NAND flash memory
Kioxia
Kioxia is a top-3/4 NAND flash maker (~16% share) running some of the world's largest NAND fabs in Yokkaichi and Kitakami. After its December 2024 IPO, surging demand for fast AI-datacenter SSDs lifted results and the stock (it partners with NVIDIA on AI SSDs), and it co-develops nanoimprint (NIL) lithography with Canon over a 10-year program — an alternative-litho experiment to scale NAND without EUV. It depends on a global supply chain of Tokyo Electron, Lam Research, ASML and Tokyo Ohka for equipment and materials.
285A.T Updated Jul 12, 2026 5 AI consumers· 4 recurring
Per the valuechain.wiki graph, Kioxia is directly linked to 10 companies (7 supply, 3 revenue relationships) and reaches 58 companies within two hops; the links are backed by 13 dated sources, 3 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · ¥1,706.5bn (FYE Mar 2025)
- Customer concentration · NAND flash memory.
- Segments · NAND flash memory
Revenue from
- NVIDIA Medium confidence· Market share >16% · 2024 · global NAND share
Supplies NAND/SSD for AI and datacenters to NVIDIA.Confirms EN Kioxia Published May 21, 2026: Kioxia Holdings FY2026 (year ended March 2026) Consolidated ResultsConfirms EN Blocks & Files Published Sep 15, 2025: Kioxia developing 100 million IOPS SSD for NvidiaConfirms EN Kioxia Integrated Report Published Jun 30, 2025: Kioxia Integrated Report — kioxia results - SSD · electronics OEM (undisclosed) Medium confidence
Supplies NAND and SSDs for AI and data centers to SSD and electronics OEMs.Confirms EN Kioxia Published May 21, 2026: Kioxia Holdings FY2026 (year ended March 2026) Consolidated ResultsConfirms EN TrendForce Published Dec 3, 2025: AI Infrastructure Continues to Strengthen NAND Flash Demand; Kioxia Posts Highest QoQ Growth of 33.1% in 3Q25 - Phison Electronics Medium confidence
Supplies NAND to Phison SSD solutions. - Everpure (formerly Pure Storage) Medium confidence
Supplies NAND to Pure DirectFlash modules.Confirms EN FinancialContent Published Jan 2, 2026: Pure Storage: the all-flash AI-factory architecture
Pays to
- Tokyo Electron (TEL) High confidence
Purchases NAND production equipment and wafers from Tokyo Electron. - Lam Research High confidence
Purchases NAND production equipment and wafers from Lam Research. - Shin-Etsu Chemical Medium confidence
Purchases NAND production equipment and wafers from Shin-Etsu Chemical. - ASML Medium confidence
Buys NAND fab equipment and wafers from ASML. - Advantest Medium confidence
Buys NAND fab equipment and wafers from Advantest. - 도쿄오카 Medium confidence
Photoresist supplier (world No.1 at 24.7%, No.2 in EUV at 28%); Kioxia named among TOK's key customers in IR.Mentions JA Eventos (IR lecture note) Published Dec 6, 2025: TOK IR briefing: key customers and business structure - Canon (NIL imprint tool) Medium confidence
Decade-long NIL co-development with Canon — adopting Canon's imprint tool to qualify NAND production.Confirms EN IEEE Spectrum Published Mar 1, 2024: Canon Delivers Nanoimprint Lithography to Compete With EUV - components, materials & R&D (undisclosed) Low confidence
Parts, materials and R&D (undisclosed).
Investors
- Bain Capital consortium + Toshiba High confidence
Bain-led consortium holds 51.3%; Toshiba 32.3%.Confirms EN TrendForce Published Dec 10, 2024: Kioxia Finalizes IPO Price, SK Hynix Poised to Become Third-Largest Shareholder
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Dell Technologies | lead2 | +51.2 | -26.6 | +95.9 | +53 | +11.2 | +320.2 |
| Lenovo | lead2 | -4.6 | -20.9 | +36.2 | +18.2 | -0.6 | +269.8 |
| Seagate Technology | lead2 | +87.5 | -51.4 | +69.1 | +4.1 | +225.3 | +209.1 |
| Wiwynn | lead2 | +24.7 | -22.3 | +206.4 | +3.5 | +64.4 | +120.2 |
| ASUSTeK Computer | lead2 | +35.5 | -12.9 | +72 | +41.1 | -14.1 | +119.8 |
| Hewlett Packard Enterprise | lead2 | +37.4 | +4.5 | +9.7 | +29.1 | +15.5 | +118.5 |
| Aurora Innovation | lead2 | · | -89.3 | +261.2 | +44.2 | -39 | +65.1 |
| Gigabyte Technology | lead2 | +82.3 | -3.4 | +173.2 | -15.9 | -4.7 | +60.7 |
| Wistron | lead2 | +7.9 | +9.7 | +272.7 | -1.6 | +22.7 | +57.3 |
| TeraWulf | lead2 | +77.1 | -95.5 | +258.2 | +135.8 | +103 | +43.7 |
| Cloudflare | lead2 | +73 | -65.6 | +84.2 | +29.3 | +83.1 | +41.5 |
| Super Micro | lead2 | +38.8 | +86.8 | +246.2 | +7.2 | -4 | +35.3 |
| SK Telecom | lead2 | +7.9 | -12 | +15.8 | +15.5 | +37.5 | +29.7 |
| Quanta Computer | lead2 | +22.2 | -12.8 | +254.5 | +12.7 | +8.9 | +28.5 |
| Foxconn (Hon Hai) | lead2 | -5.1 | +2.8 | +7.8 | +80.1 | +26.9 | +19.6 |
| IREN | lead2 | · | -92.3 | +472 | +37.3 | +284.6 | +18.3 |
| Mercury Systems | lead2 | -37.5 | -18.7 | -18.3 | +14.8 | +73.8 | +12.9 |
| Amazon | lead2 | +2.4 | -49.6 | +80.9 | +44.4 | +5.2 | +12 |
| Geely Auto | lead2 | -40.8 | -22.9 | -40.3 | +98.5 | +14.5 | +10.2 |
| Tempus AI | lead2 | · | · | · | · | +74.9 | +9.4 |
| General Motors | lead2 | +40.8 | -42.4 | +7.9 | +49.8 | +54.2 | +8.4 |
| Alphabet (Google) | lead2 | +65.3 | -39.1 | +58.3 | +36 | +66 | +8.3 |
| Celestica | lead2 | +37.9 | +1.3 | +159.8 | +215.2 | +220.3 | +5.7 |
| Microsoft | lead2 | +52.5 | -28 | +58.2 | +12.9 | +15.6 | +4 |
| Yum! Brands | lead2 | +30.1 | -6 | +3.9 | +4.7 | +14.9 | +0.6 |
| Meta Platforms | lead2 | +23.1 | -64.2 | +194.1 | +66 | +13.1 | -6.4 |
| Toyota Motor Corporation | lead2 | +58.1 | -13.4 | +63 | +1.8 | +21.8 | -10.8 |
| IonQ | lead2 | · | -79.3 | +259.1 | +237.1 | +7.4 | -11.9 |
| Oracle | lead2 | +36.9 | -4.6 | +30.9 | +60 | +18.1 | -17.8 |
| IBM | lead2 | +16.7 | +10.6 | +21.8 | +39.3 | +38.2 | -19.1 |
| Tesla | lead2 | +49.8 | -65 | +101.7 | +62.5 | +11.4 | -21.3 |
| Alibaba Group | lead2 | -49 | -25.8 | -10.8 | +11.8 | +75.8 | -22 |
| Hyundai Motor Company | lead2 | -16.7 | -4.7 | +16.2 | +12.3 | +158.8 | -22.2 |
| Tencent Holdings Limited | lead2 | -28.6 | -14.2 | -28.7 | +49.8 | +52.1 | -26.1 |
| Rigetti Computing | lead2 | · | -92.9 | +35.1 | +1449.2 | +45.2 | -31.4 |
| Kratos Defense | lead2 | -29.3 | -46.8 | +96.6 | +30 | +187.8 | -37 |
| Baidu | lead2 | · | -8.2 | -23.4 | -13.5 | +74.2 | -37.2 |
| Pony.ai | lead2 | · | · | · | · | +1 | -49.3 |
| Everpure (formerly Pure Storage) | lead1 | +44 | -17.8 | +33.3 | +72.3 | +9.1 | +48.5 |
| NVIDIA | lead1 | +125.5 | -50.3 | +239 | +171.2 | +38.9 | +23.7 |
| Phison Electronics | lead1 | +26.8 | -10.7 | +45.1 | -6.7 | +418.3 | -14.7 |
| Kioxia | node | · | · | · | · | +1082.1 | +155 |
| Lam Research | benef1 | +53.7 | -40.7 | +88.6 | -6.8 | +139.2 | +80.1 |
| ASML | benef1 | +64.1 | -30.5 | +39.9 | -7.7 | +55.8 | +61.1 |
| Tokyo Electron (TEL) | benef1 | +40.4 | -14.5 | +89.8 | -4.4 | +61.6 | +30.3 |
| Advantest | benef1 | +17 | -2.3 | +155.7 | +49.5 | +196 | +29.9 |
| Tokyo Ohka Kogyo (TOK) | benef1 | -2.7 | -3 | +63.8 | +4.3 | +111.5 | +14.1 |
| Shin-Etsu Chemical | benef1 | +6.3 | +3.1 | +57.8 | -15.6 | +7.6 | +13.8 |
| Canon | benef1 | +22.5 | +11.1 | +46.4 | +27 | -3.2 | +0.4 |
| Ichor Holdings | benef2 | +52.7 | -41.7 | +25.4 | -4.2 | -42.8 | +205.9 |
| MKS Instruments | benef2 | +16.4 | -51 | +22.6 | +2.2 | +54.4 | +63.3 |
| Advanced Energy Industries | benef2 | -5.7 | -5.4 | +27.5 | +6.6 | +81.6 | +34.3 |
| Dai Nippon Printing | benef2 | +56.5 | +13.9 | +42.6 | +8.5 | +22.5 | +11.3 |
| Parker-Hannifin Corporation | benef2 | +18.3 | -6.9 | +60.8 | +39.6 | +39.5 | +10.2 |
| TCK (Tokai Carbon Korea) | benef2 | -10.1 | -16.9 | +2.8 | -28.7 | +225.7 | +5.9 |
| Wonik QnC | benef2 | +26.2 | +2 | +11.9 | -33.7 | +53.4 | -9.6 |
| Hana Materials | benef2 | +106 | -30.5 | +26.1 | -47.4 | +173.9 | -25.4 |
YTD as of 2026-09-04 · source: Yahoo Finance
Kioxia operates across NAND flash memory. It surged +1082.1% in 2025 and +155% in 2026. The stock (+155%) is ahead of both its demand side (avg +19.2%) and supply side (avg +50.4%). Having run ahead of its chain, it is the first spot to give back if customer numbers fail to follow. Among connected nodes the furthest ahead is Lam Research (+80.1%) and the furthest behind is Phison Electronics (-14.7%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. It depends on a global supply chain of Tokyo Electron, Lam Research, ASML and Tokyo Ohka for equipment and materials.
Analysis generated from returns as of 2026-09-04Analyst ratings
Consensus: Buy 4 · Hold 0 · Sell 1 · Avg. target ¥106,760 · Price ¥54,460 (09-04) · Upside +96%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Goldman Sachs · Shuhei Nakamura | Buy | ¥116,000 | Jun 30, 2026 | Report ↗ |
| JPMorgan | Buy | ¥155,000 | Jun 22, 2026 | Report ↗ |
| Bernstein SocGen | Sell | ¥40,000 | Jun 15, 2026 | Report ↗ |
| Nomura (Instinet) | Buy | ¥115,000 | Jun 10, 2026 | Report ↗ |
| CLSA | Buy | ¥107,800 | Jun 3, 2026 | Report ↗ |
After upgrading to Buy from Neutral in late May (PT ¥93,000), raised the target to ¥116,000, arguing the AI-driven NAND shortage persists through 2028 and pushes the profit peak later.
Analyses covering this node
- Clocks that haven't run and clocks that ran hardest Jul 5, 2026
- Many clocks: the information a single average erases Jun 23, 2026
- The memory supercycle is a balloon effect: one point of HBM demand re-rated the whole asset class Jun 23, 2026