Key facts
- SoftBank Group said the $1.85 billion is initial seed capital deployed in stages as projects meet development and customer contract milestones.
- The Sarawak project has a proposed $1 billion initial investment: $800 million from SoftBank and $100 million each from Grab and PETROS.
- Grab leads the Peninsular Malaysia project as founding shareholder, contributing $650 million of a proposed $850 million initial outlay.
- SoftBank said the projects target five gigawatts or more of AI compute capacity across Sarawak and Peninsular Malaysia.
- SoftBank agreed in principle to a five-year lock-up on Grab shares held by an entity within SoftBank Group, subject to customary exceptions.
- Anthony Tan will oversee both projects while continuing to lead Grab, and Grab's board approved his affiliation with them.
SoftBank Group and Grab signed joint development agreements with Petroleum Sarawak Berhad to develop AI infrastructure in Malaysia, proposing $1.85 billion in initial combined seed capital, SoftBank said in a statement dated November 9, 2026. The projects cover Sarawak and Peninsular Malaysia and carry a long-term target of five gigawatts or more of AI compute capacity.
The proposed capital splits into $1 billion from SoftBank Group, $750 million from Grab and $100 million from PETROS. SoftBank said the money will be deployed in stages as projects reach development and customer contract milestones and meet closing conditions, and that the parties will seek additional investors and hyperscaler customers.
The Sarawak project, which builds on a framework agreement the three signed in Kuching on October 8, carries a proposed $1 billion initial investment: $800 million from SoftBank and $100 million each from Grab and PETROS. Grab holds an option to raise its stake, which would reduce SoftBank's holding while leaving SoftBank the majority shareholder.
Grab leads the Peninsular Malaysia project as founding shareholder, contributing $650 million of a proposed $850 million initial seed capital, with SoftBank providing the remaining $200 million. That project will rely on third-party equity and non-recourse project financing for further development.
SoftBank said the facilities, once fully operational, are expected to serve governments, multinational companies and small businesses, and to rank among the largest AI infrastructure of their kind in Asia. The companies said the projects will follow Malaysia's renewable energy guidelines and use high-efficiency infrastructure to cut water consumption and reliance on local power grids, and will be developed with Malaysia's federal government and the Sarawak government under the National AI Action Plan 2026-2030.
Citing the e-Conomy SEA 2026 report by Google, Temasek and Bain & Company, the companies said per capita AI usage across Southeast Asia's six largest economies is about one-tenth of the US level and could grow by up to 60 times by 2030. SoftBank also agreed in principle to a five-year lock-up on Grab shares held directly by an entity within the group, subject to customary exceptions.