For those wondering whether this is a state-backed venture, it is not [0]. In fact it is more interesting, as most of these large Japanese ventures (including Softbank via Arm) have significant dealings with semiconductors:
> Rapidus was established in August 2022 with the support of eight major Japanese companies: Denso, Kioxia, MUFG Bank, NEC, NTT, SoftBank, Sony, and Toyota.
> Rapidus was established in August 2022 with the support of eight major Japanese companies: Denso, Kioxia, MUFG Bank, NEC, NTT, SoftBank, Sony, and Toyota.
[0] https://en.wikipedia.org/wiki/Rapidus