Abstract This paper offers a non-Eurocentric account of raced capitalism in Malaysia, articulated as a developmental state project that has navigated the contested racial logics of British colonialism and Japanese imperialism. By historicising Malaysia’s experience, I provide a reading of the Malaysian developmental state as a project that has taken the form of anti-colonial raced capitalism. This is not meant to valorise raced capitalism as anti-colonial, but to suggest that decolonisation must also confront hegemonic elements engraved on the anti-colonial register of nationalised raced capitalism. In bringing a feminist critique to anti-colonial projects that leave capitalist relations uncontested, the paper makes three contributions. First, it recentres race and colonialism in its analysis of the developmental state, offering anti-colonial raced capitalism as a language that speaks to similar projects that enable, legitimise, and obscure new forms of racial/gender domination with counter-hegemonic frames. Second, it brings back politics to anti-colonialism, reestablishing it as a political space with competing visions, imaginations, and agendas, shaped by the geopolitics of empires. Third, it features gender, social reproduction, and the household as key sites to ground the politics of anti-colonialism, enacting the scaffolding for gendered understandings of raced capitalist development on the periphery of the global economy.