Vision Fund 2 borrowed the full March bridge facility to fund the $10B OpenAI stake, bringing SoftBank's total commitment to roughly $20 billion.
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SoftBank Group invested another $10 billion in OpenAI on July 1, executing the second tranche of a March bridge facility that was borrowed in full by Vision Fund 2. The fund drew the entire facility amount to fund the purchase, according to a person familiar with the matter.
The investment brings SoftBank's total commitment to OpenAI to roughly $20 billion across two tranches, making it the startup's largest single backer. The March facility was structured as a bridge loan to Vision Fund 2, which then used the proceeds to acquire the OpenAI stake.
SoftBank's bet on OpenAI sits alongside its broader AI infrastructure push. The firm has committed billions to data center buildouts and chip supply through its Arm Holdings stake. CEO Masayoshi Son has described artificial general intelligence as the defining investment theme of the next decade.
OpenAI has raised more than $20 billion in equity since its founding, with Microsoft as its earliest and most prominent corporate partner. The new SoftBank capital arrives as OpenAI faces mounting costs for training and running its large language models, including GPT-4 and the upcoming GPT-5. The company has also begun generating meaningful revenue through its ChatGPT subscription service and API licensing, though it remains unprofitable on a net basis.
The Vision Fund 2 structure matters because it shifts the risk profile of SoftBank's exposure. The fund borrows to invest, meaning the OpenAI stake carries leverage costs that must be covered by future returns. If OpenAI's valuation appreciates, the fund captures the upside net of borrowing costs. If the startup's valuation stagnates or declines, the fund absorbs the full loss plus interest.
SoftBank shares traded flat in Tokyo following the news. The stock is up roughly 40% year to date, driven largely by Arm's rally and expectations around AI spending.
The second tranche was expected. SoftBank disclosed the March facility in its fiscal year earnings, noting that the full amount was available for drawdown. The July 1 execution simply confirms the timeline.
OpenAI declined to comment on the investment. SoftBank did not respond to a request for comment.
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