SoftBank deploys second $10B tranche of OpenAI bet

SoftBank completed a $10 billion second tranche of its OpenAI investment on July 1 via Vision Fund 2, part of a $30 billion commitment.economictimes+1
The move comes as OpenAI may delay its IPO to 2027, with CEO Sam Altman reportedly holding out for a $1 trillion-plus valuation.thestreet+1
SoftBank carries a $40 billion bridge loan due March 2027 to fund its OpenAI stake, raising refinancing concerns if the IPO slips.qz+1

SoftBank Group completed a $10 billion investment in OpenAI on July 1, deploying the second tranche of its $30 billion follow-on commitment through Vision Fund 2. The move brings the Japanese conglomerate's total investment in the ChatGPT maker to roughly $30 billion, with a final $10 billion tranche scheduled for October 1, 2026.economictimes+3

A Massive Bet Takes Shape

The investment is part of a $110 billion funding round OpenAI announced in February at a pre-money valuation of $730 billion, which also included $30 billion from Nvidia and $50 billion from Amazon Amazon.com, Inc. . SoftBank completed the first $10 billion tranche on April 1 and had publicly disclosed the July 1 timeline for the second installment.group+1

SoftBank borrowed the funds under a bridge facility. The company carries a $40 billion bridge loan tied to its OpenAI commitments, with repayment due in March 2027. SoftBank's Vision Fund posted a $46 billion gain for the fiscal year ending March 2026, driven largely by the rising valuation of its OpenAI stake.cnbc+2

IPO Uncertainty Looms

The investment arrives against a backdrop of uncertainty over OpenAI's path to public markets. OpenAI filed a confidential draft S-1 with the SEC on June 8, but reports emerged last week that the company may push its IPO to 2027 amid concerns about tech stock volatility. CEO Sam Altman has reportedly refused to accept a valuation below $1 trillion for the listing.thestreet+2

The potential delay rattled investors. SoftBank's stock fell more than 12% on June 26 after The New York Times reported the possible postponement, wiping roughly $38 billion from the company's market capitalization. By October, SoftBank's total commitment to OpenAI is expected to reach approximately $65 billion.qz+1

Concentration Risk

SoftBank founder Masayoshi Son has been described as convinced that Altman is leading the most important technology shift of the century. But the scale of the bet has raised concerns, even internally, about whether SoftBank is too heavily tied to OpenAI's success — particularly as rival Anthropic gains ground. If the IPO slips past March 2027, SoftBank would need to refinance or find alternative means to repay the bridge loan before a major liquidity event materializes.youtube+2

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