TOKYO and SINGAPORE, November 9, 2026 – SoftBank Group Corp. (TSE: 9984, “SBG”, and together with its subsidiaries and affiliates, the “SoftBank Group”) and Grab Holdings Limited (NASDAQ: GRAB) (“Grab”) today announced the signing of joint development agreements in connection with plans for US$1.85 billion in initial combined seed capital, together with Petroleum Sarawak Berhad (“PETROS”), to develop AI infrastructure in Malaysia.
The collaboration aims to establish AI infrastructure in Malaysia to meet the growing demand for computing capacity across Southeast Asia and globally. Once fully operational, the facilities are expected to be amongst the largest AI infrastructure of their kind in Asia, providing governments, multinational companies and small businesses with reliable access to advanced computing capabilities.
The combined investment forms part of a multi-year plan to develop AI compute capacity across Sarawak and Peninsular Malaysia, with a long-term target of five gigawatts or more. The proposed initial combined seed capital is US$1.85 billion, comprising US$1 billion from SoftBank Group, US$750 million from Grab and US$100 million from PETROS.
The proposed investment will be deployed in stages subject to projects achieving key development and customer contract milestones, and the necessary closing conditions. The parties will also seek additional investors and hyperscaler customers to support project development and expansion.
“AI infrastructure will power the next wave of growth, and Malaysia has the talent and ambition to help lead it. Together with Grab, we will build the capacity needed to support Malaysia’s digital ambitions and accelerate AI innovation across Southeast Asia,” said Masayoshi Son, Chairman and CEO of SoftBank Group Corp.
“Grab’s mission is and always has been the technological advancement and economic development of Southeast Asia. Southeast Asia is one of the world’s fastest-growing digital economies, and Grab is at the forefront of developing AI solutions for the region. Together with SoftBank Group, we plan to build critical AI infrastructure in Malaysia, where Grab began, for all of Southeast Asia. This infrastructure will allow us to accelerate the development of localized AI solutions for our communities. Through this partnership, we can drive faster regional AI development and adoption, bringing its transformative benefits to many millions of people, while contributing to Malaysia’s economy through the creation of high-value jobs and AI upskilling,” said Anthony Tan, co-founder, Chairman and Chief Executive Officer of Grab.
POWERING SOUTHEAST ASIA’S AI-DRIVEN FUTURE
Research by Google, Temasek and Bain & Company indicates that per capita AI usage across Southeast Asia’s six largest economies is currently around one-tenth of the level in the United States, with regional AI usage projected to scale by up to 60-fold by 2030.[1] Meeting this anticipated demand will require substantial investment in AI infrastructure within the region.
The projects will be developed in close collaboration with Malaysia’s Federal Government and the Sarawak Government, aligning with the National AI Action Plan 2026–2030 (AI Nation 2030) to position Malaysia as an inclusive and sustainable AI nation, as well as Sarawak’s long-term development aspiration under the Post COVID-19 Development Strategy 2030. The facilities will operate in line with Malaysia’s renewable energy use guidelines, and feature high-efficiency infrastructure designed to reduce water use and reliance on local power grids.
Beyond AI infrastructure development, the parties will explore other areas of mutual interest, including advanced manufacturing in Malaysia. These initiatives are expected to create high-value employment opportunities in engineering, design and technical fields, while supporting the objectives of the National Fourth Industrial Revolution (4IR) Policy and the Malaysia Digital Economy Blueprint (MDEB). They will also help accelerate advanced technology adoption, improve productivity and strengthen the capabilities of Malaysia’s workforce.
PROJECT OVERVIEW AND INVESTMENT
The Sarawak project will be jointly developed by SoftBank Group, Grab and PETROS, building on the Framework Agreement signed in Kuching on October 8, 2026. The proposed initial investment in the Sarawak project is US$1 billion, comprising US$800 million from SoftBank Group, US$100 million from Grab and US$100 million from PETROS. Grab has an option to increase its stake, which will cause SoftBank Group’s stake to decrease, albeit with SoftBank Group remaining as the majority shareholder.
Further details are set out in the announcement issued by the three parties on November 9, 2026, here.
The proposed initial seed capital for the Peninsular Malaysia project is US$850 million, comprising US$650 million from Grab and US$200 million from SoftBank Group. As the project’s founding shareholder, Grab will lead its development and bring in long-term strategic investors as the project scales, diversifying its funding base. Further development is expected to be funded at the project level through third-party equity and non-recourse project financing.
Anthony Tan is expected to oversee the development of both projects and appoint dedicated management teams to run day-to-day operations while continuing to lead Grab and create value for Grab and its ecosystem partners. The Grab Board has reviewed and approved his affiliation with the projects.
Given the parties’ mutual interest in developing the AI ecosystem in Malaysia, SoftBank Group has agreed in principle to a five-year lock-up in respect of Grab shares that will be held directly by an entity within SoftBank Group, with the lock-up to take effect in accordance with the agreed terms and subject to customary exceptions.
[1] Google, Temasek and Bain & Company, e-Conomy SEA 2026: report
