Catenaa, February 12, 2026 – The SoftBank OpenAI investment now underpins a clear profit turnaround for the Japanese conglomerate. The Vision Fund’s growing OpenAI stake helped deliver consecutive quarterly earnings gains.
For the October–December period, SoftBank reported a net profit of ¥248.6 billion ($1.6 billion). That compared with a ¥369 billion loss in the same quarter a year earlier. The jump owes largely to valuation gains from the Vision Fund’s AI holdings.
SoftBank’s Vision Fund holds roughly an 11% stake in OpenAI following a completed $41 billion investment round in late 2025. That round also attracted third-party investors, bringing total funding to about $41 billion.
The rise in AI valuation helped the Vision Fund record a quarterly gain of about $2.4 billion, offsetting weakness elsewhere in its portfolio. Analysts say the results highlight how dominant AI assets have reshaped SoftBank’s financial profile after years of turbulent returns.
To fund its larger OpenAI exposure, SoftBank sold other assets including its Nvidia stake and portions of its T-Mobile holdings. It also increased debt by borrowing against holdings such as Arm shares.
Despite profit gains, some investors caution that heavy reliance on a single private holding carries risk. SoftBank’s leverage ratio climbed, drawing scrutiny over its ability to sustain future investments.
Meanwhile, OpenAI itself is reportedly planning a massive funding round that could value the AI leader near $830 billion. SoftBank is among potential backers considering further capital commitments.
Overall, the SoftBank OpenAI investment reflects a strategic pivot back toward tech growth. But it also amplifies questions about funding stability, concentrated exposure, and how markets will value private AI assets moving forward.
