According to reports from Moneycontrol, Kioxia Holdings Corp. is considering raising at least $10 billion by listing American depositary receipts, potentially joining other artificial intelligence-related companies seeking to tap strong investor demand. The Tokyo-based memory-storage maker has been speaking with lenders including Bank of America Corp., Goldman Sachs Group Inc., and JPMorgan Chase & Co. on an offering that may take place next year. The company is seeking to gain more liquidity in the US with the listing after it repurchased billions of dollars' worth of shares in Japan. Kioxia plans to offer American Depositary Shares in the US as early as spring 2027, with the move targeted for the April-to-June window in 2027. The planned ADS offering would keep Kioxia's primary listing in Tokyo, with final terms including the exact raise size and share pricing still to be disclosed.
As reported by Moneycontrol, selling ADRs may also allow Kioxia to join a semiconductor-focused stock index, with considerations being preliminary and details such as the size of the share sale and the bank lineup subject to change. The company stated it is "preparing to list American Depositary Shares representing its common shares on a US stock exchange to steadily and sustainably increase corporate value," adding that details such as the schedule and method haven't yet been decided. Kioxia may also decide not to continue pursuing the listing depending on circumstances. The listing strategy echoes moves by its South Korean rival SK Hynix, which has aggressively courted international investors to fund its own AI-driven expansion.
According to Moneycontrol, Kioxia's Tokyo-listed shares have surged 800% in 2026, giving the company a market value of about $183 billion and briefly making it Japan's most valuable company by market capitalization. The company went public in December 2024, listing on the Tokyo Stock Exchange Prime Market in a deal that raised approximately 120 billion yen. For the fiscal year ending March 2026, Kioxia's revenue hit approximately 2.3 trillion yen, representing a 37% jump year-over-year, while profit came in at 554.5 billion yen, powered by enterprise storage contracts and the voracious appetite of AI server deployments. The listing plans come at a time when concerns about the pace of AI development are escalating, with industry leaders looking to rein in the expansion to better understand potential risks posed by the most advanced systems.
As reported by Moneycontrol, semiconductor companies and other AI-related firms globally are seeking to capitalize on interest in the sector. South Korean memory chipmaker SK Hynix Inc. raised $26.5 billion in its US listing in July, breaking the record for the biggest first-time share sale by a foreign company. Kioxia, a key supplier of NAND storage, has already said it plans to offer ADRs in the spring of 2027, but it didn't provide any further information about the specific details of that earlier announcement. The memory chip industry has consolidated into a handful of major players: Samsung, SK Hynix, Micron, and Kioxia, each racing to build next-generation fabrication capacity, with a single advanced memory fab costing upwards of $10 billion.
