SoftBank advances OpenAI bet with second $10 billion tranche

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SoftBank invests in OpenAI

Highlights

SoftBank invested another $10 billion in OpenAI through Vision Fund 2.
The payment is the second tranche of a planned $30 billion follow-on commitment.
A third $10 billion tranche is planned for October 1, 2026.

The investment was made through the SoftBank Vision Fund 2, according to the company's announcement on July 1. SoftBank said the latest tranche was worth about ¥1.63 trillion, based on an exchange rate of ¥162.73 to the dollar.

A staged commitment to OpenAI

SoftBank announced the $30 billion follow-on investment plan on February 27, after previously investing an aggregate $34.6 billion in OpenAI through Vision Fund 2 since September 2024. The company said at the time that the additional investment was intended to support OpenAI’s continued growth.

The group executed the first $10 billion tranche on April 1, also through Vision Fund 2. That filing said the follow-on investment would be carried out as part of the previously announced $30 billion plan.

The second tranche, completed on July 1, brings SoftBank further into that schedule. The company plans to complete a third $10 billion tranche on October 1, 2026, Japan time, according to the July 1 report. The same report said the date could be accelerated if OpenAI Group PBC shares are publicly listed before then.

AI investment sits at the center of SoftBank's strategy

SoftBank has often used large, concentrated investments to define its market position. Under founder Masayoshi Son, the company is again putting artificial intelligence at the center of its strategy. OpenAI is now one of the clearest examples of that shift.

For public-market investors, SoftBank has also become a proxy for OpenAI’s future value. If OpenAI eventually lists, investors may get a clearer market price for SoftBank’s stake. If a listing is delayed, the value of that holding remains harder to assess, while SoftBank continues to carry the financial exposure.

A larger test of AI financing

The latest tranche shows how expensive the frontier AI race has become. OpenAI and its backers need vast amounts of capital for model development, computing power, data centers, and related infrastructure.

For SoftBank, the upside could be significant if OpenAI keeps growing and eventually reaches public markets at a high valuation. The risk is also clear: the company is using major financing capacity to expand exposure to a private AI business whose future valuation, profitability, and listing timeline remain uncertain.

We also reported OpenAI completes one of banking’s largest AI deployments.

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