KIOXIA considers raising $10B through US listing as AI-fueled stock surge continues

KIOXIA Holdings, the NAND flash memory powerhouse that was carved out of Toshiba’s semiconductor division, is planning to offer American Depositary Shares in the US as early as spring 2027. The move could raise between $5 billion and $10 billion, giving one of the world’s largest memory chip producers direct access to the deepest capital market on the planet.

KIOXIA’s stock has surged roughly 800% in 2026, propelled by relentless demand for storage in AI data centers. At one point during that run, the company briefly became Japan’s most valuable by market capitalization.

From Tokyo to New York

KIOXIA only went public in December 2024, listing on the Tokyo Stock Exchange Prime Market in a deal that raised approximately 120 billion yen. The planned ADS offering, targeted for the April-to-June window in 2027, would keep KIOXIA’s primary listing in Tokyo.

Final terms, including the exact raise size and share pricing, have not been disclosed. Regulatory approvals on both sides of the Pacific still need to clear.

The numbers behind the ambition

For the fiscal year ending March 2026, revenue hit approximately 2.3 trillion yen, a 37% jump year-over-year. Profit came in at 554.5 billion yen, powered by enterprise storage contracts and the voracious appetite of AI server deployments.

Following the SK Hynix playbook

KIOXIA’s US listing strategy echoes moves by its South Korean rival SK Hynix, which has aggressively courted international investors to fund its own AI-driven expansion. The memory chip industry has consolidated into a handful of major players: Samsung, SK Hynix, Micron, and KIOXIA. Each is racing to build next-generation fabrication capacity, and a single advanced memory fab can cost upwards of $10 billion.

Micron, the only major US-based memory producer, has already tapped into federal subsidies through the CHIPS Act. SK Hynix has announced plans for US manufacturing as well.

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