# Kioxia rides the AI wave to record revenues and a US listing > Source: > Published: 2026-05-21 16:20:34+00:00 flash # Kioxia rides the AI wave to record revenues and a US listing There's never been a better time to manufacture SSDs: AI-driven demand is fueling Kioxia’s financial results and - like SK Hynix - it is planning a US stock exchange listing. Revenue for [Q4 of its fiscal 2026 ended March](https://ssl4.eir-parts.net/doc/285A/tdnet/2815628/00.pdf) came in at ¥1,002.9 trillion ($6.29 billion), up 84.5 percent on the previous quarter. Net income swelled to ¥407.7 billion ($2.56 billion) versus ¥87.8 billion. Unlike competitors Samsung, SK Hynix and Micron, who have recorded AI-driven DRAM revenue booms for the past two or three quarters, Kioxia has no DRAM business and only now is seeing a massive financial uplift in orders for SSDs. This mirrors [Sandisk’s](https://www.blocksandfiles.com/flash/2026/05/01/spectacular-cash-generator-sandisk-generates-spectacular-pile-of-dollars/5219142) recent results. Kioxia said the revenue hike “was primarily due to a significant increase in average selling prices (ASPs), partially offset by reduced bit shipment.” As reported in the [FT,](https://www.ft.com/content/1e2641ba-14ba-403d-86eb-e484df00964b?syn-25a6b1a6=1) Kioxia CEO Hiroo Oota said: “We are riding the wave of AI demand. As AI becomes a pillar of society, the strength of the flash memory market is expected to continue.” The business unit numbers show the dramatic quarterly surge in SSD revenues: - SSD and storage: ¥600.3 billion ($3.77 billion) - up 99.8 percent - Smart devices: ¥337.3 billion ($2.18 billion) - up 81 percent - Other: ¥65.2 billion ($409 million) - up 14.3 percent We're told Kioxia's NAND revenue generated by selling to PC manufacturers went up primarily due to higher prices. Strong AI server demand in the data center and enterprise markets drove record SSD shipments and ASP expansion contributed to staggering revenue growth Kioxia said it is preparing to list American depositary shares (ADSs) representing its common shares on a US stock exchange to grow its investor base and increase its corporate value. This is similar to SK Hynix’s [proposal.](https://www.blocksandfiles.com/ai-ml/2026/03/25/nand-dram-fabber-sk-hynix-wants-us-stock-listing-for-chip-fab-cash/5211518) The many twists and turns of Kioxia’s [history](https://www.blocksandfiles.com/disk/2023/08/07/toshiba-14b-buyout-offer-led-by-japanese-businesses-is-go/1612150), including its spin out of Toshiba Memory Systems, are now fading. Full year fiscal 2026 revenues were ¥2.337 trillion ($14.7 billion), up 37 percent increase year-on-year. Net profit came in at ¥554.5 billion ($3.483 billion), up from ¥272.3 billion.