Kioxia Tops Toyota in Market Value as Bain Capital Completes Exit

Japanese flash‑memory maker Kioxia saw its market capitalization surge to about 56 trillion yen in mid‑June, briefly overtaking Toyota as Japan’s most valuable listed company. The rise was driven by strong AI‑related demand for its NAND chips and the launch of a new 10th‑generation BiCS FLASH product. After Samsung reported an 1,800% profit jump, Kioxia shares fell sharply, a sell‑the‑news reaction that followed a long rally that left the stock up more than 700% from its March lows.

Private‑equity firm Bain Capital confirmed it has fully divested its stake in Kioxia, ending a deal that began with an $18 billion buyout of Toshiba Memory in 2018. Bain sold shares worth billions throughout 2025 and early 2026, reducing its holding from over 50% at the IPO to zero. Toshiba remains the largest shareholder at roughly 22%. Kioxia continues to expand production in Iwate Prefecture and plans a Nasdaq ADR listing in 2027.