--- title: "Grab to put US$750m into Malaysian AI data centres with SoftBank" summary: "Grab's filing and release of 9 November: who puts up the US$1.85bn of seed capital for AI data centres in Sarawak and Peninsular Malaysia, and what is binding." url: https://www.thetechbag.com/blog/grab-750m-malaysia-ai-data-centres-softbank format: Note desk: "Cloud & DevOps" region: Global published: 2026-11-10 facts_checked: 2026-11-10 author: TechBag (The TechBag Journal) tags: ["Grab","SoftBank","PETROS","Malaysia","Sarawak","AI data centres","joint development agreement","seed capital","project finance","Southeast Asia"] cover: https://www.thetechbag.com/blog/covers/grab-750m-malaysia-ai-data-centres-softbank.png --- # Grab to put US$750m into Malaysian AI data centres with SoftBank *Grab's filing and release of 9 November: who puts up the US$1.85bn of seed capital for AI data centres in Sarawak and Peninsular Malaysia, and what is binding.* Note · Cloud & DevOps · By TechBag · Published 2026-11-10 · Facts checked 2026-11-10 · Canonical: https://www.thetechbag.com/blog/grab-750m-malaysia-ai-data-centres-softbank Grab, Southeast Asia’s ride-hailing and delivery company, has proposed putting US$750m into building AI data centres in Malaysia, alongside US$1bn from SoftBank Group and US$100m from PETROS, Sarawak’s state-owned energy company. The US$1.85bn is described as initial seed capital, against a long-term target of “five gigawatts or more” of AI computing capacity. The agreements were signed on 9 November.[1] The money is proposed and staged, and no customer, site or date is named.[1][2] ## Two projects, and Grab leads one of them The headline number hides a split. In Sarawak, SoftBank puts in US$800m and leads as majority shareholder, with US$100m each from Grab and PETROS. In Peninsular Malaysia, Grab puts in US$650m and SoftBank US$200m, and Grab, as founding shareholder, leads the development.[1] Grab has an option to raise its Sarawak stake, which would cut SoftBank’s, with SoftBank remaining the majority holder.[1] **Figure: Grab's US$750m is mostly in the Peninsular Malaysia project it leads** *Proposed initial seed capital by project and investor, US$ million, November 2026* Sarawak: SoftBank 800 US$m Peninsular: Grab 650 US$m Peninsular: SoftBank 200 US$m Sarawak: Grab 100 US$m Sarawak: PETROS 100 US$m | | Value (US$m) | | --- | --- | | Sarawak: SoftBank | 800 | | Peninsular: Grab | 650 | | Peninsular: SoftBank | 200 | | Sarawak: Grab | 100 | | Sarawak: PETROS | 100 | Source: Grab press release, 9 November 2026; SoftBank Group Q2 FY2026 earnings presentation · as of 10 November 2026 · Proposed amounts, deployed in stages subject to milestones and closing conditions ## What is binding, and what the money buys Grab’s filing is more exact than its release. The joint development agreements “contain binding development and funding obligations”, it says, but the operating terms of the joint ventures and each party’s investment “remain subject to definitive agreements and conditions”.[2] The funds are released only as projects reach “key development and customer contract milestones”, and SoftBank says its share also awaits agreement on terms and governance and internal approvals.[1][4] The US$1.85bn does not pay for 5 GW. Further development is expected to be funded at project level through third-party equity and non-recourse project financing, and the parties say they will look for more investors and for hyperscale customers.[1] The release adds that Anthony Tan, Grab’s chief executive, is expected to oversee both projects while continuing to run Grab, with board approval, and that SoftBank has agreed in principle to a five-year lock-up on Grab shares held directly by an entity in its group.[1] TechBag countUS$750m against Grab's own numbers Grab reported gross cash liquidity of US$7.1bn and net cash liquidity of US$5.0bn on 30 September, so US$750m is about 11% of gross and 15% of net. It is about 1.4 times its adjusted free cash flow of the past twelve months (US$533m), and it compares with operating profit of US$108m and profit of US$18m in July–September. Grab bought back US$400m of its own shares in September and October, with US$500m left under its programmes.[3] The ratios are ours. Grab’s stated reason is demand in its region: the release cites Google, Temasek and Bain research on AI usage there, with Tan saying the infrastructure “will allow us to accelerate the development of localized AI solutions”.[1] SoftBank, already a Grab shareholder through its first Vision Fund, announced this a day before reporting [a ¥1.1tn quarterly loss](https://www.thetechbag.com/blog/softbank-1-1tn-yen-loss-openai-flat-power-equipment); the fund’s tables show its Grab position at 0.7 times cost on 30 September.[4] How we did this Figures as of 10 November 2026, 7:30pm IST The amounts, split and conditions are from Grab’s release dated 9 November and its 6-K, which also carries the Sarawak announcement; SoftBank’s presentation repeats them. Grab’s liquidity, profit, cash flow and buybacks are from its third-quarter release of 3 November. Liquidity is at 30 September, before part of the buybacks. The shares of liquidity and of free cash flow are our arithmetic. All investment figures are proposed; no site, customer or date has been announced. Spotted an error? Write to us; corrections are published at the foot of the piece. Sources 1. [Grab: SoftBank Group and Grab Sign Joint Development Agreements to Develop AI Infrastructure in Malaysia](https://www.grab.com/sg/press/others/softbank-group-and-grab-sign-joint-development-agreements-to-develop-ai-infrastructure-in-malaysia/) — 9 November 2026 2. [Grab Holdings: Form 6-K, joint development agreement announcements (Exhibits 99.1 and 99.2)](https://www.sec.gov/Archives/edgar/data/1855612/000185561226000154/a6-kxjdaannouncements.htm) — 9 November 2026 3. [Grab Holdings: Third Quarter 2026 Results (Form 6-K, Exhibit 99.1)](https://www.sec.gov/Archives/edgar/data/1855612/000185561226000148/a2026q3-earningspressrelea.htm) — 3 November 2026 4. [SoftBank Group: Q2 FY2026 Earnings Results presentation (slides 48 and 80)](https://group.softbank/media/Project/sbg/sbg/pdf/ir/presentations/2026/earnings-presentation_q2fy2026_01_en.pdf) — 10 November 2026 **Disclosure.** TechBag is a software reseller: it earns a margin when a reader buys through it, including from vendors named here. The analysis is TechBag’s own; no vendor paid for or saw this piece before publication. Facts are labelled reported, TechBag count or our view. **Read this next:** [India runs 1.8 GW of data centres; AI alone may add 26.3 GW of grid load by FY32](https://www.thetechbag.com/blog/india-ai-data-centres-power-gigawatts) — India's version of the same build-out: 1.8 GW of data centres running today, and AI that may add 26.3 GW of grid load by FY32. Go deeper on TechBag - [SoftBank lost ¥1.1tn in July to September](https://www.thetechbag.com/blog/softbank-1-1tn-yen-loss-openai-flat-power-equipment) — the partner's quarter, including US$3.7bn written off on power equipment for US data centres - [India's large data centres run 90% full](https://www.thetechbag.com/blog/india-data-centres-90-percent-full-crisil) — Crisil's outlook for colocation capacity in a neighbouring market