Kioxia Holdings, the Tokyo-based memory chip maker, is considering a US listing that could raise at least $10 billion (about 67.1 billion yuan), according to a report from Bloomberg cited by IThome. The move would place Kioxia among a wave of AI-related companies seeking to tap strong investor demand.
People familiar with the matter told Bloomberg that Kioxia has approached investment banks including Bank of America, Goldman Sachs, and JPMorgan to prepare for a possible offering next year. The company has already bought back billions of dollars of its own shares in Japan and hopes a US listing will improve liquidity, the sources added.
Strong quarterly results
Kioxia's latest financial report, for the first quarter of its fiscal 2027 (April 1 to June 30, 2026), shows dramatic growth. Revenue reached 1.77 trillion yen (about 77.3 billion yuan), up 415.5% year-on-year. Gross profit soared 1,838.87% to 1.38 trillion yen (about 60.2 billion yuan), with a gross margin of 78.1%, up 57.33 percentage points.
Net profit attributable to parent company shareholders jumped 4,506.02% to 842.165 billion yen (about 36.8 billion yuan). Operating cash flow came in at 866.337 billion yen (about 37.8 billion yuan), up 1,317.76%.
These figures reflect a boom in demand for NAND flash memory, driven by AI data centers and high-performance computing. Kioxia, which was spun off from Toshiba, is one of the world's largest memory chip manufacturers.
According to IThome, the company's move to list in the US follows a trend of Japanese tech firms seeking deeper capital markets and greater exposure to global investors. The IPO, if successful, would be one of the largest tech listings in recent years.
