SoftBank is actively working to finalize, by the end of the year, a $22.5 billion financing commitment for OpenAI, the U.S.-based artificial intelligence company. This exceptional operation reflects both the acceleration of the global AI race and the enormous capital requirements it entails.
This financing ranks among the largest ever undertaken by the Japanese conglomerate led by Masayoshi Son. It aligns with SoftBank’s strategic repositioning at the heart of the global AI ecosystem, at a time when OpenAI is expanding its computing infrastructure and data centers to support the training and deployment of its models.
To meet this commitment, SoftBank has already made significant divestments, selling its entire stake in Nvidia for about $5.8 billion and part of its holdings in T-Mobile US for nearly $4.8 billion. At the same time, the pace of Vision Fund investments has slowed considerably, with major deals now requiring Masayoshi Son’s direct approval.
SoftBank still has additional financial levers. A major source of potential liquidity comes from margin loans secured by its stake in Arm Holdings. Since Arm’s IPO, whose shares have risen sharply, SoftBank has increased its unused financing capacity to around $11.5 billion, further enhancing its maneuverability.
This massive financial effort comes as OpenAI faces growing competition. The company must fund increasingly power-hungry infrastructure, while other tech giants accelerate their investments. OpenAI and SoftBank are collaborating on Project Stargate, a $500 billion initiative to build AI-dedicated data centers, considered critical to maintaining the U.S.’s technological edge.
The stakes are heightened by OpenAI’s soaring valuation. Following a spring agreement around $300 billion, ongoing discussions with industrial partners could push this valuation significantly higher, offering SoftBank substantial potential upside in the medium term.
This financing is also essential for OpenAI’s roadmap. The costs of training, operating, and expanding compute capacity continue to rise rapidly. CEO Sam Altman has recently cited unprecedented energy and industrial requirements, potentially involving the construction of computing infrastructure totaling several tens of gigawatts.
