Japanese memory giant Kioxia is said to be considering a U.S. listing, potentially raising at least $10 billion.

Kioxia Holdings is considering raising at least $10 billion through the issuance of American depositary receipts, a move that could place it among other AI-related companies seeking to capitalize on strong investor demand. The Tokyo-based memory chipmaker has been in talks with banks including Bank of America, Goldman Sachs and JPMorgan about a potential offering as soon as next year, people familiar with the matter said. The company, which has bought back billions of dollars of stock in the Japanese market, is seeking more liquidity through a U.S. listing, the people said. An ADR offering could also help Kioxia be included in a semiconductor-focused stock index, the people said. Deliberations are at an early stage, and details such as the size of the offering and the lineup of banks involved could change.