SoftBank Group Corp.
9984・Prime Market・Information & Communication
Business
SoftBank Group Corp. is a strategic investment holding company whose management philosophy is "Information Revolution — Happiness for everyone." The company operates four reportable segments: Holding Company investment business, SVF business, SoftBank business, and AI Computing business. It pursues AI model investments, including a cumulative US$34.6 billion investment in OpenAI, an AI chip business centered on Arm, AI data center development through Energy Global, and physical AI investments including robotics. Domestically, SoftBank Corp., LINE Yahoo Corporation, and PayPay provide a stable earnings base in telecommunications, media, and payments, while the group as a whole aims to maximize NAV (value of held shares minus adjusted net interest-bearing debt) over the medium to long term.
Business Model
SBG has adopted an investment holding company model in which fair value changes in its investment portfolio serve as the primary source of earnings. The three pillars of revenue are investment gains from technology companies through SVF1, SVF2, and LatAm Funds, business income from subsidiaries such as Arm, and telecommunications and payment revenue from SoftBank Corp. The company maintains LTV at below 25% in normal times, capped at 35% in abnormal times, and upholds financial discipline by flexibly utilizing asset monetization, corporate bonds, and bridge loans to secure investment funds.
Company Strengths
Since the initial investment in September 2024, as of the end of the current fiscal year, cumulative investment in OpenAI of US$34.6 billion has achieved a fair value of US$79.6 billion, realizing cumulative investment gains of US$45.0 billion. SVF2 alone recorded OpenAI-related investment gains of ¥6,465,523 million in the current fiscal year, turning SVF2's cumulative profit and loss positive since the commencement of its activities.
Subsidiary Arm Holdings plc, a global leader in semiconductor IP, provides the "Armv9" architecture and compute subsystems supporting AI workloads. In March 2026, it announced the "Arm AGI CPU" for AI data centers, with Meta Platforms serving as a co-development partner planning broad deployment across its own data centers, establishing Arm's core position in the computing infrastructure of the AI era.
The SoftBank segment, encompassing SoftBank Corp., LY Corporation, and PayPay, recorded revenue of ¥7,033,969 million and segment income (before income tax) of ¥965,002 million for FY2026 (ending March 2026). The diversified consumer, enterprise, media, and payment businesses generate stable earnings, functioning as the financial foundation supporting SBG's investment activities.
ENVALITH's Perspective
Performance Trend
Revenue increased 25% over four years, from ¥6,221,534 million in FY2022 (ended March 2022) to ¥7,798,650 million in FY2026 (ending March 2026), though the growth rate remained stable in the single-digit range annually. Net income posted losses for three consecutive fiscal years — ¥-1,708,029 million in FY2022 (ended March 2022), ¥-970,144 million in FY2023 (ended March 2023), and ¥-227,646 million in FY2024 (ended March 2024) — before turning profitable at ¥1,153,332 million in FY2025 (ended March 2025), and then expanding sharply to ¥5,002,271 million in FY2026 (ending March 2026), driven primarily by ¥6,465,523 million in investment gains related to OpenAI held via SVF2. As an external factor, US dollar strength and yen depreciation boosted the yen-translated value of overseas subsidiaries, while the impact of foreign exchange fluctuations was also significant, including a foreign exchange loss of ¥271,009 million.
Growth Strategy
Aiming to realize ASI through aggressive investment across four areas: AI models, AI chips, AI infrastructure, and physical AI
Committed a new additional investment of US$30 billion in February 2026. The first tranche of US$10 billion was already executed in April 2026. Upon completion, the cumulative investment amount is expected to reach US$64.6 billion, with an equity stake of approximately 13%.
Promoting expanded adoption of the Armv9 architecture and increased royalty revenue. The "Arm AGI CPU" announced in March 2026 marks full-scale entry into the CPU market for AI data centers. The Ampere acquisition (made a subsidiary in November 2025) incorporated the cloud and AI infrastructure chip business.
Energy Global is advancing construction of a 1.2GW-scale AI data center in Texas. A 10GW-scale Japan-US public-private partnership project has been announced in Piketon, Ohio. In May 2026, development of a 5GW-scale AI data center in France was announced. The initiative is being advanced using external financing to limit the burden on the company's own funds.
Approximately 20 robotics-related investments across the group have been consolidated under Robo HD. In October 2025, a definitive agreement was signed to acquire ABB's robotics business (sales channels in more than 50 countries, with cumulative shipments exceeding 500,000 units). The acquisition is expected to close in the second half of 2026.
Maintaining financial discipline by managing LTV below 25% in normal times and capping it at 35% in abnormal times, while securing on-hand liquidity exceeding two years' worth of bond redemption funds. Arranged a US$40 billion bridge facility, with a policy of prioritizing refinancing into long-term funding and repayment during the next fiscal year.
Last updated: July 19, 2026