SoftBank Acquires Foxconn’s Ohio EV Plant to Support Stargate AI Infrastructure Project
SoftBank Group Corp (9984.T) is purchasing Foxconn Technology Group’s (2317.TW) electric vehicle manufacturing plant in Ohio to further its ambitious Stargate project aimed at building extensive AI data center infrastructure across the United States, Bloomberg News reported on Friday. The Stargate initiative, unveiled by U.S. President Donald Trump in January, represents a private sector investment potentially reaching $500 billion, with backing from SoftBank, OpenAI, and Oracle (ORCL.N).
SoftBank reportedly faced challenges in its financial planning for Stargate and sought Foxconn’s involvement to facilitate the development of data centers and related infrastructure, leading to the acquisition. The Ohio facility is expected to be repurposed as a data center site. Reuters could not independently confirm the report; SoftBank declined to comment, and Foxconn did not immediately respond.
The Stargate Project aims to generate over 100,000 jobs across the U.S., aligning with national goals to boost AI infrastructure and domestic technological capacity.