SanDisk and its joint venture partner Kioxia plan to invest more than $31 billion in Japanese NAND fabs by 2032. The investment will be made primarily through the joint venture, with cash outlays in fiscal 2026 expected to be modest, while the companies anticipate growing data center demand and expanded production of the next-generation BiCS10 flash memory.
SanDisk and Kioxia announced on 27 August 2026 plans to invest more than $31 billion in Japanese NAND fabs by 2032. The investment will be made primarily through the Flash Ventures joint venture and represents approximately 60% of the total amount the two companies have invested in Japan over the past 25 years. SanDisk's share will be accounted for as equity contributions and capital expenditures, and government support may be a condition.
In an investor briefing on 13 August, CTO Alper Ilkbahar said the company intends to pursue growth with lower spending and explained that its capital expenditure ratio has remained at the low end of the industry over the past five years. SanDisk's purchases of property, plant and equipment in fiscal 2026 are estimated at $17.7 million, versus revenue of $20.25 billion and quarterly guidance of $10.3 billion to $10.8 billion. This structure supports large-scale investment while keeping capital intensity contained.
The investment centers on expanding BiCS10 production and funding new equipment at the Kitakami plant. BiCS10 is said to support approximately 65% more bits per wafer than BiCS8, with the aim of capturing demand from data centers. Approximately $11.3 billion is included in the investment plan, which is expected to focus on new technologies jointly developed by the two companies.