Rapidus-related stocks,
across all of Japan.

Rapidus aims to mass-produce cutting-edge 2-nanometer-class chips in Japan. It plans to make logic chips, which handle computing and control, at its fab in Chitose, Hokkaido from the second half of fiscal 2027, and aims to list around fiscal 2031. Because it is unlisted and its shares cannot be bought, investors look for listed companies connected to it.

On October 5, Rapidus announced Rapidus CORE, a framework to support customers' chip design, naming 17 design companies as its first step. The Japanese names include Dai Nippon Printing, TOPPAN, Toshiba Information Systems and NSW. A document from the Ministry of Economy, Trade and Industry dated October 19 says Rapidus is negotiating with over 60 potential customers and that Fujitsu and IBM have stated an intention to use it. On October 21, Chairman Tetsuro Higashi said mass production was "almost on schedule" and that early customers would be mainly in the US.

State support is large. Research and development support for fiscal 2022 to 2026 totals ¥2.354 trillion, and equity through the Information-technology Promotion Agency has reached ¥250 billion. In February 2026, Rapidus announced about ¥267.6 billion in funding, including about ¥167.6 billion from private companies.

Part of that money has already become revenue for Japanese companies. In the year ended March 2025, Rapidus accounted for ¥37.4 billion, or 13.7% of completed construction revenue, at Takasago Thermal Engineering, and ¥25.1 billion, or 10.1%, at Dai-Dan.

• Source：Rapidus CORE (Rapidus, October 5, 2026)
• Source：METI material 2-1, Fiscal Investment and Loan Program subcommittee (October 19, 2026, in Japanese)
• Source：Rapidus 2nm production almost on schedule, early customers mainly in the US, chairman says (Reuters, October 22, 2026, in Japanese)
• Source：About ¥267.6 billion in funding from the government and private companies (Rapidus, February 27, 2026)
• Source：R&D support for Rapidus (Kyodo via OANDA, April 11, 2026, in Japanese)
• Source：IPA's equity investment (Information-technology Promotion Agency, June 5, 2026, in Japanese)

Sales of chips begin only after mass production starts and customers sign on. Materials, too, are used in volume only once a fab is running at scale.

The fab itself, however, is built before mass production. Buildings, air conditioning and clean rooms go ahead, and are booked as revenue, before the chips' buyers are settled.

So we used Katana to read the annual reports of companies that name Rapidus, looking for those that have already recorded work or sales for it.

The 5 supported companies are all building and equipment contractors, and Tomoe, which needs review, is one too. Here is how each annual report describes its work for Rapidus.

Only Takasago Thermal and Dai-Dan give amounts: in the year ended March 2025, Rapidus alone exceeded 10% of their completed construction revenue. Both fell below 10% in the year ended March 2026 and no longer list it, but Dai-Dan's backlog still includes IIM-1 work due in June 2027.

The four materials and logistics companies give no figures for Rapidus. Their wording stops at having supplied, being selected, planning to provide or aiming for adoption.

Counted by corporate group, 29 listed companies invested in February 2026. Only 6 name Rapidus in main annual report sections such as the business description and results. No chip equipment maker is among the 15. Many companies do not name customers in their reports, so silence does not mean there is no business. Some, like Technoflex, do not name Rapidus but say sales rose sharply on a project for an advanced semiconductor fab in Hokkaido.

Building the fab became revenue before the chips' buyers were settled. Customers are still at the stage of negotiations with over 60 candidates, and a second fab has been reported in the press but not announced by the company. The revenue so far pays for building a fab, not for selling chips.

• Source：METI material 2-1, Fiscal Investment and Loan Program subcommittee (October 19, 2026, in Japanese)
• Source：Rapidus to start second fab as early as fiscal 2027 (Hokkaido Shimbun, November 25, 2025, in Japanese)
• Source：About ¥267.6 billion in funding from the government and private companies (Rapidus, February 27, 2026)
• Source：First-quarter earnings report (Dai-Dan, August 5, 2026, in Japanese)
• Source：First-quarter earnings report (Techno Ryowa, August 5, 2026, in Japanese)

What comes after building the fab? From METI's material and Rapidus's plans, here are the areas where work goes next.

The money goes next to production lines. For mass production from fiscal 2027, Rapidus plans to raise ¥2 trillion in private loans to fund expansion, aiming for about ¥400 billion in fiscal 2027. According to METI's material, every manufacturing step will use single-wafer processing, and transport between steps will use a new system. Expanding a production line means buying more equipment, so orders should go to the companies making it. Cleaning equipment maker JET has been contracted by Rapidus for R&D and, according to a March 2025 report, aims to supply the mass production line as early as 2027. Transport robot maker FIG announced in August 2024 that its subsidiary's robots would be installed at the first fab in 2025.

Materials are used more as more wafers run. As of April 2026, trial runs were at about 1,000 wafers a month, with a plan to raise that several times over. Semiconductor-related companies arriving in Chitose reached 50 as of July 2026, spreading from equipment makers to materials and design companies, with 96 more considering it.

Work is spreading further out too. In logistics, Nagase was selected to coordinate materials transport. In packaging, the step that assembles and finishes chips, Rapidus's Chitose site went into full operation in April 2026, and Dai Nippon Printing is pursuing technical cooperation on packaging materials. Hokkaido Electric Power writes that next-generation chip fabs and other projects should turn demand in Hokkaido upward, and Hokkai Electrical Construction writes that construction demand is firm, partly on preparations for mass production.

Whether contractors get more work depends on a second fab. The plan calls for mass-producing new generations, 1.4nm then 1.0nm, every two to three years. A press report says a second fab could start as early as fiscal 2027, but the company has not announced it. If a new building is decided, that work comes around again.

From here, though, conditions differ from when the fab was built. Rapidus estimates global 2nm supply will fall 10% to 30% short of demand in fiscal 2030. But the ¥2 trillion in loans behind the production lines is still at the stage of non-binding letters of intent from banks, with execution under negotiation. The volume of materials depends on wafers run, and wafers depend on customers. The building work went ahead before customers were settled, but revenue from here depends on whether Rapidus wins customers.

• Source：METI material 2-1, Fiscal Investment and Loan Program subcommittee (October 19, 2026, in Japanese)
• Source：Update on contracted R&D for next-generation semiconductor manufacturing technology (JET, April 3, 2024, in Japanese)
• Source：JET to launch single-wafer cleaning equipment with lower environmental impact (Newswitch, March 27, 2025, in Japanese)
• Source：FIG group AMRs (transport robots) selected for Rapidus (FIG, August 26, 2024, in Japanese)
• Source：Rapidus's make-or-break year begins (Hokkaido Shimbun, April 5, 2026, in Japanese)
• Source：50 semiconductor companies arrive in Chitose, 96 more considering (Hokkaido Shimbun, July 28, 2026, in Japanese)
• Source：Rapidus opens analysis center and packaging site (Newswitch, April 15, 2026, in Japanese)
• Source：Rapidus to start second fab as early as fiscal 2027 (Hokkaido Shimbun, November 25, 2025, in Japanese)