Global NAND flash memory leader Kioxia is exploring a US listing through American Depositary Receipts (ADRs) to raise at least $10 billion, with a potential debut as early as next year. Should the plan materialize, the company would become the latest semiconductor player to tap US capital markets for funding and liquidity.

According to sources familiar with the matter, Kioxia has initiated discussions with institutions including Bank of America, Goldman Sachs, and JPMorgan regarding the offering structure. These talks remain in early stages, and both the fundraising size and underwriter lineup could shift. The issuance may also help Kioxia qualify for inclusion in semiconductor-focused stock indices.

Kioxia had previously announced plans to issue ADRs by the spring of 2027, though few specifics were disclosed at that time. If current efforts progress smoothly, the listing could occur ahead of that original schedule. This year, the company has also executed a stock split in Japan and introduced a share buyback program of up to 800 billion yen, alongside earlier repurchases totaling billions of dollars, all aimed at broadening its shareholder base and increasing float.

AI storage demand heats up, Kioxia shares surge over four-fold

Rising investment in AI infrastructure continues to drive demand for high-performance storage, which in turn is accelerating semiconductor companies' moves into US capital markets. In July, South Korean memory giant SK Hynix completed its US listing, raising $26.5 billion in what marked the largest foreign initial public offering in American history.

Kioxia's Tokyo-listed shares have climbed more than 410% year-to-date, lifting the company's market capitalization to roughly $180 billion. However, its quarterly results released in July missed market expectations, and management offered a relatively cautious earnings outlook, suggesting underlying fundamentals remain under some pressure.

Meanwhile, US equities have recently experienced volatility tied to AI development prospects and safety concerns surrounding cutting-edge models. For Kioxia as it prepares for its US listing, navigating the timing of the offering while balancing high valuations against market fluctuations will be a decisive factor in whether the plan moves forward successfully.