SoftBank Seeks Up to $100B From Gulf Investors to Expand AI and Robotics Bets
By James Dargan · · 1 min read
SoftBank Group is seeking as much as $100 billion from Gulf investors to scale up its artificial intelligence investments, according to the Financial Times, citing people familiar with the matter. Founder Masayoshi Son has held early talks with potential backers, including investors in the United Arab Emirates. The proposed fund would acquire companies and use AI and machines, including technology from SoftBank’s robotics arm Roze, to improve their operations. A SoftBank representative declined to comment.
The effort would add to SoftBank’s heavy AI spending, which includes almost $65 billion invested in OpenAI. The Japanese firm is facing rising borrowing costs, while OpenAI has delayed its IPO and is separately seeking a further $30 billion at a valuation of around $1.4 trillion, with funds including MGX in talks to anchor the round. SoftBank shares fell as much as 7.3% in Tokyo on Friday on concerns over OpenAI’s revenue growth.
Son, who secured nearly $100 billion in 2017 for the first Vision Fund largely from Saudi Arabia’s Public Investment Fund and Abu Dhabi’s Mubadala, is now courting a region facing economic pressure from the ongoing Iran war. SoftBank also plans to list Roze in the U.S., while unit SB Energy, building an 8.8-gigawatt data center in Ohio, is preparing a Nasdaq listing.
