NextFin News - SoftBank Group reported a record-breaking net profit for the nine-month period ending December 2025, fueled by a dramatic appreciation in the valuation of its holdings in OpenAI. According to NHK World-Japan, the Japanese technology and investment giant saw its net income jump nearly five-fold compared to the previous year, reaching 3.17 trillion yen, or approximately 20.7 billion dollars. This financial windfall marks a definitive turnaround for the conglomerate, which had previously struggled with volatility in its Vision Fund portfolio. The results, released on February 13, 2026, underscore the company's successful bet on the generative AI sector as its primary engine for capital appreciation.
The centerpiece of this performance is SoftBank’s strategic investment in OpenAI, the developer of ChatGPT. Following a massive $22.5 billion follow-on investment completed in late December 2025, SoftBank now controls approximately 11% of the AI pioneer. According to YourStory, the total capital committed by SoftBank to OpenAI has reached $34.6 billion. As OpenAI’s private market valuation climbed toward an estimated $850 billion by early 2026, the resulting unrealized gains have transformed SoftBank’s balance sheet, providing the liquidity and collateral necessary to fund a broader expansion into AI infrastructure.
This profit surge reflects a fundamental shift in the investment philosophy of SoftBank’s leadership. While the early years of the Vision Fund were characterized by high-frequency bets on consumer-facing startups, the current strategy is focused on the "physical layer" of artificial intelligence. Under the guidance of Chairman and CEO Masayoshi Son, the group has transitioned from being a mere venture capital provider to a vertically integrated AI architect. AI-related holdings, which accounted for only 18% of the group’s net asset value three years ago, now represent more than 60% of its total portfolio. This concentration highlights a high-conviction play on the permanence of the AI revolution.
To support this transition, SoftBank has engaged in a series of aggressive acquisitions and infrastructure projects. The group recently completed a $6.5 billion acquisition of chip designer Ampere Computing and announced plans to acquire ABB’s robotics business for $5.4 billion. Furthermore, the "Project Stargate" initiative—a partnership with OpenAI and SB Energy—aims to develop massive AI data centers, including a 1.2-gigawatt facility in Texas. According to CFO Yoshimitsu Goto, these investments are essential because current data center capacity is insufficient to meet the exponential growth in AI computing workloads. By owning the chips, the robotics, and the power-hungry infrastructure, SoftBank is attempting to capture value across the entire AI supply chain.
However, the reliance on OpenAI’s valuation introduces a unique set of risks. Because OpenAI remains a private entity, SoftBank’s reported profits are heavily dependent on "fair value" assessments rather than realized cash flows. This creates a "high-beta" proxy effect where SoftBank’s stock price becomes a public-market barometer for private AI sentiment. To mitigate liquidity risks, the group has increasingly utilized margin loans secured against its most stable assets, such as its stake in Arm. According to Analytics Insight, SoftBank recently increased its margin loan facility using Arm shares to $20 billion, drawing down $11.5 billion in December 2025 to fund its OpenAI commitments.
Looking forward, the sustainability of SoftBank’s record profits will depend on OpenAI’s ability to transition from a research-heavy organization into a high-margin enterprise software powerhouse. While the current valuation surge provides a significant cushion, any cooling in the AI sector or regulatory hurdles facing large language models could lead to substantial mark-to-market volatility. Nevertheless, the group’s pivot toward infrastructure—evidenced by its $3.1 billion acquisition of DigitalBridge—suggests a long-term plan to generate yield from the physical assets that power the AI era, rather than relying solely on the equity upside of software developers. For now, Son has successfully repositioned SoftBank at the epicenter of the global AI trade, turning a speculative bet into a record-breaking financial reality.
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