Kioxia is considering raising at least $10 billion by listing American depositary receipts, people familiar with the matter said, potentially joining other artificial intelligence-related companies seeking to tap strong investor demand. Kioxia has been speaking with lenders including Bank of America, Goldman Sachs Group and JPMorgan Chase on an offering that may take place next year, the people said, asking not to be identified because the matter is private. The Tokyo-based memory-storage maker is seeking to gain more liquidity in the U.S. with the listing after it repurchased billions of dollars’ worth of shares in Japan, the people said.
Selling ADRs may also allow Kioxia to join a semiconductor-focused stock index, they said. Considerations are preliminary, and details such as the size of the share sale and the bank lineup may change, the people said. Responding in a statement Tuesday, Kioxia said it is “preparing to list American Depositary Shares representing its common shares on a U.S. stock exchange to steadily and sustainably increase corporate value,” adding that details such as the schedule and method haven’t yet been decided.
Kioxia said it may also decide not to continue pursuing the listing, depending on circumstances. Representatives for Goldman Sachs and JPMorgan declined to comment, while Bank of America didn’t respond to a request seeking comment. Semiconductor companies and other AI-related firms globally are seeking to capitalize on interest in the sector.
South Korean memory chipmaker SK Hynix raised $26.5 billion in its U.S. 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. Kioxia is planning the share sale 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.
President Donald Trump later dismissed fears about AI as “a hoax.” Kioxia gave a muted earnings outlook in July after results missed expectations. It also announced a 3-for-1 stock split and a buyback of up to ¥800 billion ($5.2 billion) to broaden its shareholder base and reduce volatility. Kioxia’s Tokyo-listed shares have surged almost 400% this year, giving the company a market value of about $183 billion.
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