Capital · United States

Solidigm Eyes U.S. IPO at Up to $100 Billion Valuation

Credited to Business Korea · businesskorea.co.kr · Just now

Goldman Sachs, Morgan Stanley Named Lead Underwriters for NAND Unit’s Potential Listing

Solidigm, SK hynix’s U.S.-based NAND flash subsidiary, has taken a major step toward a potential U.S. stock listing after selecting Goldman Sachs and Morgan Stanley as lead underwriters. Market observers estimate that the company could raise up to $10 billion through the initial public offering (IPO) and achieve a valuation of as much as $100 billion.

According to Bloomberg and other foreign media reports on Oct. 8, Solidigm selected Goldman Sachs and Morgan Stanley as lead underwriters for the IPO, with JPMorgan Chase, Citigroup and UBS also joining the underwriting syndicate. A listing could take place as early as next year or in 2027. Solidigm is also reportedly in the final stages of negotiations to raise funds through a pre-IPO stake sale ahead of the public offering.

The high valuation expectations surrounding Solidigm are being driven by surging demand for high-capacity storage as the artificial intelligence (AI) market expands. Solidigm was established in 2021 after SK hynix acquired Intel’s NAND flash and solid-state drive (SSD) business. The company now focuses on enterprise SSDs (eSSDs), which are widely used in AI data centers and cloud infrastructure.

Solidigm has recently expanded its customer base through a supply agreement with CoreWeave, an AI cloud platform provider. Its customer base also includes global technology companies such as Dell Technologies, Tencent Holdings and Vast Data, which are seen as positive factors for the potential IPO. Headquartered in Rancho Cordova, California, Solidigm has more than 2,000 employees across 13 locations worldwide.

If the IPO is completed successfully, parent company SK hynix could secure substantial funds for investment. As SK hynix seeks to expand both its high-bandwidth memory (HBM) and NAND businesses amid the AI-driven memory boom, the additional capital could support the expansion of production facilities in the United States and increased research and development (R&D) spending.

The specific structure and timing of the listing, however, remain subject to change depending on market conditions. Detailed terms could be revised during the discussions, and additional financial institutions could join the underwriting syndicate. SK hynix has maintained a cautious stance, saying it is reviewing various funding options to strengthen Solidigm’s competitiveness but that no specific decisions have been made.

Solidigm has also restructured its business to focus on the high-performance enterprise SSD market, which generally offers higher profitability than consumer-oriented products. Industry observers expect the potential IPO to strengthen Solidigm’s position in the global memory semiconductor market.

CapitalUnited States

Korean Investors’ U.S. Stock Holdings Reclaim $200 Billion

Credited to Business Korea · businesskorea.co.krJust now

Useful

Wall Street Rally and Strong Retail Buying Drive Holdings to Four-Month High

The total value of U.S. stocks held by Korean investors has surpassed $200 billion again for the first time in four months, as retail investors channel funds back into the U.S. market amid continued optimism over artificial intelligence (AI), moving away from a sluggish domestic stock market.

According to data from SEIBRO, the securities information portal of the Korea Securities Depository (KSD), released on Oct. 7, the value of U.S. stocks held by Korean investors stood at $200.23 billion as of Oct. 5. The figure is equivalent to approximately 268.3 trillion won. It marked the first time the holdings had exceeded $200 billion since June 4, when they reached $201 billion.

The increase reflects a combination of strong buying by individual investors and the continued rally in U.S. stocks. After surpassing $200 billion for the first time on May 11, the total value of holdings peaked at $206.3 billion in early June before retreating to around $171.4 billion at the end of July as the stock market entered a period of stagnation. Holdings began to rebound in August, recovering to $194.2 billion by the end of September and returning to an upward trajectory.

A decisive factor was the series of record highs set by major U.S. stock indexes. The S&P 500 and Nasdaq Composite both hit fresh all-time highs on Oct. 5 and 6 amid growing expectations for corporate earnings ahead of the third-quarter reporting season. Rising stock prices boosted the market value of investors’ holdings, driving the overall increase.

Investor trading patterns have also shifted noticeably. After briefly turning their attention to the domestic market in April and May amid government incentives, including capital gains tax relief, Korean retail investors returned to buying U.S. stocks from June. Net purchases surged from $632.96 million in June to $4.67 billion in July, while investors continued to be net buyers in August and September, with net purchases exceeding $1.9 billion and $1 billion, respectively. The buying streak has now extended to four consecutive months.

Tesla and Nvidia remain the most popular individual stocks among Korean retail investors, underscoring their strong preference for large-cap technology companies. Tesla ranked first with holdings valued at $22.1 billion, followed by Nvidia at $19.2 billion. Alphabet ranked third at $8.9 billion, while investment in high-risk, high-return leveraged products has also remained active.

SOXL, a leveraged exchange-traded fund (ETF) designed to deliver three times the daily return of a U.S. semiconductor index, ranked fourth with holdings of $5.8 billion. The QQQ ETF, which tracks the Nasdaq-100 Index, ranked fifth at $5.7 billion. The figures suggest that expectations for continued strength in U.S. technology stocks are fueling an increasingly aggressive investment appetite among Korean retail investors.

The pace at which Korean retail investors move capital between domestic and overseas markets could accelerate further. Strong earnings results from major U.S. companies could encourage investors to continue increasing their holdings of U.S. stocks in the coming months.

Original · Business Korea

Front Method

Capital · United States

Ripple is earning fees financing leveraged stock bets, a business long run by banks

Credited to CoinDesk · coindesk.com · 3h ago

Photograph · CoinDesk

The crypto company's $1.25 billion acquisition of Hidden Road has opened a corner of Wall Street where funds pay to amplify daily moves in stocks such as Nvidia and Sandisk.

Ripple is expanding into the business of financing leveraged stock exchange-traded funds, putting the crypto company in a market long dominated by major banks and securities firms.

Its prime brokerage division, Ripple Prime, is supplying financing for funds that let investors multiply the daily moves of individual stocks and market indexes, according to a Wall Street Journal report Wednesday.

Ripple entered the business through its $1.25 billion acquisition of Hidden Road, a multi-asset prime brokerage firm, in October 2025. The deal gave Ripple an established operation that clears trades, finances investment positions and handles transactions across stocks, bonds, currencies and digital assets.

A fund promising twice the daily return of Nvidia can enter into a financial contract called a total return swap rather than buying twice its assets in Nvidia shares. A broker provides the exposure, typically hedging its own risk through stock purchases or other trades, while collecting a financing fee from the fund.

The Journal reported that the Tradr 2X Long SNDK Daily ETF, which targets twice the daily movement of memory-chip maker Sandisk, pays Ripple the overnight bank funding rate — a benchmark for what banks pay to borrow overnight — plus four percentage points.

That puts the annualized financing rate at roughly 8% at prevailing rates, charged on the swap exposure and separate from the ETF's management fee.

The U.S. market now has 593 leveraged ETFs holding more than $256 billion, including 426 funds tracking individual stocks, according to Morningstar Direct data.

Banks have traditionally supplied much of this financing, but tighter capital and risk requirements have created openings for nonbank firms including Ripple Prime, Jane Street and Clear Street.

Ripple launched its Delta One business in August, offering total return swaps tied to U.S. stocks, market indexes and digital assets. It said at the time the operation had more than $1 billion in regulatory net capital, and it had completed a $275 million senior debt offering to help finance further growth.

Meanwhile, the company announced an expanded agreement on Tuesday with hedge fund manager Brevan Howard, under which Ripple Prime will provide brokerage, clearing and financing services across multiple asset classes.

Leveraged ETFs reset their exposure daily, and sharp moves in individual stocks can leave financing firms exposed if a fund's assets are insufficient to cover losses.

The business gives Ripple fee income tied to stock trading and institutional financing. As such, the company has still not disclosed how much revenue its leveraged ETF financing generates or how much of that activity uses XRP or the XRP Ledger.

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