Overview
- SoftBank, which reported results Wednesday, posted ¥1.83 trillion ($11.6 billion) in Q4 net profit and ¥5 trillion (~$32 billion) for the year on sharp valuation gains from its OpenAI holding.
- The Vision Fund booked roughly $45–46 billion of annual gains tied to OpenAI, lifting the stake’s fair value to about $79.6 billion by end-March even as other portfolio names fell.
- To fund its commitments, SoftBank arranged a $40 billion bridge loan in March, drew about $20 billion by April with partial repayment disclosed, and saw a planned margin loan cut to roughly $6 billion after lenders balked at OpenAI collateral.
- The group has pledged an added $30 billion into OpenAI through 2026, taking total commitments to about $64.6 billion for roughly a 13% stake, with the April 2026 tranche executed.
- S&P revised SoftBank’s outlook to negative in March over debt and asset concentration, as the company sells holdings like T-Mobile and Nvidia to raise cash and leans into AI infrastructure bets that depend on an unlisted OpenAI facing rising competition.