Kioxia

Kioxia is a Japanese flash memory manufacturer, the direct corporate descendant of the Toshiba division where flash memory was invented in the 1980s. The listed parent is Kioxia Holdings Corporation (Tokyo Stock Exchange Prime Market: 285A); the operating company is Kioxia Corporation, headquartered in Minato-ku, Tokyo. It designs and manufactures NAND flash memory and the solid-state drives built from it, and it is one of the handful of companies producing NAND at scale, alongside Samsung, SK Hynix, Micron, Sandisk and China's YMTC. TrendForce ranked Kioxia third among the top five NAND suppliers by revenue in the first quarter of 2026, with USD 5.96 billion and a 13.9 percent share ^[1]. Revenue for the year to 31 March 2026 was 2,337.6 billion yen ^[2].

Kioxia matters to artificial intelligence infrastructure for an unglamorous reason: AI clusters need somewhere to put their data, and the disk drive industry cannot add capacity fast enough. Training corpora, checkpoints, embeddings and vector indexes, and the growing practice of spilling attention KV cache out of GPU memory onto storage have all landed on high-capacity enterprise SSDs. Kioxia's own reporting shows what that did to the business: revenue for the three months to June 2026 was roughly five times the same quarter a year earlier, driven almost entirely by price rather than volume ^[24]. Because Kioxia has been publicly listed since December 2024 and reports under IFRS, its filings, alongside Sandisk's, are among the few public windows into NAND economics that are not blended into a broader semiconductor or conglomerate income statement.

The invention of flash at Toshiba

Flash memory was developed at Toshiba by a team led by Fujio Masuoka, who began the project around 1980 with four engineers. The design goal was cost: a memory cell built from a single transistor rather than the two that conventional EEPROM required, so that density would improve as fast as lithography allowed. Masuoka presented the resulting cell at the IEEE International Electron Devices Meeting (IEDM) in San Francisco in 1984. The name "flash" was chosen for the speed of the erase operation ^[3].

Toshiba did not move quickly on it. Intel took the 1984 disclosure and shipped a 256-kilobit NOR flash part in 1988, before Toshiba had committed to the follow-on architecture ^[3]. That follow-on was NAND. Masuoka, with M. Momodomi, Y. Iwata and R. Shirota, presented "New ultra high density EPROM and flash EEPROM with NAND structure cell" at IEDM in 1987; the paper reported a 6.43 square micrometre cell at a 1.0 micrometre design rule, about 30 percent less area per bit than a conventional-structure 4 Mbit EPROM at the same rule ^[4]. Toshiba commercialised NAND in 1989 ^[3]. Kioxia dates its own lineage to that 1987 disclosure, describing itself in 2019 as having driven flash memory forward "from its invention of NAND flash memory in 1987" ^[5].

The invention is also one of the standard cases in the Japanese debate over how corporations compensate employee inventors. Masuoka left Toshiba for a professorship at Tohoku University and later sued his former employer for a share of the proceeds. The Computer History Museum records the case as settling in 2006 for a one-time payment of 87 million yen, about USD 758,000 at the time ^[6]. IEEE Spectrum's account is blunter: "He later sued for a share of the vast profits and won a cash payment" ^[3]. The sums involved are trivial against a business that now turns over more than a trillion yen a quarter.

From Toshiba Memory to Kioxia

The carve-out was not strategic. Toshiba was already damaged by an accounting scandal that broke in 2015, in which it emerged that the company had overstated earnings by more than USD 1.2 billion over seven years and its chief executive resigned ^[30]. Its United States nuclear subsidiary Westinghouse Electric then filed for Chapter 11 bankruptcy on 29 March 2017, against a nuclear business Toshiba had said was already USD 6 billion in the red and might reach USD 10 billion ^[31]. The memory business was the only asset large enough to fill the hole.

Toshiba Memory Corporation was established on 10 February 2017 and took over the memory business on 1 April 2017 ^[7]. Toshiba's board approved the sale on 20 September 2017 and signed a share purchase agreement on 28 September 2017 with K.K. Pangea, a special purpose company controlled by a consortium led by Bain Capital Private Equity; shareholders approved it on 24 October 2017 ^[7].

The consortium's shape is frequently reported wrongly. Bain Capital led and, with Toshiba, controlled the board. Hoya invested as a common equity holder. Apple, Dell Technologies Capital, Kingston Technology and Seagate took non-voting shares with no governance or operational role. SK Hynix's contribution was structured as convertible bonds that could convert to equity only subject to limits. The Innovation Network Corporation of Japan and the Development Bank of Japan said they would consider investing later ^[8]. The widely repeated line that Apple and SK Hynix "bought" part of Toshiba's memory business is therefore misleading: neither took voting equity at closing.

The deal closed on 1 June 2018 at a purchase price of approximately 2,000,300 million yen (about 2.0 trillion yen). Toshiba immediately reinvested 350.5 billion yen, split between approximately 109.6 billion yen of voting common stock (about 40.2 percent of the common) and approximately 240.9 billion yen of convertible preferred stock. Voting rights in K.K. Pangea after closing were BCPE Pangea Cayman L.P. 49.9 percent, Toshiba 40.2 percent and Hoya 9.9 percent. Toshiba booked a pre-tax gain of about 970 billion yen ^[7]. Shares in the three manufacturing joint ventures with Western Digital's SanDisk unit had been transferred into Toshiba Memory in January 2018, before the sale ^[7].

On 18 July 2019 Toshiba Memory Holdings announced it would become Kioxia Holdings Corporation on 1 October 2019, with the whole group renamed at the same time: Toshiba Memory Corporation to Kioxia Corporation, Toshiba Memory Iwate to Kioxia Iwate, and so on down to the former OCZ entities in Israel and the United Kingdom. The name combines the Japanese kioku, memory, with the Greek axia, value ^[5].

An attempt to merge with Western Digital's flash business collapsed in late October 2023. SK Hynix, whose consent was a precondition, refused. Its chief financial officer Woohyun Kim said on 26 October 2023 that "SK Hynix is not agreeing on the deal given the overall impact on the value of the company's investment in Kioxia" ^[9].

Kioxia Holdings listed on the Tokyo Stock Exchange Prime Market on 18 December 2024. The public offering, with a payment date of 17 December 2024, added 21,562,500 shares and increased share capital by 14,985 million yen and capital surplus by 14,894 million yen, the latter after 91 million yen of transaction costs ^[2]. The company was added to the Nikkei Stock Average in March 2026, and S&P and Fitch raised it to investment grade at BBB- in May 2026 ^[10]. On 29 January 2026 Kioxia announced that Hiroo Ota, a vice president and executive officer who joined Toshiba in 1985, would succeed Nobuo Hayasaka as president on 1 April 2026, the first change of president in about six years ^[25].

Ownership

Kioxia's register still reflects the 2018 structure, though both anchor holders sold down heavily during the year to March 2026. As of 31 March 2026 the funds advised by Bain Capital, held through BCPE Pangea Cayman L.P., BCPE Pangea Cayman 1A L.P., BCPE Pangea Cayman 1B L.P. and BCPE Pangea Cayman2 Ltd., indirectly held 21.87 percent of outstanding common shares, and Toshiba Corporation held 17.59 percent. Three Kioxia board or audit-board members are Bain Capital people ^[2].

SK Hynix's position is the unusual one. It holds convertible bonds that can be converted into substantially all of the voting rights of BCPE Pangea Cayman2 Ltd., which itself holds 77,400,000 Kioxia common shares, 14.17 percent of the total. SK Hynix has agreed not to hold more than 15 percent of Kioxia's voting rights before 2028 without Kioxia's permission, and as of 31 March 2026 the bonds had not been converted. Kioxia notes in its own risk disclosures that SK Hynix is a competitor and that its voting may diverge from that of general shareholders ^[2]. Toshiba also retains a cross-licensing agreement with Kioxia covering patents and technical information needed for the memory business ^[2].

The Sandisk joint ventures

The relationship with what is now Sandisk is the most misunderstood part of Kioxia's structure and the most consequential. It is not a supply agreement and not a subsidiary. Kioxia and Sandisk jointly own three manufacturing joint ventures, incorporated in Yokkaichi, Mie Prefecture: Flash Partners Ltd., Flash Alliance Ltd. and Flash Forward LLC. Kioxia's voting ratio in each is 50.1 percent, but the two groups have equal decision-making rights and Kioxia accounts for them as joint operations rather than consolidating them ^[2].

What the joint ventures own is the production equipment, not the fabs. The mechanics, in Kioxia's own description: the joint ventures procure equipment by borrowing from the two parents or through lease agreements, and install it in Kioxia's Yokkaichi and Kitakami plants. Kioxia produces wafers using equipment loaned to it free of charge, sells the processed wafers to the joint ventures, and the joint ventures then sell 50 percent of the output to Kioxia and 50 percent to Sandisk. Kioxia and Sandisk each guarantee half of the lease liabilities on the jointly owned equipment ^[2].

That is why the two companies announce the same technology on the same day, and why their NAND is fabricated on the same lines while they compete in finished SSDs and retail products. Buildings, land and the workforce that runs the fabs sit on the Kioxia side; the equipment inside them is jointly owned and the wafer output is split down the middle.

Sandisk separated from the Western Digital group and listed on Nasdaq in February 2025. Kioxia's filings state that it does not expect the separation to have a material effect on the company or on the joint ventures, while flagging that there is no guarantee the benefits continue ^[2]. In January 2026 the two extended the Yokkaichi joint venture agreement, which had been due to expire on 31 December 2029, through 31 December 2034, and aligned the Kitakami agreement to the same date. Sandisk agreed to pay Kioxia USD 1.165 billion for manufacturing services in instalments from 2026 to 2029 ^[11]. Kioxia notes that no decision has been taken on what happens after 2034 ^[2].

Manufacturing

Kioxia runs two front-end sites, both in Japan.

The Yokkaichi Plant in Mie Prefecture is the older and larger of the two, covering roughly 694,000 square metres, about 1.4 kilometres from one end to the other, and employing around 10,000 people. Kioxia describes it as one of the world's largest flash memory manufacturing facilities and runs it as a heavily instrumented smart factory, collecting about 3 billion data points a day from manufacturing equipment. Its most recent fab, Fab7, started operation in the autumn of 2022 ^[12].

The Kitakami Plant in Iwate Prefecture is operated by the wholly owned subsidiary Kioxia Iwate Corporation ^[2]. Its second fab, Fab2 or K2, began operation in September 2025, built to produce 218-layer eighth-generation flash with CBA bonding and later nodes, with an earthquake-absorbing structure and meaningful output expected in the first half of 2026. A portion of the Fab2 investment is subsidised by the Japanese government under a plan approved in February 2024 ^[13].

Japanese state support is disclosed in yen in the annual securities report rather than left to press estimates. Kioxia Corporation and the three manufacturing joint ventures received grants of approximately 92.9 billion yen from the Japanese government between fiscal 2022 and fiscal 2025 for flash memory production at Yokkaichi. Kioxia Corporation, Kioxia Iwate and the three joint ventures are additionally scheduled to receive up to 150.0 billion yen for production at Yokkaichi and Kitakami, of which approximately 31.8 billion yen had not been received as of 31 March 2026. Excluding the portion attributable to Sandisk, Kioxia recognised asset-purchase grants of 43.7 billion yen in the year to March 2025 and 56.4 billion yen in the year to March 2026 ^[2].

Capital spending is modest by the standards of leading-edge logic. Kioxia paid 281.1 billion yen for property, plant and equipment in the year to March 2026, up from 223.8 billion yen the year before, against depreciation and amortisation of 312.8 billion yen ^[2]. At its investor day on 2 June 2026 the company set out plans for roughly 470 billion yen a year of capital expenditure and 230 billion yen a year of research and development over the following three years ^[14].

BiCS FLASH

BiCS FLASH is Kioxia's brand for its 3D NAND product line, developed jointly with Sandisk. Generations are numbered, and since the eighth they have been distinguished less by stacking alone than by two process changes: CBA, in which the CMOS control circuitry and the memory array are fabricated on separate wafers under their own optimal conditions and then bonded together, and OPS, an on-pitch select gate drain scheme.

Since 2025 Kioxia has run what it calls a dual-axis strategy: a ninth generation that reuses proven memory cells with newer CMOS for cost-efficient mainstream parts, and a tenth generation that pushes layer count for capacity and bandwidth. The two overlap in time, which is why announcements in mid-2026 arrived out of numerical order.

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The ninth generation is therefore not a single stack height. Kioxia describes it as combining existing memory cell technologies, the 112-layer fifth generation and the 218-layer eighth generation, with the latest CMOS, so the 512 Gb part lands at 120 layers and the 1 Tb part at 230 ^[16][17].

The tenth generation is the significant one for AI storage. Kioxia's press release gives a 1 Tb TLC device at 332 layers with a 4.8 Gb/s NAND interface, 33 percent faster than the eighth generation, 59 percent higher bit density, and write and read power efficiency improved by 18 percent and 30 percent respectively. It is made at Kitakami Fab2, and Kioxia states plainly that "these samples are for the functional check purpose and the specifications of the samples may differ in mass production" ^[18].

Reporting on when those parts reach volume has been contradictory, and the distinction between sampling, production start and mass production is doing the work. On the same day as the sampling announcement, Kioxia and Sandisk issued a separate release headed "Kioxia and Sandisk Begin Production of 10th-Generation 3D Flash Memory Products at Kitakami Plant Fab2", describing the start of manufacturing of tenth-generation products at the fab that opened in September 2025 ^[19]. TrendForce, citing Nikkei, reported the same day that Kioxia plans to begin BiCS 10 mass production in 2027 ^[20], and Blocks & Files likewise wrote that mass production is expected to start "next year" ^[21]. Kioxia has published no mass-production date of its own. The accounts are reconcilable if "begin production" means initial manufacturing of tenth-generation product at Fab2 in 2026 while mass production means the volume ramp in 2027, but as of August 2026 that reading is inference rather than something Kioxia has confirmed.

Products

Kioxia sells finished drives as well as component flash, and reports revenue by application rather than by segment: SSD and Storage, Smart Devices, and Other.

Enterprise and data centre SSDs are where the AI demand lands. The LC9 series, announced on 22 July 2025, reached 245.76 TB in a single 2.5-inch or EDSFF E3.L drive (122.88 TB in E3.S) by stacking 32 dies of 2 Tb QLC BiCS FLASH with CBA, packing 8 TB into a 154-ball BGA package, behind a PCIe 5.0 interface with NVMe 2.0. Kioxia positioned it explicitly at generative AI: data lakes, LLM training and retrieval-augmented generation, and argued the case against hard drives on power, drive slots and cooling rather than on capacity alone ^[22]. The CM10 series, announced on 30 July 2026, is Kioxia's first PCIe 6.0 enterprise SSD, built on tenth-generation 332-layer TLC, offered from 1.60 TB to 61.44 TB in E3.S, E1.S and 2.5-inch form factors with cold-plate liquid cooling options, and claimed at up to roughly 92 percent higher sequential read and 85 percent higher random read performance than the CM9 generation. It supports NVMe 2.1, the OCP datacenter SSD specification v2.7, NVMe Flexible Data Placement, and post-quantum cryptographic options, and was sampling to selected customers at announcement ^[23].

At its June 2026 investor day Kioxia described three lines aimed at inference: CM series drives for KV cache offload to keep GPUs fed, GP series drives it says exceed 100 million IOPS for GPU memory expansion, and LC series high-capacity drives for AI-generated data. It also set a target of raising data centre and enterprise sales above 60 percent of the total ^[14].

Client and mobile products remain the volume business. During 2026 Kioxia refreshed its PC OEM SSD lines with the BG7 in January, the QLC-based EG7 in April, the BG8 in April and the XG10 in May, and its embedded mobile memory with QLC UFS 4.1 in January and UFS 5.0 devices sampling from February and announced for on-device AI in July ^[10]. Retail products, including SD cards and USB drives, fall under Other, which also captures sales to Sandisk recorded through the three joint ventures ^[2].

AiSAQ and SSD-based vector search

Kioxia also ships software intended to make its drives useful to AI systems rather than merely large. AiSAQ, for All-in-Storage ANNS with Product Quantization, is an approximate nearest neighbour search implementation that keeps the whole index on SSD instead of loading it into DRAM. Kioxia released it as open source in January 2025 under the kioxiaamerica/aisaq-diskann repository, claiming performance comparable to in-memory solutions "while using a fraction of expensive DRAM" and instant database start-up because nothing has to be paged into memory first ^[26]. In March 2026 the company reported scaling it to 4.8 billion 1024-dimensional vectors, 19.66 TB of vector data, on a single server, and using four NVIDIA Hopper GPUs to cut index build time from 28.4 days on CPU to 1.4 days, with end-to-end time falling from 31 days to 4 ^[27]. AiSAQ was integrated into the open-source Milvus vector database from version 2.6.4, announced in December 2025 ^[28].

Financial performance

Kioxia reports in Japanese yen under IFRS, with a fiscal year ending 31 March. Figures below are as reported and no conversion is implied. The company also publishes non-GAAP measures that strip out purchase price allocation effects and stock-based remuneration.

For the year ended 31 March 2026, revenue was 2,337.6 billion yen, up 631.2 billion yen year on year, with SSD and Storage at 1,362.6 billion yen, Smart Devices at 760.0 billion yen and Other at 215.0 billion yen. Operating profit was 870.4 billion yen, profit before tax 784.1 billion yen, and profit attributable to owners of parent 554.5 billion yen. Basic earnings per share were 1,024.07 yen. The average exchange rate over the year was 150 yen to the US dollar. Kioxia attributed the increase primarily to higher average selling prices on demand from generative-AI-centred data centre customers, plus bit shipment growth ^[2]. Research and development cost was 141.1 billion yen, against 132.8 billion yen the year before ^[2].

Customer concentration is high and rising. The Apple group accounted for 476.0 billion yen, or 20.4 percent of revenue, in the year to March 2026, up from 300.5 billion yen and 17.6 percent the year before. In the earlier year the Sandisk group and the Dell group each also cleared the 10 percent disclosure threshold, at 11.6 percent and 10.0 percent; neither did in the year to March 2026 ^[2].

The first quarter of fiscal 2026, the three months to 30 June 2026 reported on 31 July 2026, was a step change. According to the results presentation, revenue was 1,767.1 billion yen, up 76.2 percent sequentially and 415.5 percent year on year, with non-GAAP operating profit of 1,326.2 billion yen at a 75 percent margin and non-GAAP net income of 887.0 billion yen. Average selling prices rose about 70 percent while bit shipments grew only low single digits, which is the clearest available statement of how much of the 2026 NAND boom is price rather than volume. Kioxia moved to a net cash position of 186.7 billion yen, announced a share buyback of up to 800 billion yen and a three-for-one stock split effective 1 October 2026, and guided second-quarter revenue to 2,390.0 billion yen with non-GAAP operating profit of 1,900.0 billion yen ^[24].

Market position and the AI storage cycle

TrendForce measured first-quarter 2026 NAND revenue for the top five suppliers alone at more than USD 38.9 billion, up 83.7 percent quarter on quarter. Its ranking, published on 25 May 2026, was Samsung at USD 13.51 billion and 31.6 percent, the SK hynix group including Solidigm at USD 7.53 billion and 17.6 percent, Kioxia at USD 5.96 billion and 13.9 percent, and Micron and Sandisk tied at USD 5.95 billion and 13.9 percent each. TrendForce attributed the surge to cloud providers' enterprise SSD demand for AI servers and to a structural shortage of hard disk drives pushing orders toward QLC enterprise SSDs ^[1].

That shortage has an obvious consequence for buyers, and Kioxia executives have said so publicly. In January 2026, Shunsuke Nakato, a managing director in Kioxia's memory business, told the South Korean outlet Digital Daily that the company's production volume for the year was already sold out, that constraints would probably persist through 2027, and that Kioxia was allocating on a "gentleman's agreement" basis honouring existing customer relationships rather than auctioning capacity, with even long-standing customers facing price increases of around 30 percent year on year ^[29]. The original interview is in Korean and Kioxia has not published the remarks itself, so the specifics are press-reported rather than company-confirmed. What Kioxia's own disclosures show is the same picture from the other side: average selling prices up about 70 percent in a single quarter on almost flat bit shipments ^[24].

Kioxia's structural position within that boom is mixed. It has a technology it co-develops with a competitor, a manufacturing base concentrated in two Japanese sites that its own risk disclosures flag for natural-disaster exposure (Yokkaichi for earthquake and flood risk, Kitakami for sitting in an area severely damaged in 2011) ^[2], and a single customer at more than 20 percent of revenue. Its counterweights are that the joint venture halves the capital cost of every new fab, that Japanese state grants have covered a visible slice of recent investment, and that the listing has given it a currency and an investment-grade credit rating it did not have under private ownership.

References

1. ^TrendForce, "Combined Revenue of Top Five Global NAND Flash Suppliers Rose by 83.7% QoQ for 1Q26 as Supply Shortages Drove Price Hikes", 25 May 2026. trendforce.com/...20260525-13058
2. ^Kioxia Holdings Corporation, Annual Securities Report for the Fiscal Year Ended March 2026. kioxia-holdings.com/...rities-Report-FY2025-EN.pdf
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4. ^F. Masuoka, M. Momodomi, Y. Iwata and R. Shirota, "New ultra high density EPROM and flash EEPROM with NAND structure cell", International Electron Devices Meeting (IEDM), 1987, pp. 552-555 (record via CiNii Research). cir.nii.ac.jp/...1571135651636856192
5. ^Toshiba Memory Holdings Corporation, "Toshiba Memory to Rebrand as 'Kioxia' in October", 18 July 2019. kioxia-holdings.com/...tmchd-news-20190718-en.pdf
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9. ^TechCrunch, "Memory chip maker SK Hynix, a shareholder of Kioxia, opposes a merger with Western Digital", 26 October 2023. techcrunch.com/...es-a-merger-with-western-digital
10. ^Kioxia, news and press release index for 2026. kioxia.com/...2026
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21. ^Blocks & Files, "Kioxia and Sandisk sample shipping 332-layer 3D NAND", 3 July 2026. blocksandfiles.com/...5266362
22. ^Kioxia, "KIOXIA Announces Industry's First 245.76 TB NVMe SSD Built for the Demands of Generative AI Environments", 22 July 2025. apac.kioxia.com/...20250722-1
23. ^Kioxia, "Kioxia Introduces First PCIe 6.0 Enterprise SSDs Utilizing Newest BiCS FLASH Generation 10 Flash Memory", 30 July 2026. kioxia.com/...20260730-1
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25. ^TrendForce, "Kioxia Names New President ahead of Earnings Release: Key Points to Watch", 3 February 2026. trendforce.com/...ings-release-key-points-to-watch
26. ^Kioxia, "KIOXIA AiSAQ Technology Designed to Reduce DRAM Requirements in Generative AI Systems Released as Open Source Software", 28 January 2025. americas.kioxia.com/...ssd-20250128-1
27. ^Kioxia, "KIOXIA Achieves 4.8 Billion High-Dimensional Vector Search Database on a Single Server, with 7.8x Index Build Time Acceleration via GPUs", 16 March 2026. americas.kioxia.com/...ssd-20260316-2
28. ^Kioxia, "KIOXIA AiSAQ Technology Integrated into Milvus Vector Database", 17 December 2025. kioxia.com/...20251217-1
29. ^Yahoo Finance, "NAND flash supply for 2026 already sold out, says Kioxia exec", 21 January 2026. finance.yahoo.com/...supply-2026-already-130253516
30. ^CFA Institute Market Integrity Insights, "Toshiba Accounting Scandal: A Corporate Culture Problem", 30 October 2015. blogs.cfainstitute.org/...orporate-culture-problem
31. ^Forbes, "Westinghouse Bankruptcy Shakes The Nuclear World", 31 March 2017. forbes.com/...-bankruptcy-shakes-the-nuclear-world