Kioxia Holdings, the Tokyo-based memory chip manufacturer, is reportedly exploring a US stock market debut that could raise at least $10 billion through American Depositary Receipts (ADRs), according to people familiar with the matter. This potential move would position the company among a growing number of artificial intelligence-focused firms seeking to capitalize on robust investor appetite for new funding.

The people, who requested anonymity because the discussions are not yet public, said Kioxia has been in talks with major financial institutions including Bank of America, Goldman Sachs, and JPMorgan Chase regarding a possible offering slated for next year. The company, which recently repurchased billions of dollars worth of its own shares in the Japanese market, is aiming to enhance its liquidity through a US listing.

Sources indicated that issuing ADRs could also help Kioxia gain inclusion in a semiconductor-focused stock index, which would broaden its investor base. However, the planning remains in its early stages, and key details such as the final offering size and the roster of underwriters could still change as the process develops.

Representatives for Kioxia, Goldman Sachs, and JPMorgan all declined to comment, while Bank of America did not immediately respond to requests for comment.