Map / Money and funders
SoftBank 9984.T
SoftBank Group. OpenAI's largest outside shareholder (about 13%) and Stargate co-owner. It pays for this mostly with borrowed money and by selling other holdings, not from operating profits.
Depends on
- Banks: Bridge loan (JPMorgan, Goldman Sachs, Mizuho, SMBC, MUFG) to fund the 2026 OpenAI investment. $10B of undrawn capacity was cancelled in October 2026. Loan, $40B. The Next Web, 2026-04-23
- Banks: Margin loan secured on SoftBank's Arm Holdings shares. Loan, $20B. Reuters via The Star, 2026-08-04
- Banks: Margin loan secured on SoftBank's OpenAI shares, reported as being arranged in August 2026. Loan, up to $10B. Reuters via The Star, 2026-08-06
- Banks: Syndicated loan from about 20 banks. The source says it was arranged about a week before the September 24 bond sale, so the date is approximate. Loan, $11.9B. European Business Magazine, 2026-09-25
- Bond buyers: ¥1 trillion bond for Japanese retail investors, issued earlier in September 2026 (exact day not given). Bonds, $6.3B. Bloomberg/Reuters via The Star, 2026-09-24
- Bond buyers: Record high-yield bond sale at 8.625% to 9.75% coupons on the dollar notes, to fund OpenAI. Bonds, $11.1B. Bloomberg/Reuters via The Star, 2026-09-24
Supplies
- OpenAI: SoftBank's first $30B in OpenAI (April and December 2025). Equity investment, $30B. TechInformed, 2026-01-07
- OpenAI: SoftBank's 2026 OpenAI investment, part of the $122B round at an $852B valuation. Cumulative total is $64.6B, for about 13%. Equity investment, $30B. Reuters via The Star, 2026-10-01
- Stargate JV: Reported initial equity commitment to the Stargate JV. Equity investment, up to $19B. Wikipedia (citing The Information), 2025-01-23
AI money
OpenAI investments April 2025 to October 1, 2026. Balance-sheet figures (LTV, net debt) as of June 30, 2026, SoftBank's latest reported quarter (Q1 of its fiscal year ending March 2027). Yen converted at 162.39 per dollar, the rate SoftBank used on its June 30, 2026 data page.
Where the money comes from
| What | Amount | Period | Detail and source |
|---|---|---|---|
| Selling other assets from public market buyers of Nvidia shares | $5.8B | October 2025 | SoftBank sold its entire Nvidia stake (32.1 million shares) to help fund OpenAI. The Nightly (CNBC report), 2025-11-12 |
| Selling other assets from public market buyers of T-Mobile US shares | $9.2B | June to October 2025 | Partial sale of the T-Mobile US stake, per CNBC in November 2025. It includes a roughly $4.8B block sale on June 17, 2025 (Bloomberg). A later report (The Next Web, April 2026) put total T-Mobile sales from June to December 2025 at $12.73B. The Nightly (CNBC report), 2025-11-12 |
| Bank loans from Banks | $40B | Signed March 2026, matures March 2027 | A roughly 12-month bridge loan (a short-term loan meant to be repaid with later financing) from JPMorgan, Goldman Sachs, Mizuho, SMBC and MUFG. It funds the $30B 2026 OpenAI investment plus general purposes. On October 1, 2026, Reuters reported SoftBank cancelled the remaining $10B of undrawn capacity. The amount actually drawn was not disclosed. The Next Web, 2026-04-23 |
| Bank loans from Banks | $10B | Agreed August 2026, two-year term | A margin loan (a loan secured by shares, which the lender can sell if their value falls) backed by SoftBank's OpenAI shares. The banks were reportedly Goldman Sachs, JPMorgan, Mizuho and SMBC, with Apollo also arranging. Pricing during talks was reported at about SOFR + 4.25 percentage points (about 7.9%). An earlier attempt in June stalled after the target was cut to about $6B. Reuters via The Star, 2026-08-06 |
| Bank loans from Banks | $20B | Outstanding as of August 2026 | Margin loan on SoftBank's Arm Holdings stake. SoftBank's own June 30, 2026 data page deducts ¥3.22T (about $19.8B) from the Arm holding for this borrowing. European Business Magazine (September 2026) says the facility limit was raised to $25B. Reuters via The Star, 2026-08-04 |
| Bonds from Bond buyers | $11.1B | September 2026 | The largest high-yield (junk-rated) corporate bond sale on record: $10B in dollar notes at coupons of 8.625% to 9.75%, plus two €500M euro notes. Proceeds were for the OpenAI investment. A 2021 SoftBank deal paid 2.125% to 5.25%. SoftBank had issued $14.6B of high-yield bonds in 2026 to that point, this deal included. Bloomberg/Reuters via The Star, 2026-09-24 |
| Bonds from Bond buyers | $6.3B | September 2026 | A ¥1 trillion bond sold to Japanese retail investors (about $6.3B, per the article's conversion). Bloomberg/Reuters via The Star, 2026-09-24 |
| Bank loans from Banks | $11.9B | September 2026, two-year term | A syndicated loan from about 20 banks, arranged about a week before the September bond sale. European Business Magazine, 2026-09-25 |
Where it goes
| What | Amount | Period | Detail and source |
|---|---|---|---|
| Investing in AI companies to OpenAI | $30B | April to December 2025 | $7.5B closed in April 2025 and $22.5B on December 26, 2025. Third-party co-investors syndicated through SoftBank added $11B, for a $41B round in total. TechInformed, 2026-01-07 |
| Investing in AI companies to OpenAI | $30B | 2026, final tranche closed October 1, 2026 | Three $10B tranches through Vision Fund 2, part of OpenAI's $122B round at an $852B valuation. Cumulative SoftBank investment in OpenAI is $64.6B, for about a 13% stake. Reuters via The Star, 2026-10-01 |
| Acquisitions to ABB robotics business | $5.4B | Second half of 2026 | Payment SoftBank must fund in the second half of 2026. Reuters via The Star, 2026-08-06 |
| Acquisitions to DigitalBridge | $3.1B | Second half of 2026 | DigitalBridge is a digital-infrastructure investment firm (data centers, towers). Reuters via The Star, 2026-08-06 |
Spending it has promised
| What | Amount | Period | Detail and source |
|---|---|---|---|
| Total payment obligations due in the second half of 2026 (OpenAI, ABB robotics, DigitalBridge and others) with openai-and-others | $30B | July to December 2026 | Reuters' figure. It includes the $20B of OpenAI tranches that were still unpaid in August 2026. Reuters via The Star, 2026-08-04 |
| Equity in the Stargate data-center joint venture with Stargate JV | up to $19B | Initial commitment, announced January 2025 | Reported by The Information. Not confirmed in SoftBank filings that we read. Wikipedia (citing The Information, Jan 23, 2025), 2025-01-23 |
Who it depends on for revenue
- CreditSights estimates Arm and OpenAI make up about three-quarters of SoftBank's group asset value. Bloomberg/Reuters via The Star, 2026-09-24
- S&P estimates OpenAI is about 30% of SoftBank's investment assets. European Business Magazine, 2026-09-25
Money flows with other companies
| Money from | Money to | Type | Amount | What, and source |
|---|---|---|---|---|
| Banks | SoftBank | Loan | $40B | Bridge loan (JPMorgan, Goldman Sachs, Mizuho, SMBC, MUFG) to fund the 2026 OpenAI investment. $10B of undrawn capacity was cancelled in October 2026. Matures March 2027 The Next Web, 2026-04-23 |
| SoftBank | OpenAI | Equity investment | $30B | SoftBank's first $30B in OpenAI (April and December 2025) April to December 2025 TechInformed, 2026-01-07 |
| SoftBank | OpenAI | Equity investment | $30B | SoftBank's 2026 OpenAI investment, part of the $122B round at an $852B valuation. Cumulative total is $64.6B, for about 13%. 2026, three $10B tranches Reuters via The Star, 2026-10-01 |
| Banks | SoftBank | Loan | $20B | Margin loan secured on SoftBank's Arm Holdings shares. Outstanding Reuters via The Star, 2026-08-04 |
| SoftBank | Stargate JV | Equity investment | up to $19B | Reported initial equity commitment to the Stargate JV. Initial commitment Wikipedia (citing The Information), 2025-01-23 |
| Banks | SoftBank | Loan | $11.9B | Syndicated loan from about 20 banks. The source says it was arranged about a week before the September 24 bond sale, so the date is approximate. Two years European Business Magazine, 2026-09-25 |
| Bond buyers | SoftBank | Bonds | $11.1B | Record high-yield bond sale at 8.625% to 9.75% coupons on the dollar notes, to fund OpenAI. 3.5 to 7.5 years Bloomberg/Reuters via The Star, 2026-09-24 |
| Banks | SoftBank | Loan | up to $10B | Margin loan secured on SoftBank's OpenAI shares, reported as being arranged in August 2026 Two years, due August 2028 Reuters via The Star, 2026-08-06 |
| Bond buyers | SoftBank | Bonds | $6.3B | ¥1 trillion bond for Japanese retail investors, issued earlier in September 2026 (exact day not given). 2026-09-01 Bloomberg/Reuters via The Star, 2026-09-24 |
Amounts in US dollars. "Up to" amounts are maximums or depend on conditions. See Does it add up? for the full picture.
Data as of 2026-10-30. Cite as: Ye, Mike. "SoftBank" (softbank). AI Lattice, dataset v0.3.0. https://ailattice.ai/e/softbank/. How to cite.