铠侠（Kioxia）筹备美国ADS上市，叠加NAND盈利强劲复苏，但为2027年远期软催化且文章已发布4天

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Kioxia eyes US listing amid NAND profit rebound

Sherri Wang
, DIGITIMES, Taipei

Sep 11, 2026, 17:25

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Kioxia's planned US listing could broaden the Japanese memory maker's access to global institutional investors as a sharp recovery in NAND profitability coincides with stronger data-center demand and a new round of capacity investment.

US listing in the works
The company has been preparing to list American depositary shares to expand its investor base, with CFO Yoshihiko Kawamura targeting the April-June quarter of 2027. Reuters reported September 11 that Sebastian Thomas, lead manager of Voya Investments' US$14 billion Global Artificial Intelligence fund, sees liquidity as a key obstacle to investing in Kioxia. The fund already has exposure to SK Hynix and Micron, while Kioxia shares have risen 456% this year, leading the Nikkei 225.
NAND profits surge on AI demand
The investor interest comes alongside a sharp improvement in Kioxia's fundamentals. Revenue for the April-June quarter reached JPY1.77 trillion (US$11.48 billion), up from JPY1.00 trillion in the previous quarter. SSD and storage revenue nearly doubled sequentially to JPY1.17 trillion, while operating profit rose to JPY1.27 trillion from JPY596.8 billion.
The increase was driven mainly by higher average selling prices amid strong demand from data-center customers focused on generative AI. Kioxia expects the momentum to continue in the July-September quarter, forecasting revenue of JPY2.39 trillion and operating profit of JPY1.89 trillion, up 35.2% and 48.8% sequentially.
Locking in long-term customers
The shift is also improving demand visibility. At its June Investor Day, Kioxia said it was discussing long-term agreements mainly with data center and enterprise customers, with several customers interested in contracts extending beyond 2029. The company plans to cover about 50% of projected 2028 shipment volume through such agreements while retaining flexibility over pricing and contract duration.
Kioxia is also expanding its enterprise SSD exposure. Its CM Series, designed for applications including KV cache, has already been adopted and qualified by major enterprise and hyperscale customers. The company is also developing a Super High IOPS SSD based on its XL-FLASH technology to meet Nvidia specifications, with evaluation samples planned this year.
Ramping up capacity investment
That demand is feeding into capital allocation. Kioxia plans JPY450 billion in capital expenditure in fiscal 2026, up from JPY280 billion in fiscal 2025, with a similar level planned for fiscal 2027. Spending will support expansion of eighth-generation BiCS FLASH, the ramp of 10th-generation BiCS FLASH, and investment at Yokkaichi Fab 7 and Kitakami Fab 2.
Kioxia sees its enterprise SSD market share rising from around 10% currently to more than 15%, and to about 17% over the medium to long term. Separately, Kioxia and Sandisk announced in August that they expect to invest more than US$31 billion in Japan through 2032, contingent on government support, to expand flash manufacturing infrastructure at Yokkaichi and Kitakami.
Kioxia assumes NAND market bit growth of about 22% annually from 2025 through 2028 while pursuing a more disciplined expansion strategy after years of sharp memory-cycle volatility.

Source: Kioxia; compiled by DIGITIMES

Article
edited by Jerry Chen

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