Kioxia is considering raising at least $10 billion through a US American depositary receipt offering, potentially as early as next year, after preliminary discussions with Bank of America, Goldman Sachs and JPMorgan Chase. The Japanese NAND flash-memory maker previously said it planned to issue ADRs by spring 2027 without specifying a size. A US listing could provide greater dollar-denominated liquidity after Kioxia repurchased billions of dollars of shares in Japan, broaden its shareholder base and support potential inclusion in US semiconductor indexes. The proposed transaction would follow SK Hynix's $26.5 billion US listing in July. Kioxia held a 14% share of the global NAND market in the second quarter, matching Chinese competitor YMTC, as AI data-center expansion increases demand for high-capacity enterprise SSDs. The size, timing and underwriting group for any Kioxia offering remain subject to change.