Kioxia Holdings Corp. is considering raising at least $10 billion by listing American depositary receipts, people familiar with the matter said, potentially joining other artificial intelligence-related companies seeking to tap strong investor demand. Kioxia has been speaking with lenders including Bank of America Corp., Goldman Sachs Group Inc. and JPMorgan Chase & Co. on an offering that may take place next year, the people said, asking not to be identified because the matter is private.

The Tokyo-based memory-storage maker is seeking to gain more liquidity in the US with the listing after it repurchased billions of dollars' worth of shares in Japan, the people said. Selling ADRs may also allow Kioxia to join a semiconductor-focused stock index, they said. Considerations are preliminary and details such as the size of the share sale and the bank lineup may change, the people said.

Responding in a statement Tuesday, Kioxia said it is 'preparing to list American Depositary Shares representing its common shares on a US stock exchange to steadily and sustainably increase corporate value,' adding that details such as the schedule and method haven't yet been decided. Kioxia said it may also decide not to continue pursuing the listing, depending on circumstances.

Semiconductor companies and other AI-related firms globally are seeking to capitalize on interest in the sector. South Korean memory chipmaker SK Hynix Inc. raised $26.5 billion in its US listing in July, breaking the record for the biggest first-time share sale by a foreign company. Kioxia, a key supplier of NAND storage, has already said it plans to offer ADRs in the spring of 2027, but it didn't provide any further information.