On October 14, GlobalFoundries (GF) announced that it had been selected as the technology provider and operator for two new wafer fabs at its Malta, New York campus. The project falls under the U.S.-Japan trade and investment cooperation framework, with Japan providing up to $21 billion in total funding. Approximately $10 billion is the initial investment to accelerate construction of the first 300mm fab, which is expected to break ground later this year and begin production in 2029, with another roughly $10 billion earmarked for a second fab to follow.

Both fabs will be jointly owned by U.S. and Japanese interests, while GF will earn fees through technology licensing, construction, and operations services—without bearing the capital expenditure itself. At full production, each fab is projected to add about 900,000 300mm wafers per year, roughly 1.8 million wafers combined. The project is also expected to create around 27,000 construction and industrial ecosystem jobs, plus more than 1,000 high-skilled manufacturing positions.

Why GlobalFoundries?

This marks the first major implementation project under the Trump administration's $550 billion investment agreement with Japan. Under that deal, the U.S. lowered import tariffs on Japanese goods in exchange for Japanese capital flowing into American manufacturing. GF focuses on foundational nodes—power management, connectivity, and embedded computing chips for automotive, industrial, and connected infrastructure applications—positioning it in a differentiated niche versus advanced-logic foundries.

The arrangement offers clear benefits for each party. Japan gains trusted manufacturing capacity in the U.S., serving domestic customers such as Renesas, which has stated it will treat the new New York capacity as an extension of its own production lines. The U.S. strengthens the onshoring of critical supply chains. GF, meanwhile, expands capacity with virtually no capital outlay. In addition, GF reached an agreement with the U.S. Department of Commerce to redirect $955 million of its original CHIPS Act funding toward silicon photonics, silicon germanium, and advanced packaging. The Commerce Department will also hold about a 4% equity stake in GF, bringing the U.S. government's combined ownership to roughly 7%.

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