Understanding the polymorphism of lipids in solution is the key to the development of intracellular delivery systems. Here, we study the dynamics of poly(ethylene glycol)-lipid (PEG-Lipid) conjugates aiming at a better understanding of their molecular properties and aggregation behavior in solution. Those PEG-Lipids are used as components of lipid nanoparticles (LNPs). LNPs are gaining increased popularity, e.g., by their utilization in modern vaccination strategies against SARS-CoV-2. Characterization of the systems is conducted by the classical methods of hydrodynamics in different solvents, such as ethanol and water, which are also commonly used for LNP formulation. We were able to elucidate the structurally associated hydrodynamic properties of isolated PEG-Lipids in ethanol, revealing the typically expected values of the hydrodynamic invariant for random coil polymers. By virtue of the same experimental setting, the PEG-Lipids' behavior in water was as well studied, which is a less good solvent than ethanol for the PEG-Lipids. Our experiments demonstrate that PEG-Lipids dissolved in water form well-defined micelles that can quantitatively be characterized in terms of their degree of aggregation of PEG-Lipid polymer unimers, their hydrodynamic size, and solvation, i.e., the quantitative determination of water contained or associated to the identified micelles. Quantitative results obtained from classical hydrodynamic analyses are fully supported by studies with standard dynamic light scattering (DLS). The obtained diffusion coefficients and hydrodynamic sizes are in excellent agreement with numerical results derived from analytical ultracentrifugation (AUC) data. Cryo-transmission electron microscopy (cryo-TEM) supports the structural insight from hydrodynamic studies, particularly, in terms of the observed spherical structure of the formed micelles. We demonstrate experimentally that the micelle systems can be considered as solvent-permeable, hydrated spheres.