Solidigm needs more factory space in the U.S. to keep up with demand for the high-capacity SSDs that go into AI data centers. Its parent, SK hynix, has now set aside one way of paying for it, at least for the time being: the storage maker will stop studying a pre-IPO round and a public listing.

SK hynix put out the decision in a newsroom statement on Friday in Seoul, while it was still Thursday in New York. It blamed “recent capital market conditions and share price trends” and a “broader correction in semiconductor stocks.” It also said the need for new money hadn’t gone away. “This decision does not reflect any change in Solidigm’s growth prospects or investment needs,” SK hynix said.

The numbers that had been floated were large. People familiar with the plans had told Reuters a share sale could raise $15 billion and value Solidigm at $150 billion. SK hynix bought the business from Intel in a $9 billion deal in 2021, the Sacramento Bee noted.…