Grab signs AI deals for proposed $1.85B Malaysia plan

Capital deployment depends on project milestones and closing conditions, while joint-venture formation and investment terms remain subject to definitive agreements.

Available on EDGAR 11/09/2026 - 10:38 AM EST Accepted by SEC EDGAR 11/09/2026 - 10:38 AM EST Learn about SEC filing dates

Rhea-AI Filing Summary

Grab Holdings Ltd signed joint development agreements with SoftBank Group Corp. and Petroleum Sarawak Berhad (PETROS) to develop AI infrastructure in Sarawak and Peninsular Malaysia. Proposed initial combined seed capital is US$1.85 billion: US$1 billion from SoftBank Group, US$750 million from Grab and US$100 million from PETROS. The multi-year plan has a long-term target of five gigawatts or more of AI compute capacity.

The proposed investment will be deployed in stages, subject to development and customer contract milestones and necessary closing conditions. The agreements contain binding development and funding obligations, while formation of the joint venture entities and each party’s investment terms remain subject to definitive agreements and specified conditions. The proposed initial investment in Sarawak is US$1 billion; the proposed initial seed capital for Peninsular Malaysia is US$850 million. Grab has an option to increase its Sarawak stake, with SoftBank remaining majority shareholder. SoftBank has agreed in principle to a five-year lock-up in respect of Grab shares to be held directly by an entity within SoftBank Group, subject to agreed terms and customary exceptions.

Filing Explained

For the Peninsular Malaysia project, Grab is the founding shareholder and plans to bring in long-term strategic investors as it scales; further development is expected to use project-level third-party equity and non-recourse financing.

Key Figures

Initial combined seed capital: US$1.85 billion SoftBank Group contribution: US$1 billion Grab contribution: US$750 million +5 more

8 metrics

Initial combined seed capital US$1.85 billion Proposed capital for the Malaysia AI infrastructure plan

SoftBank Group contribution US$1 billion Proposed initial combined seed capital

Grab contribution US$750 million Proposed initial combined seed capital

PETROS contribution US$100 million Proposed initial combined seed capital

Sarawak proposed initial investment US$1 billion Sarawak project

Peninsular Malaysia proposed initial seed capital US$850 million Peninsular Malaysia project

Long-term AI compute capacity target five gigawatts or more Across Sarawak and Peninsular Malaysia

SoftBank Group lock-up five years Agreed in principle for Grab shares to be held directly by an entity within SoftBank Group

Key Terms

joint development agreements, AI compute capacity, hyperscalers, non-recourse project financing, +1 more

5 terms

joint development agreements financial

"signing of joint development agreements"

AI compute capacity technical

"long-term target of five gigawatts or more of AI compute capacity"

AI compute capacity is the total processing power available to train, run or scale artificial intelligence models, described by hardware (GPUs, CPUs, TPUs), cloud instances, throughput and performance metrics such as FLOPS, memory and interconnect speed. It matters to investors because it is like a factory's machinery: more or faster compute lets a company develop and deliver AI products quicker, affects operating costs and scalability, and influences revenue potential and capital spending assumptions.

hyperscalers technical

"seek additional investors and hyperscaler customers"

Hyperscalers are large technology companies that operate massive computing networks and data centers to provide cloud services, data storage, and online infrastructure at an enormous scale. They are essential to the digital economy because they enable businesses and organizations to handle vast amounts of data and run complex applications efficiently. For investors, hyperscalers represent powerful engines of growth and innovation in the technology sector.

non-recourse project financing financial

"third-party equity and non-recourse project financing"

A non-recourse project financing is a loan arranged so lenders can be repaid only from the specific project's cash flows and physical assets, not from the borrowing company’s other assets or from personal guarantees by the owners. For investors this matters because it isolates losses to that project: creditors bear more risk and usually charge higher returns, so project revenue stability and asset quality become the main drivers of value—like a mortgage that can be satisfied only by selling the house.

lock-up financial

"agreed in principle to a five-year lock-up"

A lock-up is an agreement that prevents company insiders, early investors or employees from selling their shares for a set period after a public share offering. It matters to investors because it temporarily limits the number of shares available to trade—like a scheduled hold on extra inventory—and when that hold ends a large number of shares can enter the market, potentially putting downward pressure on the stock price and revealing insiders’ confidence in the company.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much seed capital is planned for GRAB's Malaysia AI projects?

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.

How are the proposed investments divided between the Sarawak and Peninsular Malaysia projects?

The proposed initial investment in Sarawak is US$1 billion, comprising US$800 million from SoftBank Group, US$100 million from Grab and US$100 million from PETROS. The proposed initial seed capital for Peninsular Malaysia is US$850 million, comprising US$650 million from Grab and US$200 million from SoftBank Group.

What conditions apply to GRAB's proposed investment in the Malaysia projects?

The proposed investment will be deployed in stages subject to projects achieving key development and customer contract milestones and the necessary closing conditions. The agreements contain binding development and funding obligations, but formation of the joint venture entities and each party’s investment terms remain subject to definitive agreements and specified conditions.

Can Grab increase its stake in the Sarawak project?

Grab has an option to increase its stake in the Sarawak project, which would decrease SoftBank Group’s stake; SoftBank Group would remain the majority shareholder.

What lock-up did SoftBank Group agree to concerning Grab shares?

SoftBank Group agreed in principle to a five-year lock-up in respect of Grab shares to be held directly by an entity within SoftBank Group. The lock-up is to take effect under the agreed terms and is subject to customary exceptions.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of November 2026

Commission File Number: 001-41110

GRAB HOLDINGS LIMITED

3 Media Close, #01-03/06
Singapore 138498
(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F ☒ Form 40-F ☐

SoftBank Group, Grab and PETROS Sign Joint Development Agreements to Develop AI Infrastructure in Malaysia

On November 9, 2026, Grab Holdings Limited (“Grab”), together with SoftBank Group Corp. (TSE: 9984, “SBG”, and together with its subsidiaries and affiliates, the “SoftBank Group”) and Petroleum Sarawak Berhad (“PETROS”), announced the signing of joint development agreements to build AI infrastructure in Malaysia.

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 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 investment will be deployed in stages subject to projects achieving key development and customer contract milestones, and the necessary closing conditions.

The joint development agreements contain binding development and funding obligations, but the operational terms of the joint venture entities and the terms of each party’s investment remain subject to definitive agreements and conditions specified therein.

The two announcements made in connection therewith are furnished as Exhibit 99.1 to this Report on Form 6-K.

EXHIBIT INDEX

Exhibit			Description of Exhibit
99.1			SoftBank Group, Grab and PETROS Plan to Invest US$1 Billion to Develop AI Infrastructure in Sarawak
99.2			SoftBank Group and Grab Sign Joint Development Agreements to Develop AI Infrastructure in Malaysia

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

GRAB HOLDINGS LIMITED

By:

_/s/ Peter Oey_________________

Date: November 9, 2026

Name: Peter Oey

Title: Chief Financial Officer

Exhibit 99.2

FOR IMMEDIATE RELEASE

SoftBank Group and Grab Sign Joint Development Agreements to

Develop AI Infrastructure in Malaysia

●SoftBank Group and Grab, together with PETROS, announce plans for US$1.85

billion in initial combined seed capital to build AI infrastructure across Sarawak and

Peninsular Malaysia

●Projects to be developed in partnership with global investors and hyperscalers, with

a long-term target of five gigawatts or more of AI compute capacity, and a vision to

move up the AI ecosystem over time

●Initiative supports Malaysia's AI Nation 2030 ambition and strengthens Malaysia's

position as a regional AI hub

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

=== END ===

About SoftBank Group Corp.

The SoftBank Group invests in breakthrough technology to improve the quality of life for

people around the world. The SoftBank Group is comprised of SoftBank Group Corp.

(TSE: 9984), an investment holding company that includes stakes in AI, smart robotics,

IoT, telecommunications, internet services, and clean energy technology providers, as

well as a majority stake in Arm, which is building the future of computing; and the

SoftBank Vision Funds, which are investing to help transform industries and shape new

ones. To learn more, please visit https://group.softbank/en.

About Grab

Grab is a leading superapp in Southeast Asia, operating across the deliveries, mobility

and digital financial services sectors. Serving over 900 cities in eight Southeast Asian

countries – Cambodia, Indonesia, Malaysia, Myanmar, the Philippines, Singapore,

Thailand and Vietnam – Grab enables millions of people every day to order food or

groceries, send packages, hail a ride or taxi, pay for online purchases or access

services such as lending and insurance, all through a single app. We operate

supermarkets in Malaysia under Jaya Grocer and Everrise, which enables us to bring

the convenience of on-demand grocery delivery to more consumers in the country. As

part of our financial services offerings, we also provide digital banking services through

GXS Bank in Singapore, GXBank in Malaysia and Superbank in Indonesia, as well as

retail wealth management and investment services through Stash in the United States.

Grab was founded in 2012 with the mission to drive Southeast Asia forward by creating

economic empowerment for everyone. Grab strives to serve a triple bottom line – we

aim to simultaneously deliver financial performance for our shareholders and have a

positive social impact, which includes economic empowerment for millions of people in

the region, while mitigating our environmental footprint.

For media queries, please contact:

SoftBank Group Corp.: sbpr@softbank.co.jp

Grab: press@grab.com

Forward-Looking Statements

This press release contains statements other than statements of historical fact, or

“forward-looking statements,” including those that may fall within the “safe harbor”

provisions of the U.S. Private Securities Litigation Reform Act of 1995, where applicable.

Some of these forward-looking statements can be identified by the use of words such as

“anticipate,” “expect,” “suggest,” “plan,” “believe,” “intend,” “estimate,” “target,” “project,”

“should,” “could,” “would,” “may,” “will,” “forecast,” “opportunity,” “potential,” or other

similar expressions. Such statements include, without limitation, statements regarding

the development of AI infrastructure projects in Sarawak and Peninsular Malaysia, the

work plan, governance and staged funding under the joint development agreements, the

formation and capitalisation of the joint venture entities, cooperation among SoftBank

Group, Grab (together, the “Companies”) and PETROS, contributions by the parties to

the projects, and the expected benefits of the initiative. These statements are based on

the views, expectations and assumptions of the relevant Company or Companies as of

the date of this press release and therefore should not be relied upon as necessarily

indicative of future results.

Forward-looking statements involve known and unknown risks, uncertainties and other

factors that could cause actual results to differ materially from those expressed or

implied by these statements. These factors include, but are not limited to:

(i) the possibility that the parties will not enter into definitive agreements, that the joint

venture entities will not be formed, or that the projects will not proceed on the

contemplated terms or at all;

(ii) uncertainties relating to the outcome of due diligence, each party's internal

approvals, required governmental or regulatory approvals and permits in Malaysia or

other relevant jurisdictions, and financing for the projects;

(iii) the possibility that suitable land, competitively priced and reliable power,

connectivity, or contracted customer demand will not be secured, or that milestones

required to release development funding will not be met;

(iv) changes in demand for or pricing of AI compute and related services, technological

developments, competition, or other market conditions;

(v) the possibility that technical, commercial or regulatory assessments will show that

the projects are not feasible or cannot be implemented at the contemplated scale or

within the contemplated timeframe;

(vi) the possibility that the initiative will require substantial capital and resources to

succeed, and that it may not succeed or deliver the expected benefits even if such

capital and resources are committed; and

(vii) changes in applicable laws, regulations or government policies.

The joint development agreements contain binding development and funding

obligations, but the formation of the joint venture entities and the terms of each party's

investment remain subject to definitive agreements and the conditions described above.

You should also consider the risks concerning Grab described in Grab's annual report

on Form 20-F for the year ended December 31, 2025 and other filings with the U.S.

Securities and Exchange Commission.

You are cautioned not to place undue reliance on these forward-looking statements.

These statements speak only as of the date of this press release. None of the

Companies undertakes any obligation to update or revise any forward-looking

statement, whether as a result of new information, future events or otherwise, except as

required by applicable law.

Filing Exhibits & Attachments

2 documents

Press Releases

• EX-99.1 EX-99.1 84.4 KB
• EX-99.2 EX-99.2 87.9 KB