Key facts
- Kioxia will mass manufacture its 10th-generation BiCS Flash memory.
- The company's shares have surged more than sevenfold this year.
- Kioxia was acquired from Toshiba by a Bain Capital-led consortium in 2018 for $12 billion.
- Demand for high-capacity NAND memory has increased due to AI inference.
- Kioxia is considering a stock split and a U.S. listing of American depositary shares.
Kioxia is set to begin mass production of its 10th-generation BiCS Flash memory, a significant development driven by the surging demand for AI-related hardware. The company, formerly Toshiba Memory, has experienced a remarkable turnaround, with its shares increasing more than sevenfold this year, surpassing Toyota Motor in market capitalization.
Acquired by a Bain Capital-led consortium in 2018 for 2 trillion yen ($12 billion), Kioxia's IPO plans were previously delayed due to a downturn in memory prices. However, the expanding use of AI, particularly in inference processes, has boosted demand for high-capacity NAND memory. Experts note that chipmakers had deprioritized NAND investment, creating a concentrated demand for Kioxia's offerings.
The company's advanced wafer bonding technology positions it as a leader in NAND performance and power consumption, with analysts suggesting it is two to four years ahead of competitors. Kioxia is also exploring a stock split and aims to list American depositary shares on a U.S. exchange by April 2027, mirroring similar moves by other Asian companies like SK Hynix, which plans to raise up to $29.4 billion through its own U.S. listing.