Sheen announced that he was funding the Welsh National Theatre in January, to fill the gap left by the folding of National Theatre Wales.
The company, which has received £200,000 in transition funding from Arts Council Wales, has also announced a Welsh spin on the classic American play Our Town, with Doctor Who writer Russell T Davies as a creative associate.
Our Town will tour Swansea, Mold, Llandudno and Kingston-upon-Thames between January and March 2026.
Welsh National Theatre said it had also commissioned four Welsh writers to create plays of "national significance", and created a network of talent scouts to find and develop new Welsh talent.
"When I used to play football on a pitch by the side of the A48 in Port Talbot, I always knew that there was the possibility that there might be someone standing on the touch line," said Sheen.
"Local people who were the eyes and ears of the big clubs. There was always the potential you could end up at Man United or Liverpool.
"And I've always thought, why isn't there a similar system for the arts, for the theatre? So I'm trying to create that and using the Welsh National Theatre company as the kind of engine for that."
Sheen said "lots of people have been getting in touch" to support Welsh National Theatre since it was announced - including fellow Hollywood Welsh-born actor Matthew Rhys.
"I had a lovely message from Matthew," said Sheen.
He said people had also shown support in other ways, including through a surprise donation sent to his parents.
"The envelope just said 'brilliant actor Michael Sheen'. And it got to my parents. And inside it said 'what you're doing with the Welsh National Theatre - think it's brilliant. Would love to support it'.
"And I keep [the cheque] in my pocket," said Sheen.
"I walk around with it now."