Rapidus押注日本直达2纳米；测试晶圆已完成，7万亿日元问题悬而未决

做的是什么生意

State-backed Japanese foundry aiming to mass-produce 2nm logic chips at its IIM-1 fab in Chitose, Hokkaido, using IBM-licensed technology.

启动资金：Initial ¥7.3B from 8 companies (Toyota, NTT, SoftBank, Sony, NEC, Denso, Kioxia, MUFG); government subsidy commitment up to ¥1.7 trillion

起因

Rapidus was founded in August 2022 by eight Japanese companies — Toyota, NTT, SoftBank, Sony Group, NEC, Denso, Kioxia and MUFG Bank — with ¥7.3 billion, after Japan concluded it had no domestic player able to make leading-edge logic chips. The bet was to jump straight to 2nm using IBM's licensed process and build a fab in Chitose, Hokkaido with government backing, aiming for mass production in 2027.

经过

Ground broke on IIM-1 in September 2023; the cleanroom was completed in 2024 and ASML's NXE:3800E EUV lithography tool arrived in December 2024. The pilot line started in April 2025, and by June more than 200 semiconductor tools were installed. In July 2025 Rapidus announced test wafers with 2nm gate-all-around transistors, saying early electrical characteristics met expectations; it kept the 2027 mass-production target and planned a process design kit for Q1 2026. The government committed subsidies of up to ¥1.7 trillion and planned a ¥100 billion equity investment in FY2025; in December 2025 more than 20 companies including Honda, Canon, Kyocera, Fujitsu and several banks agreed to become shareholders, bringing the count to about 30 and meeting the ¥130 billion private-investment target for FY2025.

结果

Still in progress: Rapidus has produced working 2nm test wafers but has not started mass production; it and the government are sticking to a 2027 target, with total funding needs estimated at ¥5–7 trillion through FY2031.

可借鉴之处

跨代跃迁需要技术和耐心资本：日本用IBM授权加上万亿日元支持，但赌注仍押在2027年。