Producer
Kioxia Holdings
Kioxia Holdings Corporation (formerly Toshiba Memory; Tokyo; ~¥1.5T revenue; co-owned by Bain Capital consortium and Toshiba) is the world's #2 NAND flash manufacturer with ~19% global market share. Kioxia co-invented NAND flash with Toshiba in 1987 and pioneered 3D BiCS FLASH (Bit Cost Scalable) stacking technology. Primary fabs: Yokkaichi complex (Mie Prefecture, K6 plant shared with Western Digital via Flash Ventures LLC JV) and Kitakami fab (Iwate Prefecture, Y7 plant, opened February 2024). IPO repeatedly delayed — planned 2020, then 2022, then postponed again amid NAND market downturn. Merger talks with Western Digital explored 2021-2022 and abandoned.
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Facilities
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2 facilities
Kioxia Kitakami Fab Y7 (Joint with WD) →
JPKitakami, Iwate Prefecture · fab
Kioxia Kitakami fab (Y7 plant; Iwate Prefecture, northeastern Japan; opened February 2024) is a new 300mm NAND fab representing the expansion of the Kioxia/WD Flash Ventures JV beyond Mie Prefecture for geographic diversification. Kitakami is co-funded and co-operated with Western Digital. Target capacity: ~180,000 NAND wspm at full ramp. The Kitakami site was selected partly because Iwate Prefecture offers lower seismic risk than Mie/Aichi (Yokkaichi sits in the Nankai Trough earthquake zone). Kioxia received significant Japanese government METI subsidies (~¥929B / $6B+ in public support for Yokkaichi expansion and Kitakami build) as part of Japan's semiconductor self-sufficiency initiative. Source: https://asia.nikkei.com/Business/Tech/Semiconductors/Kioxia-opens-Japan-s-biggest-chip-plant-for-NAND-flash-memory
Kioxia Yokkaichi K6 (Flash Ventures JV with WD) →
JPYokkaichi, Mie Prefecture · fab
Kioxia Yokkaichi complex (Mie Prefecture) is the world's most unique large-scale semiconductor manufacturing arrangement: the K6 plant (and earlier Yokkaichi buildings) is a 50/50 joint venture between Kioxia and Western Digital, operated through Flash Ventures LLC. Both companies share cleanroom space, process technology, wafer starts, and equipment within the same physical fab — an arrangement with no parallel in the industry. The Yokkaichi complex has grown through multiple generations (Y1-Y6 buildings) since 1992 (originally Toshiba Memory). Yokkaichi K6 produces BiCS FLASH at 162-218 layer generations. Combined Yokkaichi+Kitakami capacity: ~330,000 NAND wspm representing approximately 33% of global NAND supply. A single seismic or fire event at Yokkaichi would simultaneously reduce Kioxia and Western Digital output — two separate companies — by roughly 33% of global NAND in one event. Source: https://www.nikkei.com/article/DGXZQOUF074KI0X00C22A6000000/
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Enterprise NAND Flash & SSDs
45%Mobile & Consumer NAND
35%Embedded & Industrial Flash
20%
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Did you know2022
Kioxia co-owns and co-operates its Yokkaichi (Mie Prefecture) and Kitakami (Iwate Prefecture) fab facilities with Western Digital in a manufacturing JV — the two companies share the same physical fab equipment and process technology. This means Western Digital's consumer HDD and SSD supply chain and Kioxia's enterprise NAND supply chain are physically co-located and mutually dependent: if the Yokkaichi facility is disrupted (as it was during the contamination incident in 2022), both Kioxia's NAND wafers and Western Digital's flash media supply are simultaneously affected. Supply chain analysts tracking consumer storage (WD) and those tracking enterprise NAND (Kioxia) are monitoring the same fab facilities, often without recognizing the shared operational risk.
Western Digital ↗Origin2023
Kioxia descends from Toshiba's memory division, where engineer Fujio Masuoka invented NAND flash in 1987 — presenting his invention without formal corporate approval at the IEEE International Electron Devices Meeting, then licensing it to Intel which commercialized the first NAND products. Toshiba later spun out its memory division as Toshiba Memory (2017) following the Westinghouse nuclear business bankruptcy that required asset sales, and Bain Capital led a consortium (including Apple, Dell, Seagate, and US-Japan sovereign funds) to acquire it for ~$18 billion. The division was rebranded Kioxia ("knowledge" + "value" in Japanese) in 2019.
Kioxia Holdings ↗Incident2023
Kioxia Holdings (formerly Toshiba Memory; Tokyo) has attempted to execute an IPO on the Tokyo Stock Exchange since 2020 — and has postponed or withdrawn it at least three times (2020, 2022, and again in 2023-2024) due to NAND market weakness, Toshiba's own governance crisis, and valuation disagreements between the Bain Capital-led consortium (which paid $18B for Toshiba Memory in 2018) and public market investors. The IPO failure matters strategically: without a public equity currency, Kioxia cannot make acquisitions, cannot offer stock-based compensation to attract talent away from Samsung, and remains dependent on debt financing for the multi-billion-dollar Kitakami fab investment. The Bain-led consortium (which includes Apple, Dell, Seagate, and SK Hynix as minority investors — meaning Kioxia's investors include one of its major customers and one of its direct competitors) has been trying to exit for six years. Kioxia's private/delayed-IPO status in a capital-intensive market creates a structural funding disadvantage versus publicly traded Samsung, SK Hynix, and Micron who can raise equity capital more readily.
Bloomberg ↗