$SKHY Solidigm's US NAND fab now has a price tag of about $45B. Four days before that was reported, SK hynix dropped the Solidigm IPO that was meant to help pay for it. Bloomberg reported on Oct 27 that Solidigm told US officials the total could eventually approach $100B. New York is among the sites, and construction could start in 2027. Neither company has made a final decision. The IPO could have raised about $10B. On the Oct 28 call, CEO Kwak Noh-Jung said it was meant "to lighten our own investment burden." Without it, the obvious source is SK hynix's own balance sheet. It held ₩98.7T of net cash at the end of September, about $74B at today's rate. The other source is Dalian. Solidigm is asking to ship more US tools to its NAND fab there and says the extra sales would help pay for the US plant. BIS said in 2025 that it doesn't intend to license capacity expansion or technology upgrades at fabs in China, and Dalian's current one-year licence runs out on Dec 31. That makes the US fab and the Dalian licence one negotiation. Last year's licence came through on Dec 30. This year's will show how much of the $45B Dalian gets to fund.