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SoftBank Group is racing to deliver $22.5 billion to OpenAI by the end of 2025, sources said. The conglomerate has used several cash-raising routes already. It may also tap unused margin loans backed by Arm Holdings shares.
The push marks a wager by CEO Masayoshi Son as he seeks a stronger position in artificial intelligence. Sources said OpenAI still awaits the remaining payment, and the investment contract sets an end-of-year deadline.
SoftBank has sold listed holdings to raise cash for the OpenAI deal, sources said. The group sold its full Nvidia stake worth $5.8 billion. It also reduced its T-Mobile US position by $4.8 billion.
Son tightened spending and staffing across the group, sources said. He slowed Vision Fund dealmaking, and he now requires direct approval for deals above $50 million.
SoftBank continues work on a PayPay initial public offering. The US shutdown lasted 43 days and ended in November. The shutdown delayed key steps tied to the listing.
Sources said SoftBank now targets a PayPay debut in the first quarter of 2026. One person familiar with the effort said the IPO could raise more than $20 billion.
SoftBank has looked at selling part of its Didi Global holding, a source said. Didi has sought a Hong Kong listing after a 2021 US delisting.
Also Read: SoftBank Sells $5.8B NVIDIA Stake to Invest in OpenAI and AI Infrastructure
SoftBank agreed in April to invest in OpenAI at a $300 billion valuation, sources said. The organization promised up to $30 billion for OpenAI.
OpenAI received $10 billion in April under the deal. It completed a for-profit transition in October, which triggered the payment.
Since then, OpenAI has discussed new funding, one source said. The talks could lift its valuation toward $900 billion. Amazon is among the potential investors, the source added.
A lever sits in margin loans secured against SoftBank’s Arm ownership, sources said. SoftBank expanded margin loan capacity by $6.5 billion. The expansion lifted total undrawn capacity to $11.5 billion.
Arm shares have gained since the IPO price, which gives SoftBank collateral room for borrowing. SoftBank also reported parent-level cash of 4.2 trillion yen, or about $27.16 billion, as of September 30.
SoftBank still owned about 4% of T-Mobile US at the end of September. LSEG data valued the stake at about $11 billion. Sources said the group could also use corporate bonds or bridge loans.
SoftBank has continued to back AI startups such as Sierra and Skild AI. OpenAI needs sums as model training and inference costs rise.
OpenAI CEO Sam Altman has told staff the company has entered a “code red” phase to improve ChatGPT. Both SoftBank and OpenAI also support Stargate, a $500 billion buildout for AI data centers.
Altman has said OpenAI wants 30 gigawatts of computing for $1.4 trillion. He has also described a goal of adding one gigawatt each week.
