Solidigm is weighing a US initial public offering that could value the chipmaker at up to $150 billion, while AI neocloud Nscale raised $3.36 billion in convertible financing ahead of a planned $35 billion listing. Regulators and courts are increasing scrutiny elsewhere, focusing on stablecoin reserve rules, Kalshi perpetual-futures trades, and state gambling law compliance. Additionally, Tether clarified its minimal exposure to EQIBank after a US asset seizure.
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SK Hynix Unit Solidigm Explores IPO at Up to $150 Billion Valuation
channelnewsasia.com reports that SK Hynix subsidiary Solidigm is exploring an initial public offering as early as next year that could value the business at up to $150 billion. Solidigm held pitch meetings this week with investment banks competing for roles on the offering, marking a step toward what could become the largest US listing on record. The company could raise $15 billion in the transaction, though plans remain at an early stage and could change. SK Hynix acquired the underlying Intel Corp NAND memory and SSD business for about $9 billion in a deal announced in 2020. Solidigm supplies enterprise solid-state drives used in servers, cloud infrastructure, and . The potential would exceed recent semiconductor market debuts, including Arm Holdings and Cerebras Systems.
AI Neocloud Nscale Secures $3.36 Billion Convertible Financing Ahead of US IPO
techcrunch.com reports that British neocloud Nscale secured $3.36 billion in convertible financing ahead of an initial public offering slated for later this year. The funding round is led by Third Point, supplying $2.36 billion available immediately, alongside an additional $1 billion from existing investor Nvidia scheduled for delivery in mid-November. These notes convert into shares upon the completion of the . Nscale filed its IPO paperwork last week and expects a of $35 billion on the New York Stock Exchange, while aiming to raise $3 billion in the offering. The company was spun out of Australian mining company Arkon Energy two years ago and has since amassed over $103 billion in contracts, according to its IPO filings. Development is currently underway on several large campuses located in Norway and West Virginia.
Experian Integrates Verify Service with Workday for Income Verification
Experian integrated its Verify income and employment platform with Workday to expand access to real-time workforce data, giving the network a path to cover more than 80 million records representing over half of U.S. payroll employees. The connection allows Workday customers to verify income and employment automatically without requiring human resources teams to manually process document requests or forcing employees to chase down pay statements. Workday will offer the Experian Verify integration through its new Workday Total Benefits solution, which is scheduled to launch in late October. The integration adds Workday to an existing verification ecosystem that also includes offerings from Equifax and Checkr within Workday's platform. For Experian, the partnership broadens a network that already combines payroll-provider integrations, employer-direct records, and consumer-permissioned verification to speed up , auto loan, and rental approvals.
Tether Addresses Minimal EQIBank Exposure After $89M US Asset Seizure
Tether holds less than 0.034 percent of its total group at EQIBank, a Dominica-licensed lender facing potential liquidation after U.S. prosecutors seized roughly $89 million in assets from its payment processor. U.S. authorities froze the funds as part of a civil forfeiture complaint alleging that Montana-based payment processor Capstone illegally transferred hundreds of millions of dollars at the direction of EQIBank. Tether denied any knowledge of the conduct cited by the Department of Justice. Based on Tether's June report of $187.75 billion in group assets, the stated percentage points to an exposure of roughly $64 million. The seizure affected about 80 percent of EQIBank's monetary holdings, though the disclosure presents no immediate threat to the USDT peg or reserves.
US Lawmakers Urge Supreme Court to Hear Kalshi Event Trading Case
The Sixth Circuit Court of Appeals ruled Friday that prediction market provider Kalshi cannot treat its sports-related event contracts as federally regulated swaps. The unanimous decision from the three-judge panel means Ohio and Tennessee can apply their state gambling laws to the platform. Kalshi argued that its contracts fall under the exclusive jurisdiction of the Trading Commission, but the court found that the products do not depend on events associated with a potential financial, economic, or commercial consequence within the meaning of the statute. The ruling overturns a Tennessee federal district court decision that sided with Kalshi while reaffirming an Ohio federal district court ruling that favored state regulators. This appellate defeat follows a similar ruling last month from the Ninth Circuit Court of Appeals regarding Nevada. Meanwhile, the Third Circuit Court previously ruled that the CFTC holds exclusive jurisdiction over swaps, prompting an appeal to the U.S. Supreme Court that is also backed by an amicus brief from the National Council of Legislators from Gaming States. Kalshi has until November 9 to file its brief in response to the Supreme Court petition.
Federal Regulators Scrutinize $5 Billion in Unusual Kalshi Trades
Federal regulators are examining unusual trading patterns across Kalshi following a working paper that flagged roughly $5.87 billion in concentrated perpetual- transactions. The Futures Trading Commission is reviewing the activity before deciding whether to open a formal enforcement investigation. The paper, posted online on Sept. 21 by an author using the name OctopusTakopi, analyzed 4.1 million Kalshi trades worth about $11.5 billion between Sept. 5 and Sept. 18. Three trade-size clusters represented roughly $5.87 billion, or 51%, of the total volume evaluated in the study. In , trades of about $5,000 and $2,500 made up 57% of volume, while more than $5 billion in ether trades clustered around $5,500 over the past month. Similar fixed-dollar patterns appeared in 17 of the 20 perpetual contracts reviewed. The research also highlighted a near-simultaneous change in dominant trade sizes on Aug. 24, where bitcoin and ether parameters shifted within about 10 seconds. Former quantitative trader Benoit Dubosson raised wash-trading concerns regarding the activity, while Kalshi denied finding any evidence of wash trading. Kalshi spokesperson Elisabeth Diana attributed the patterns to incentives designed to bring to new markets and stated the company has not been contacted by the CFTC.
Kalshi Volume Distribution ($B)
Fixed-dollar clusters accounted for over half of Kalshi perpetual volume.
Fed requests public comment on payment stablecoin regulatory proposals under GENIUS Act
The Board proposed a comprehensive regulatory framework for payment issuers to implement its requirements under the GENIUS Act. The first proposal requires authorized issuers to fully back tokens with permissible reserve like short-term bills while establishing standardized requirements to address credit and operational risks. Issuers face an operational-risk capital charge equal to 2 percent of the first $20 billion in stablecoins outstanding, 1.5 percent of the next $30 billion, and 1 percent of amounts above $50 billion. The rules also bar issuers from paying interest or solely for holding stablecoins. A second proposal establishes a tailored application process for Fed-supervised banks seeking to issue stablecoins through subsidiaries, requiring business plans and financial information. Both proposals are open for a 60-day public comment period following publication in the Federal Register.
Surging private valuations in hardware and infrastructure show strong demand for technology assets. Regulatory actions targeting prediction markets and stablecoin issuers show tightening oversight, leaving the future legal boundaries for digital assets and specialized trading platforms uncertain.
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