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SoftBank Group Swings to Profit in Q1 as AI Investments Drive Gains; Stargate Data Centre Project Faces Delays

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SoftBank Group reported a net profit of $2.87 billion for the first quarter, fueled by strong valuations in its Vision Fund portfolio, particularly in AI-related investments. The Japanese technology investor’s turnaround from a loss a year ago is timely as it embarks on a large spending spree focused on artificial intelligence companies.

However, the company’s ambitious $500 billion Stargate project to develop U.S. data centres is delayed due to extended negotiations and site selection, SoftBank CFO Yoshimitsu Goto said. Despite the slower-than-expected pace, SoftBank is advancing with several identified sites and remains committed to building out the data centres over four years.

SoftBank’s Vision Funds now hold $45 billion in late-stage companies poised for IPOs, up from $36 billion in March, partly reflecting the recent $7.5 billion Vision Fund 2 investment in OpenAI. The Vision Fund posted a Q1 investment gain of about $4.94 billion, with South Korean e-commerce firm Coupang’s share price surge accounting for half of that gain.

SoftBank leads a $40 billion funding round for OpenAI, with $22.5 billion due by year-end. Founder Masayoshi Son aims to position SoftBank as a key “organiser of the industry” through strategic AI investments and the Stargate initiative.

SoftBank has also raised $7.8 billion recently by partially selling its stake in T-Mobile. However, the Vision Funds’ overall realized gains remain modest—only about $5 billion out of $172.2 billion committed capital as of June’s end—highlighting challenges in monetizing investments.

OpenAI Explores Funding from Saudi Arabia, India, and UAE Investors for $40 Billion Raise

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OpenAI, the creator of ChatGPT, has held talks with Saudi Arabia’s Public Investment Fund (PIF), India’s Reliance Industries, and the UAE’s MGX about joining its planned $40 billion financing round, The Information reported on Wednesday. Each investor could contribute hundreds of millions of dollars or more, according to sources familiar with the discussions.

The fundraise, reportedly led by SoftBank, aims to support OpenAI’s development of advanced AI models and its ambitious infrastructure project called Stargate. Earlier in 2025, CEO Sam Altman engaged with India’s IT Minister about fostering a low-cost AI ecosystem, and he planned to visit the UAE to pursue funding talks with MGX, sources told Reuters.

OpenAI is also in discussions with U.S. investors Coatue and Founders Fund to secure at least $100 million each. The company anticipates raising an additional $17 billion by 2027 to continue scaling its AI capabilities.

Microsoft-backed OpenAI and the mentioned investors have not yet responded to requests for comment, and Reuters has not independently verified the funding discussions.