SoftBank seeks $100 billion from Gulf investors — why Son went back after $64.6 billion in OpenAI
The Financial Times reported on October 9, 2026 that SoftBank founder Masayoshi Son has been discussing raising up to $100 billion from Gulf investors, including senior figures in the United Arab Emirates. The new fund would buy companies and improve their operations with AI and robotics, with SoftBank's robotics and physical-AI business Roze expected to play a central role. The backdrop is financial strain: in early October SoftBank completed a further $30 billion OpenAI investment, taking its total to about $64.6 billion for a stake of roughly 13%, and in September it sold $11.1 billion of junk bonds paying up to 9.75%. OpenAI's IPO has been delayed. SoftBank shares fell as much as 7.3% in Tokyo that day
The three lines
- Report — Son sounding out Gulf investors for up to $100 billion; buy companies, fix them with AI and robots
- Backdrop — $64.6 billion in OpenAI (about 13%), $11.1 billion junk bond, delayed OpenAI IPO
- Market — SoftBank shares down as much as 7.3% intraday on October 9; no deal guaranteed
Key questions
- SoftBank $100 billion Gulf fund
- **Early-stage talks, per the FT. Nothing is guaranteed.** | Item | Detail | |---|---| | Target | Up to $100 billion | | Investors | Gulf investors, including senior UAE figures | | Structure | Acquire companies → improve operations with AI and robotics | | Core business | Roze (robotics and physical AI) | | SoftBank | Declined to comment |
- How much has SoftBank invested in OpenAI
- **About $64.6 billion in total, for roughly 13%.** | Item | Detail | |---|---| | Additional commitment announced February 2026 | $30 billion | | Final tranche | $10 billion (completed early October) | | Cumulative | About $64.6 billion | | Stake | About 13% (SoftBank) | | Funding | Foreign-currency senior bonds etc.; $11.1 billion junk bond in September |
- Why did SoftBank stock fall
- **Worries about OpenAI's growth and heavy borrowing overlapped.** | Date | Move | Context | |---|---|---| | October 2 | −5.6% intraday (¥6,329) | Final OpenAI investment completed | | October 8 (US) | Nasdaq down more than 1% | Report that OpenAI's annualized revenue was $20 billion below earlier figures | | October 9 | Down as much as 7.3% intraday | OpenAI growth worries, Gulf fundraising report |
In 2017 Masayoshi Son filled a $100 billion Vision Fund largely with Saudi and Abu Dhabi money. Nine years later he has taken the same number back to the Gulf. The Financial Times reported on October 9, 2026 that SoftBank's founder has spent recent weeks discussing raising up to $100 billion with Gulf investors, including senior figures in the United Arab Emirates. This time the money would not buy start-up stakes; it would fund buying companies and fixing them with AI and robots. The same day, SoftBank shares fell as much as 7.3% in Tokyo. What the market was looking at was not the new fund but the money already tied up in OpenAI.
1. The report — a buyout fund built around robotics business Roze
| Item | Detail |
|---|---|
| Target | Up to $100 billion |
| Counterparties | Gulf investors, including senior UAE figures (unnamed) |
| Strategy | Acquire companies → improve operations with AI, robotics and other technology |
| Core business | Roze — SoftBank's robotics and physical-AI unit |
| Stage | Preliminary talks; no guarantee of a deal |
| SoftBank | Declined to comment |
Vision Fund 1 bought minority stakes in growth companies and waited for valuations to rise. The new idea looks more like private equity: buy established businesses outright, cut costs and lift efficiency with AI, then grow their value. Vision Fund 1 left both big wins, such as ByteDance, and spectacular failures, such as WeWork.
2. The money map — $64.6 billion in OpenAI, borrowed at high rates
| Date | Item | Amount / terms |
|---|---|---|
| February 2026 | Additional OpenAI investment announced | $30 billion |
| September 2026 | Junk (sub-investment-grade) bond sale | $11.1 billion, coupons up to 9.75% |
| September 30, 2026 | Unused part of a $40 billion bridge loan | $10 billion cancelled |
| Early October 2026 | Final OpenAI tranche paid | $10 billion (via Vision Fund 2) |
| Now | Cumulative OpenAI investment | About $64.6 billion, roughly 13% |
The problem is timing. OpenAI has postponed its IPO, and on October 8 the FT reported its annualized revenue at about $50 billion, some $20 billion below a widely reported $70 billion — a gap explained mostly by accounting differences with Anthropic. The Nasdaq fell more than 1% that day. With so much riding on OpenAI, SoftBank needs both new income sources and new funding.
3. The shares and the Gulf — cash exists, but the war is a variable
| Date | SoftBank shares (Tokyo) | Context |
|---|---|---|
| October 2 | −5.6% intraday (¥6,329) | Final OpenAI investment announced |
| October 9 | Down as much as 7.3% intraday | OpenAI growth worries + Gulf fundraising report |
Gulf sovereign funds have been increasing AI bets, but conditions have changed. The prolonged war with Iran has raised economic uncertainty in the region; tanker attacks around Hormuz hit a record 10 in one week ("Why oil won't fall below $100"). Whatever the Gulf's capacity to invest, the same war could slow decisions.
4. What remains and what is unconfirmed
- Outcome: Who will commit how much, and whether a fund materialises, is unknown.
- Share-price drivers: The October 9 fall cannot be cleanly attributed to the Gulf report or to OpenAI worries.
- OpenAI IPO timing: The key to SoftBank's exit, but no new date has been announced.
- Roze: Almost no public data exists on the robotics unit's revenue or size.
Sources
- Bloomberg — SoftBank seeks $100 billion from Gulf investors for AI, FT says
- Yahoo Finance — SoftBank seeks $100 billion from Gulf investors for AI expansion
- Investing.com — SoftBank seeks up to $100 bln from Gulf investors for AI expansion, FT reports
- Investing.com Korea — SoftBank shares fall 5.6% after final OpenAI investment
- StreetInsider (Reuters) — SoftBank seeks up to $100 billion from Gulf investors for AI push, FT reports