Kioxia Holdings is evaluating a US listing through American Depositary Receipts (ADRs) , targeting at least $10 billion in proceeds, according to Bloomberg. The Tokyo‑based memory maker aims to capitalize on investor enthusiasm for AI‑related companies.

Sources say Kioxia has approached Bank of America, Goldman Sachs, and JPMorgan, with the offering potentially launching in 2027. The company has already completed billions of dollars in buybacks in Japan, and a key motivation for the US listing is to improve stock liquidity.

Q1 FY2027 results (April 1 – June 30, 2026):

• Revenue: ¥1.77 trillion (~$11.8B), up 415.5% YoY

• Gross profit: ¥1.38 trillion, up 1,838.9% ; gross margin 78.1% (+57.3 pts)

• Net profit: ¥842.2 billion (~$5.6B), up 4,506%

• Operating cash flow: ¥866.3 billion, up 1,317.8%

ICgoodFind Takeaway:
Kioxia's earnings surge reflects the memory upcycle in full swing. A US listing would boost liquidity and give the company more firepower for capacity expansion. Buyers should watch fab investment and pricing trends closely.