刀 Japan Stock Screener
AI screening example · run on November 4, 2026

Rapidus-related stocks,
across all of Japan.

AI read the annual reports of the 15 companies that name Rapidus, looking for those that have already recorded work or sales for it. Five were supported, all of them contractors.

Background

Mass production starts in late fiscal 2027. The focus has moved to winning customers.

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.

Hypothesis

Mass production is still ahead, but could some companies already be booking sales?

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.

01 / Input

The companies we wanted to find.

“We want companies whose annual reports name Rapidus and that actually do work or supply goods for Rapidus or its fab in Hokkaido. We want to narrow it to those that have already recorded that work or sales, not just an equity stake or future plans.”

Entered in Japanese; English translation.

We used a word condition to keep the 15 companies whose main annual report sections name Rapidus, turned this profile into two questions entered in English, and had the AI read each report, question by question. Claude ran the judgments with Katana's own judgment system, and we checked the listed companies against the report text. Latest results come from each company's earnings reports and presentations. Judgments and data as of November 4, 2026.

02 / Conditions

The conditions we applied across Japan.

A

Quantitative

Katana computes its metrics for every company.

  1. Main annual report sections mention Rapidus (in Latin or Japanese script)
B

Qualitative

AI reads each annual report and judges support and counterevidence.

  1. Does the annual report state that the company itself provides construction work, equipment, materials, logistics or other services for Rapidus or for the advanced semiconductor fab project in Hokkaido? (Do not count companies that only hold an equity stake in Rapidus, only mention Rapidus or the fab as a factor in the regional or macro economy, or only describe future plans or expectations.)
  2. Does the annual report show that work or sales for Rapidus or for the advanced semiconductor fab project in Hokkaido have already been recorded, such as completed construction, order backlog, a named major customer, or a stated contribution to segment sales? (Do not count supply agreements, equity investments, or planned or expected business without recorded work or sales.)

The questions were entered in English and judged in order.

~3,800listed companies
15match the numbers
5AI judged as supported
Katana

read the filings and supported 5.

03 / Results

5 contractors supported. With Tomoe and four materials and logistics companies, we list 10.

Of 15 companies, 5 were supported, 5 need review and 5 had counterevidence. Four contractors and two materials and logistics companies are shown first.

  • Takasago Thermal Engineering1969 · Construction

    Lists Rapidus as a customer worth ¥37,447 million, or 13.7% of completed construction revenue, in the prior year.Filing ↗An HVAC contractor. It lists the Rapidus IIM-1 construction project first among its main completed works for the year ended March 2026. IIM-1 is the name of the first fab in Chitose.

  • Dai-Dan1980 · Construction

    Lists Rapidus as a customer worth ¥25,125 million, or 10.1% of completed construction revenue, in its 96th fiscal year.Filing ↗An HVAC, plumbing and electrical contractor. IIM-1 HVAC, plumbing and electrical work remains in its backlog, due for completion in June 2027. Orders rose 127.4% to ¥151.2 billion in April to June 2026.

  • Kajima1812 · Construction

    Lists Rapidus's new IIM-1 fab first among its main completed works for the year.Filing ↗A major general contractor. It lists the Rapidus fab first among its main completed works for the year ended March 2026.

  • Techno Ryowa1965 · Construction

    Lists clean room installation and analysis lab work for Rapidus among its main completed works for the year.Filing ↗An HVAC contractor that built clean rooms and analysis labs for Rapidus. Orders rose 53.3% in April to June 2026, which it attributes to large semiconductor and food projects.

  • JX Advanced Metals5016 · Nonferrous Metals

    Says it has supported Rapidus by supplying semiconductor materials such as sputtering targets, and will deepen the partnership through its investment.Filing ↗Judged as needing review. It says it has supplied semiconductor materials and has also invested. It gives no figure for Rapidus.

  • Nagase & Co.8012 · Wholesale Trade

    Says it was selected to coordinate materials transport for Rapidus.Filing ↗Judged as having counterevidence. The first question was supported, but the report goes only as far as the selection and gives no sales. A chemicals trading company that has also invested in Rapidus.

Show the other 4
  • Takada Corporation1966 · Construction

    Lists mechanical work at Rapidus's Chitose site, ordered by Mitsubishi Chemical Engineering and due for completion in April 2026.Filing ↗A plant construction and maintenance company. It took on mechanical work at Rapidus's Chitose site, ordered by Mitsubishi Chemical Engineering.

  • Tomoe Corporation1921 · Construction

    Lists construction of the water treatment building at Rapidus's new fab, ordered by Iwata Chizaki, among its main completed works for the prior year.Filing ↗Judged as needing review, just short of the bar for support. A steel construction company that lists the Rapidus water treatment building among its main completed works for the prior year, so we added it here.

  • FUJIFILM Holdings4901 · Chemicals

    Says it will support Rapidus's development and manufacturing by providing a broad range of semiconductor materials and technology, alongside its investment.Filing ↗Judged as having counterevidence. It invested ¥5 billion and says it will support Rapidus with materials and technology, written as something still ahead.

  • Dai Nippon Printing7912 · Other Products

    Says it aims for its products to be adopted in the future through technical cooperation on packaging materials and manufacturing processes.Filing ↗Judged as having counterevidence. Beyond its investment, it is pursuing technical cooperation and aims for future product adoption. It was also named in Rapidus CORE in October.

The other 5 companies are not listed. None describes work for Rapidus: Fujitsu and Kyushu Financial Group mention Rapidus as an investment, Daiichi for its new store in Chitose, and Nakamichi Leasing and TMH when describing their markets.

View detailed results

This report is based on annual securities reports as of November 4, 2026.

04 / Takeaway

Revenue from Rapidus went first to the companies building its fab.

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.

CompanyWork for RapidusHow the report puts it
Takasago ThermalIIM-1 construction13.7%, ¥37.4bn, FY to March 2025
Dai-DanIIM-1 HVAC, electrical10.1%, ¥25.1bn, FY to March 2025
KajimaNew IIM-1 fabMain completed work
Techno RyowaClean roomsMain completed work
TakadaMechanical work, ChitoseBacklog, due April 2026
TomoeWater treatment buildingMain completed work, prior year
JX Advanced MetalsSputtering targets and moreHas supplied
NagaseMaterials transportWas selected
FUJIFILMMaterials, technologyWill provide
Dai Nippon PrintingPackaging materials and moreAims for adoption

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.

05 / Outlook

With the fab built, production line and materials companies are next.

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

Next areaPlan and progressRelated companies
Production linesPlans ¥2 trillion in private loansJET, FIG
MaterialsTrial runs from ~1,000 wafers a month to several times thatJX Advanced Metals, FUJIFILM
LogisticsCoordinating materials transportNagase
PackagingRapidus's Chitose site in full operationDai Nippon Printing
Power, regionHokkaido power demand expected to riseHokkaido Electric Power, Hokkai Electrical Construction
Next fabSecond fab only in press reportsContractors

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.

Your stock-picking, handed straight to AI.

Katana narrows companies with its own metrics, and AI reads annual reports to judge qualitative conditions. For complex theses and company profiles, the selection you used to do one company at a time, AI now runs across the Japanese market.

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