Kioxia Weighs a $10 Billion U.S. ADR Listing

Kioxia Holdings is reportedly considering a U.S. listing of American depositary receipts (ADRs) that could raise at least $10 billion. The Japanese memory-chip maker has been discussing a potential offering with Bank of America, Goldman Sachs and JPMorgan Chase, according to people familiar with the matter cited by Bloomberg and Reuters. The transaction could take place in 2027. 12

The important qualifier: this is not a confirmed deal. Reuters reported that the deliberations were preliminary, and the size, timing and underwriting banks could all change. 1

What Kioxia is considering

An ADR is a U.S.-traded receipt representing shares in a non-U.S. company. A U.S. ADR offering would give Kioxia another route to reach investors outside its Tokyo market.

Kioxia had already indicated that it was preparing for a U.S. ADR listing. Reporting in September said the company had previously pointed to a spring 2027 timeframe, without disclosing deal terms. 49

Which banks are involved?

The reported discussions include:

• Bank of America
• Goldman Sachs
• JPMorgan Chase

Those banks are not necessarily final underwriters. The prospective bank group remains subject to change while the company evaluates the offering. 12

Why a U.S. listing matters

The strategic appeal is access to the deeper U.S. dollar market and a broader set of institutional and retail investors. Reporting has also framed the potential ADRs as a way for Kioxia to expand its investor base beyond Japan and potentially become eligible for a semiconductor-focused index, which could create demand from index-tracking funds if eligibility requirements are met.

That broader access is particularly relevant after Kioxia repurchased billions of dollars of its own Tokyo-listed shares, according to the reporting surrounding the proposal. The company is seeking more U.S. liquidity as it looks to support its corporate value over the long term. 10

Part of a larger push for U.S. AI-chip capital

Kioxia’s plan fits a wider move by Asian semiconductor companies toward U.S. markets, where investors have shown strong interest in businesses linked to AI infrastructure.

SK hynix offers the clearest recent comparison. The South Korean memory-chip maker raised about $26.5 billion in a U.S. ADR offering in July 2026, with the shares set to trade on Nasdaq under the ticker SKHY. Reuters described it as the largest U.S. share sale by a foreign issuer. 37

But SK hynix’s outcome does not guarantee the same reception for Kioxia. Reuters noted that its successful debut reflected both its position in the AI supply chain and its timing, while overseas investors could be more selective with other Asian technology issuers. 4

The risks for a Kioxia offering

A potential listing would arrive against a more uncertain market backdrop. Kioxia’s share price had reportedly dropped more than 54% from its peak after an eightfold first-half rally, while investors weighed the possibility of slower AI spending by cloud providers and declining memory prices.

The reported offering is also exposed to broader sentiment toward AI-related equities. Concerns about the pace and safety of frontier-AI development have added to uncertainty around the sector, alongside weakness in Nasdaq 100 futures and storage-related shares.

For now, the $10 billion figure, 2027 timing and named banks should be treated as reported possibilities rather than final terms. Kioxia and the prospective banks did not comment or were not immediately reachable, and Reuters said it had not independently verified the Bloomberg report. 1