SoftBank’s Vision Fund is set to invest $500 million in OpenAI’s latest funding round, according to a report by The Information, which cited sources familiar with the matter. Neither SoftBank nor OpenAI provided comments. OpenAI, a key player in the AI sector, is raising $6.5 billion through convertible notes, as exclusively reported by Reuters earlier this month.

Apple reportedly withdrew from participating in the round, which currently values OpenAI at $150 billion prior to SoftBank’s involvement. However, this valuation depends on whether OpenAI restructures its corporate framework to eliminate the profit cap for investors. This marks SoftBank’s first investment in OpenAI, as the AI firm, led by Sam Altman, is also working on transitioning its business into a for-profit corporation, moving away from non-profit board control.