Memory Chipmakers Lock HBM Orders Through 2025, Kioxia Eyes 118% CAGR
WDC•Major memory chipmakers have HBM orders sold out for calendar 2024 and 2025 with pricing locked in and project the HBM market to surpass $25 billion by 2025. Kioxia has jumped 560% year-to-date, forecasts 118% revenue CAGR through 2028, and plans a U.S. IPO while trading at 8.5× earnings OTC.
1. HBM Capacity and Market Outlook
Leading memory companies have locked in orders for high-bandwidth memory (HBM) through calendar 2024 and 2025, with pricing agreed in advance and a total market projected to exceed $25 billion by 2025. This product, essential for AI processor training, has already driven more than $1 billion in quarterly revenue at peers and contributed to a significant capacity reallocation toward higher-margin inventory.
2. Kioxia’s Surge and IPO Plans
Kioxia shares have climbed 560% year-to-date as the company positions itself as an AI infrastructure supplier rather than a cyclical hardware vendor. The firm expects revenue to grow at a 118% CAGR through 2028, trades at 8.5× earnings on OTC markets, and is preparing for a U.S. IPO to enhance its market profile and liquidity.
