WuBlockchain’s WhiteLine Daily outlined four corporate developments tied to AI infrastructure, covering a possible IPO, a private fundraising round, an in-orbit computing test and a data center power deal.
Solidigm explores IPO with valuation of up to $150 billion
Reuters, citing people familiar with the matter, reported that Solidigm, the U.S. NAND and enterprise SSD subsidiary of SK hynix, is considering an IPO as early as next year. The company has held underwriting bake-off meetings with multiple investment banks this week.
The report said Solidigm’s valuation could reach as much as $150 billion and that the offering could raise about $15 billion. The plan remains at an early stage, and SK hynix said no specific structure has been confirmed.
SK hynix acquired Intel’s NAND and SSD business in 2020 for about $9 billion and later integrated it into Solidigm. At the top end of the reported valuation range, that would put Solidigm at roughly 16.7 times the original acquisition price.
Solidigm supplies enterprise SSDs to servers, cloud infrastructure and data centers, with a focus on high-capacity storage products for AI workloads.
WhiteLine Daily said the upper-end $150 billion valuation is close to three times Arm’s 2023 IPO valuation, arguing that enterprise SSD assets are being repriced by capital markets through the lens of AI infrastructure.
Island raises $400 million in Series F
Enterprise security company Island announced on Sept. 24 that it had completed a $400 million Series F round at a $6.4 billion valuation, more than double its 2024 level.
Island started with an enterprise browser product and has since expanded into identity, access permissions, data boundaries, cost controls and behavioral auditing for AI agents.
The company said its annual recurring revenue has doubled in every fiscal year since its launch in 2022. It said the new capital will be used to build the security and governance capabilities needed for enterprise-scale AI agent deployment.
WhiteLine Daily said the funding shows that as enterprises roll out agent-based systems, spending on security and governance is rising alongside them.
Google prepares first in-orbit TPU test under Project Suncatcher
Google disclosed new progress on Project Suncatcher and said it plans to launch prototype satellites to test how its Tensor Processing Unit, or TPU, performs in space for the first time.
Project Suncatcher is a long-term research effort focused on deploying large-scale machine learning infrastructure in space. Google said the aim is to use near-continuous solar exposure in low Earth orbit to power future AI compute systems.
According to Google, solar energy captured in low Earth orbit could reach as much as eight times ground-level availability. Radiation, heat dissipation and high-speed inter-satellite communications remain engineering issues that still need validation.
WhiteLine Daily said Google plans to use two prototype satellites to test radiation tolerance, thermal performance and runtime stability. Data from those tests will determine whether the project can move into a multi-satellite networking stage, and commercialization remains distant for now.
Eaton to acquire COL Group for 810 million euros
Power management company Eaton said it will acquire Italy’s COL Group for an enterprise value of 810 million euros, or about $923 million. The transaction is expected to close in the first quarter of 2027.
COL is expected to generate about 250 million euros in sales in 2027, implying an enterprise value of about 3.2 times forward sales. The company makes medium-voltage distribution equipment, grid automation systems and modular power systems.
Eaton said the acquisition will expand its European power distribution capabilities and manufacturing capacity to meet rising power infrastructure demand from data center and utility customers.
WhiteLine Daily said the deal values Italian medium-voltage distribution capacity at about 3.2 times expected 2027 sales, with the next question being whether future data center and utility orders can justify the premium.
Main thread of the day
WhiteLine Daily summed up the day’s theme by noting that Solidigm, Island and COL each now carry a clear price signal through an IPO plan, a funding round and an acquisition: as much as $150 billion, $6.4 billion and 810 million euros, respectively. It said those figures will need to be supported by enterprise SSD profits, agent governance revenue and power distribution orders, while Google remains in a technology validation stage and a planned two-satellite interconnection test in 2027 will decide whether a larger multi-satellite compute effort can continue.