultimately flows may also become an important clue for the next phase of capital rotation between technology stocks and the crypto market.
