Kioxia Holdings Corp is contemplating an offering of American depositary receipts (ADRs) to secure at least $10 billion in fresh capital, a move that could place the Japanese chipmaker alongside other artificial intelligence-focused firms capitalizing on robust investor appetite, according to sources familiar with the matter.

The memory-chip giant has reportedly held discussions with leading financial institutions, including Bank of America, Goldman Sachs Group, and JPMorgan Chase, regarding the potential listing, which could take place as early as next year. The sources, who requested anonymity due to the confidential nature of the talks, indicated that the plans are still in early stages.

Following a multi-billion-dollar share buyback program in Japan, Kioxia aims to enhance its liquidity in the US market through this listing. The ADR issuance could also pave the way for the company to be included in semiconductor-related stock indices, the sources added.

The offering's size and the final roster of underwriting banks remain subject to change, as the deliberations are preliminary. Representatives for Kioxia, Goldman Sachs, and JPMorgan declined to comment, while Bank of America did not respond to requests for comment.

Headquartered in Tokyo, Kioxia is a key supplier of NAND flash memory. The company has previously announced plans to issue ADRs by spring 2027, though it had not provided further specifics until now.