The largest private technology investment in history is now official.
SoftBank Group has completed its massive $40 billion investment commitment to OpenAI, cementing Masayoshi Son’s strategy to make AI the “central axis” of his portfolio.
💰 THE DEAL METRICS:
1️⃣ Capital Injection (Completed):
- Total Commitment: $40 Billion.
- Structure: A mix of direct capital ($8B) and syndicated co-investment ($10B+). The final tranche of ~$22.5 billion was transferred last week.
2️⃣ Valuation Velocity:
- March 2025 (Primary): Deal structured at a $300 billion post-money valuation.
- October 2025 (Secondary): A subsequent stock sale already re-priced the company at ~$500 billion.
- Implication: SoftBank is already sitting on significant paper gains from its initial tranches.
3️⃣ The “Stargate” Alignment: This capital isn’t just for Opex; it is Capex for Project Stargate.
- The Project: A multi-year, multi-billion dollar AI infrastructure initiative.
- The Consortium: OpenAI (Models) + SoftBank (Capital) + Oracle (Compute/Data Centers).
- Goal: To build next-gen data centers capable of training models orders of magnitude larger than GPT-5.
💡 ANALYST TAKEAWAY: We are witnessing the “Industrialization of AI.” This move transitions OpenAI from a software startup into a capital-intensive infrastructure play. For investors, the $500B valuation sets a new ceiling for private markets, likely triggering a repricing of the entire Generative AI stack in 2026.
👇 VCs & Allocators: At $500B, is OpenAI priced for perfection, or is it the new “sovereign” asset class of tech?