59 minutes ago
17
SoftBank Group is becoming increasingly tied to the fortunes of OpenAI after the AI startup drove a $46 billion annual gain at the company’s Vision Fund business.
The Tokyo-based investment conglomerate reported Wednesday that nearly all of the Vision Fund’s gains for the fiscal year ended March came from the rising value of its OpenAI investment, which generated roughly $45 billion in gains after the group invested more than $30 billion into the company.
This means that 98% of the fund’s return is dependent on one company. The remaining portfolio, including stakes in Coupang, DiDi Global, and Klarna, actually dragged performance down. In the final quarter alone, the Vision Fund notched around $20 billion in gains, with OpenAI accounting for virtually all of it while those other bets lost money.
SoftBank Group has committed more than $64 billion to OpenAI through its Vision Fund platform, making the AI startup the centerpiece of the company’s AI strategy.
The investments began in 2024 and expanded rapidly through early 2026. SoftBank had committed roughly $34.6 billion by February before announcing an additional $30 billion investment that would increase its ownership stake in OpenAI to about 13%.
OpenAI’s valuation rocketed from $157 billion in October 2025 to $852 billion by March 2026, roughly a 5.4x increase in five months. The AI lab also hit a $2 billion monthly revenue run rate by March.
On earnings, SoftBank reported a 5 trillion yen annual net profit, driven mainly by gains at the Vision Fund and its telecommunications operations, while executives stressed maintaining financial discipline amid growing AI exposure.
Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.
English (US) ·