SoftBank’s $60 Billion OpenAI Bet Sparks Concerns

Summary

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Big Take: SoftBank’s $60 Billion OpenAI Bet Sparks Concerns

Podcast: Big Take (Bloomberg & iHeartPodcasts)
Date: May 19, 2026
Host(s): Min Jeong Lee, Masayoshi Son Analyst/Commentator

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Episode Overview

This episode examines SoftBank CEO Masayoshi Son's extraordinary $60 billion investment in OpenAI, delving into how the deal came about, Son’s near-fanatical support of Sam Altman, growing internal scrutiny from SoftBank, and the mounting risks as both AI competition and financial exposure intensify.

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Key Discussion Points & Insights

1. OpenAI Under Pressure: Lawsuits & Investor Concerns

• The episode begins by outlining recent controversies around OpenAI and CEO Sam Altman:
  • Lawsuits (notably from Elon Musk and families affected by chatbot interactions)
  • OpenAI's missed sales and user targets
  • Market jitters about the tech’s future
• Despite these hurdles, Masayoshi Son remains a steadfast backer.

“Some executives at SoftBank are worried the relationship between Son and Altman isn’t exactly equal.” – Min Jeong Lee (03:36)

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2. Masayoshi Son’s Unwavering Bet on OpenAI

• Scale of Commitment:
  • SoftBank is poised to own 13% of OpenAI after investing $60+ billion—their single largest bet on a private company. (04:17–04:52)
• Son’s Perspective on AI:
  • Son is described as an everyday user and a passionate believer in ChatGPT’s potential.
  • He sees Altman as the key to “beneficial AI for humanity.”

“San has said multiple times that he sees OpenAI ChatGPT as the transformational technology that could reshape the whole world.” – Masayoshi Son Analyst/Commentator (10:52)

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3. High Risk—High Profile: SoftBank’s Track Record

• SoftBank’s History:
  • Son’s investment in Alibaba (2000; $20M became $160B+) solidified his reputation as an “early spotter of winners.”
  • The failed WeWork investment ($14B loss) is acknowledged as a hard-learned lesson.
  • Son is accused of brushing off risks and sometimes ignoring internal pushback.

“People gave me advice, but I pushed back. It’s all my responsibility.” – Masayoshi Son (quoted at shareholder meeting, 08:32)

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4. How the OpenAI Investment Happened

• First Contact Missed:
  • Son first wanted to invest in OpenAI as a nonprofit, but Altman wasn't seeking investors.
• Stargate as Opportunity:
  • The 2024 “Stargate” data center project between OpenAI and Microsoft created a wedge where Son could enter.
  • Initial investment: $500M in 2024.
  • By 2025: $30B and then another $30B for a total $60B+ commitment.

“With him at 68 now, I think there’s a part of him that feels that time is running out.” – Masayoshi Son Analyst/Commentator (11:45)

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5. Growing Internal and Market Concerns

• No Control, No Board Seat:
  • Despite massive capital, SoftBank does not have a board seat or observer rights—unusual for an investor of this scale. (15:45–16:14)
• Unbalanced Relationship:
  • Son is used to wielding substantial operational influence; with Altman, the dynamic is “businesslike” and distant.
  • Insiders worry about lack of lever or voice if issues arise (16:37).
• Calls for Hedging:
  • Some at SoftBank have urged diversification, possibly backing rivals like Anthropic—recommendations Son has so far rejected.
• Financial Engineering Risks:
  • SoftBank is leaning heavily on debt, recently securing a $40B one-year loan which must be refinanced soon. (20:48)

“The worry is that Sohn is willing to kind of ignore potential risks and brushes off voice of concerns from his close lieutenants.” – Masayoshi Son Analyst/Commentator (12:04)

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6. Son’s Investing Style and Internal Dynamics

• Intuitive, Founder-Driven:
  • Son is known for “animal spirit” gut instincts (e.g., Jack Ma/Alibaba).
  • His dominance at SoftBank has discouraged dissent; former outspoken board members have left, reducing internal opposition.

“There are lieutenants who would raise concerns, but in the end would ultimately fold when Son has set his mind on something.” – Masayoshi Son Analyst/Commentator (19:53)

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7. Competitive, Unpredictable AI Market

• Fierce Competition:
  • Anthropic and X.ai (now part of SpaceX) are scaling rapidly.
  • All three (OpenAI, Anthropic, X.ai) plan IPOs, which could create a capital scramble.
• SoftBank’s Exposure:
  • S&P Global Ratings has downgraded SoftBank’s outlook to negative, citing risk of liquidity drain and credit quality erosion.
  • SoftBank is banking on a huge OpenAI IPO—otherwise, its financial structure could be stressed.

“If the IPO is successful, it would be a huge success for Son and SoftBank... But that’s a big if.” – Masayoshi Son Analyst/Commentator (22:16)

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Notable Quotes & Memorable Moments

• 03:36 – “Some executives at SoftBank are worried the relationship between Son and Altman isn’t exactly equal.” – Min Jeong Lee
• 10:52 – “San has said multiple times that he sees OpenAI’s ChatGPT language model as the transformational technology that could reshape the whole world.” – Masayoshi Son Analyst/Commentator
• 12:04 – “The worry is that Sohn is willing to kind of ignore potential risks and brushes off voice of concerns from his close lieutenants about the potential risks of investing more money in OpenAI.” – Masayoshi Son Analyst/Commentator
• 15:45 – “Even though SoftBank is committed to investing more than $60 billion in OpenAI, they don’t have a board seat or an Observer Right to OpenAI’s board.” – Masayoshi Son Analyst/Commentator
• 19:53 – “There are lieutenants who would raise concerns in a way, but in the end would ultimately fold when Son has set his mind on something.” – Masayoshi Son Analyst/Commentator
• 22:16 – “If the IPO is successful, ... a vindication of their aggressive bet. But that’s a big if.” – Masayoshi Son Analyst/Commentator
• 22:43 – “You never know, OpenAI could be hugely successful and you could see a 3x return, but then at the same time it could be zero. It’s that much unpredictable.” – Venture Capital Source (quoted by Masayoshi Son Analyst/Commentator)

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Timeline of Important Segments

| Timestamp | Topic/Quote | |-----------|-------------| | 01:43–02:54 | Recap of OpenAI drama, lawsuits, and investor anxieties | | 03:06–04:52 | Son’s unwavering support and scale of investment in OpenAI | | 06:31–07:39 | Son’s VC history (Alibaba success, first OpenAI attempt) | | 07:39–08:56 | The WeWork debacle and Son’s lessons | | 09:08–10:52 | Growing pressure to invest in AI and eventual Stargate entry | | 15:45–16:14 | SoftBank’s lack of a board seat at OpenAI | | 17:47–19:53 | Son’s instinct-driven approach and diminishing internal dissent | | 20:01–21:28 | Concerns over financial engineering and market risks | | 22:16–22:43 | Stakes of the OpenAI IPO and possible outcomes |

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Conclusion

SoftBank’s $60 billion bet on OpenAI is an audacious move emblematic of Masayoshi Son’s career-defining bets on technology’s next wave. While Son’s confidence in Sam Altman and transformative AI remains firm, insiders worry about the lopsided partnership, SoftBank’s declining financial discipline, and a rapidly shifting competitive landscape. If OpenAI’s forthcoming IPO delivers, Son’s legacy as a visionary will be cemented; if not, the risks threaten not only SoftBank’s balance sheet, but the company’s strategic direction itself.

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Transcript

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Bloomberg Audio Studios Podcasts

[Min Jeong Lee]

Radio News there's been no shortage of drama lately surrounding OpenAI and its CEO Sam Alt jury ruling against Elon Musk in his trial against OpenAI, basically saying that he should have brought this case sooner.

[Adobe Acrobat Narrator]

Seven months before the killing spree, a ChatGPT account linked to shooter Jesse Van Rootsellaar was flagged internally for abuse and enforcement.

[Min Jeong Lee]

A slew of lawsuits have been filed against OpenAI. Elon Musk sued Altman and the company for turning what was a nonprofit into a for profit business. A jury rejected the claims Monday and Musk said he'll appeal. Then there's the family, who accused the company of failing to prevent chatbot interactions that they say contributed to violence and self harm. The companies denied liability in those lawsuits. There's also reports that OpenAI failed to meet internal sales goals and user targets for its AI bot, ChatGPT. That's made investors nervous, but there's one OpenAI backer who's standing firm Japan's most famous investor, SoftBank founder and chief executive

[Masayoshi Son Analyst/Commentator]

Masayoshi Son Mansayoshi Sohn remains very much committed to Sam Altman and OpenAI and is seemingly unvazed by all these challenges.

[Min Jeong Lee]

Min Jeong Lee is a technology reporter for Bloomberg based in Tokyo.

[Masayoshi Son Analyst/Commentator]

Sohn has said over and over how he uses ChatGPT every day. He loves the app, he loves the technology. He really believes this will continue to change the world in a way that that is beneficial to humanity. And I think he genuinely believes Altman is someone who will get us there.

[Min Jeong Lee]

But not everyone at SoftBank is as big a believer. Bloomberg spoke to more than a dozen people familiar with the matter, including insiders. They requested anonymity because they're not authorized to speak to the press. But they told Bloomberg that some executives at SoftBank are worried the relationship between Sohn and Altman isn't exactly equal.

[Masayoshi Son Analyst/Commentator]

Son's support for Altman is very deep and strong, and it goes beyond financial support. But from Altman's side, what we're seeing is a dynamic where it's very businesslike.

[Min Jeong Lee]

That perceived imbalance is especially striking given the scale of Son's commitment. SoftBank has pumped more than $60 billion into OpenAI. That would make SoftBank the company's second largest external shareholder, with a nearly 13% stake. It's also the biggest investment SoftBank has ever made in a single private company.

[Masayoshi Son Analyst/Commentator]

San has a tendency to really wholeheartedly support a specific type of entrepreneurs, but

[Min Jeong Lee]

his devotion to a single company is now being tested with OpenAI. As the AI industry enters a fiercely competitive chapter.

[Masayoshi Son Analyst/Commentator]

Anthropic has risen at a pace that I think nobody really saw it, becoming so successful so fast. And this all kind of adds to the growing uncertainties and the risks of putting such a huge bet into a single company like OpenAI when you don't really know what to expect tomorrow, next month, next year.

[Min Jeong Lee]

This is the big Take Asia from Bloomberg News. Hi, I'm Wan Ha. Every week we take you inside some of the world's biggest and most powerful economies and the markets, tycoons and businesses that drive this ever shifting region. Today on the show, SoftBank CEO Masayoshi Son's 60 billion bet on Sam Altman and OpenAI. How Son came to make such a big investment in Altman and why what some say looks like a lopsided relationship is triggering alarms. Masayoshi Son is one of the most influential figures in tech investing. He started SoftBank in 1981 selling software and turned it into a $200 billion powerhouse built on making bold bets on tech firms. Over time, Son has become known for spotting Winners early. It's a reputation acknowledged by the biggest names in tech, including Nvidia CEO Jensen Huang. Here's Huang speaking about Son at an AI Summ in Tokyo in 2024.

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Masa is the only entrepreneur, only innovator in the world that has selected the winner and partnered with the winner in every single generation.

[Min Jeong Lee]

In 2000, Sohn backed a then unknown Jack Ma with a $20 million investment. That bet turned into a jackpot when Alibaba went public in 2014 with a valuation of more than $160 billion.

[Masayoshi Son Analyst/Commentator]

That deal kind of really earned him the reputation as a venture capitalist who was able to really foresee what the next big thing is.

[Min Jeong Lee]

Bloomberg's Min Jeong Lee says Son saw something special in OpenAI's Sam Altman too,

[Masayoshi Son Analyst/Commentator]

when Son first met Altman. This is according to what Son has said publicly. He told Altman that oh, you're going to go for artificial general intelligence. I believe you. I want to invest. We have reporting that SoftBank wanted to invest about 1 billion in OAI and Altman. But around that time Altman was not actively seeking investors, so this deal did not happen.

[Min Jeong Lee]

OpenAI was still a nonprofit at the time, and Altman wasn't yet the CEO. Sohn was focused on growing his New Vision fund, which he started in 2017. He raised $100 billion and began investing in startups like WeWork, Uber and DoorDash. But starting in 2019, several of those bets began running into trouble. Perhaps the damaging Bet was a one on co working company WeWork.

[Masayoshi Son Analyst/Commentator]

SoftBank invested billions of money into WeWork, but they had to scrap the IPO and all of the business kind of collapsed. SoftBank had to do a huge write down on its investment in WeWork. At one point, they acknowledged they wrote down about 14 billion.

[Min Jeong Lee]

Son said he made a mistake with investments in WeWork. He apologized for it at a 2023 annual shareholder meeting.

[Bloomberg Daybreak Hosts / Podcast Hosts]

People gave me advice, but I pushed back. It's all my responsibility. Adam, who was the founder of WeWork, really believed that he's building.

[Masayoshi Son Analyst/Commentator]

San publicly acknowledged that he had made a mistake with WeWork, and the company has said they should have done more vetting throughout the investment process of WeWork.

[Min Jeong Lee]

By 2022, SoftBank had begun to recover from the losses and the dent in Son's reputation. Sohn was now ready to invest again and OpenAI was back on his radar.

[Masayoshi Son Analyst/Commentator]

By that time, Altman was already very popular. ChatGPT was very popular and it had enough investors backing the company. SoftBank was fielding inquiries from Its own shareholders like asking them, AI is a big thing for SoftBank. Why are you missing out on this company? That seems to be most important.

[Min Jeong Lee]

Son had to wait for the right moment to get involved. That opportunity came in 2024, when OpenAI began working on a project called Stargate to build data centers across the U.S.

[Masayoshi Son Analyst/Commentator]

stargate reportedly was a project that Altman was working together with Microsoft. But then apparently there was a time when the discussions were going well between Microsoft and OpenAI and so and saw an opening.

[Min Jeong Lee]

Sohn sensed relations cooling between OpenAI and Microsoft, and he pounced. In September 2024, SoftBank finally was able to invest $500 million into the company. Just a few months later, President Trump made a formal announcement launching the Stargate project level.

[Masayoshi Son Analyst/Commentator]

We're joined by Oracle Executive Chairman Larry

[Min Jeong Lee]

Ellison, SoftBank CEO, my friend Mahsa Mahsa Yoshi, son and CEO of OpenAI and

[Masayoshi Son Analyst/Commentator]

I would say the so from that point on, things accelerated fast. In April that year, 2025, SoftBank announced it is committing 30 billion into OpenAI.

[Min Jeong Lee]

And in February of this year, SoftBank announced a second $30 billion investment in OpenAI, bringing its total commitment to just

[Masayoshi Son Analyst/Commentator]

over 60 billion DOL For SoftBank, it's the single largest bet on a single private company. San has said multiple times that he sees OpenAI ChatGPT language model as the transformational technology that could reshape the whole world. And I think he genuinely believes that OpenAI is the company to bet on. For a long time, he's been looking for the next Alibaba because the Alibaba deal was such a defining deal that shaped San's career as a venture capitalist. And the return on that bet was just huge. And that's what's kind of driving him to make such aggressive bets, especially with companies like OpenAI. And with him at 68 now, I think there's a part of him that feels that time is running out.

[Min Jeong Lee]

But Sohn's commitment to OpenAI has raised some flags. Min Jeong says some SoftBank insiders she's spoken with are growing anxious.

[Masayoshi Son Analyst/Commentator]

The worry is that it becomes a point where Sohn is willing to kind of ignore potential risks in some ways and brushes off voice of concerns from his close lieutenants about the potential risks of investing more money in OpenAI or expanding more aggressively into data center projects.

[Min Jeong Lee]

After the break, with OpenAI burning cash, competition intensifying, and an IPO looming, what's at stake for Son and SoftBank investors?

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[Min Jeong Lee]

In less than two years. Japan's SoftBank Group, led by CEO Masayoshi Son, has committed $60 billion in OpenAI, and by the end of this year, SoftBank is set to control a 13% stake in the company. That kind of capital usually comes with operational influence. For example, when Sequoia Capital invested roughly $12 million into Google in 1999, they bought 10% of the company and got a seat on the board. Here's Min Jong Lee.

[Masayoshi Son Analyst/Commentator]

There are sources who would tell me that it's a very mutually strong relationship. And I think you can see it from different angles. But even though SoftBank is committed to investing more than 60 billion in OpenAI, they don't have a board seat or an Observer Right to OpenAI board.

[Min Jeong Lee]

SoftBank sources Bloomberg spoke to say this lack of control is concerning.

[Masayoshi Son Analyst/Commentator]

I would say it is unusual, but it turns out that none of the top investors actually have a board seat on OpenAI's board.

[Min Jeong Lee]

It's unclear whether Son pushed for a seat. Still, it's a structure and a predicament that SoftBank's people aren't used to something else. They're not used to the relationship between Son and Altman.

[Masayoshi Son Analyst/Commentator]

What Son's lieutenants and close executives are used to is seeing when Son wants to speak to someone, he would be able to call on the founder he wants and they would be there to meet him. Whereas with Altman, the dynamic is a little bit different. The worry is that when SoftBank needs to step up about a certain concern they may have about OpenAI, it's not clear how much leverage they would have in getting that Voice through to OpenAI and Sam Altman.

[Min Jeong Lee]

In response to this story, SoftBank said it holds a high level of conviction in OpenAI and its leadership. The two companies have built a strong strategic partnership grounded in a shared view of where AI is headed and what it will require at global scale. In a separate statement, OpenAI said the companies have a great relationship and the two are among each other's closest collaborators. But Min Jong says it's an open secret that Sohn can sometimes take a gut first approach to investing.

[Masayoshi Son Analyst/Commentator]

Sohn has said himself that when he met Jack Ma of Alibaba, for example, he looked Jack Ma in the eye and thought, I like you. Like he sees this animal spirit that he would like to support. So there is kind of that instinctive element to it. But I think of course, internally within SoftBank, they would say that they have a proper vetting process for OpenAI. You do have a roaster of investors, big investors who are kind of investing huge sums of money into OpenAI.

[Min Jeong Lee]

But even with the top roster of outside investors, including the likes of Microsoft and Amazon, there's still concern among SoftBank insiders, and they have pushed back internally on multiple occasions.

[Masayoshi Son Analyst/Commentator]

There have been people inside SoftBank who would remind Sohn of these possibilities that, you know, maybe OpenAI might not turn out to be as successful as you would hope for.

[Min Jeong Lee]

It sounds like SoftBank might be a company that's really dominated by Son's vision and Sohn himself.

[Masayoshi Son Analyst/Commentator]

I think it was always a Son company in a way because he built the company from scratch and he's made all the key decisions. And there was a time in the past where SoftBank had some key members on the board like Fast Retailings, Yanai and Nidex Nagamori, who would actually speak up when they have a view that kind of goes against San. But now these people have left the board and our understanding is that there is less outspoken voice to speak up against Son in a very strong, forceful fashion. There are lieutenants who would, you know, raise concerns in a way, but in the end would ultimately fold when Son has set his mind on something.

[Min Jeong Lee]

Min Jeong says these insider concerns are becoming more pressing now partly because the AI landscape is shifting so quickly.

[Masayoshi Son Analyst/Commentator]

Things could change so much overnight and there's a lot of possibilities, there's a lot of risk factors that are impacting the dynamics because you don't know if the LLMs are the defining technology that will underline the new AI world where we're talking about physical AI, robots, humanoid robots and all these new technologies that you see in sci fi movies.

[Min Jeong Lee]

Some investors have been asking whether SoftBank should hedge its bets by also backing OpenAI's rivals like Anthropic. But in an earnings call last week, the company's CFO said there are no plans to do that. Instead, SoftBank has doubled down with a massive loan package.

[Masayoshi Son Analyst/Commentator]

They are leaning a lot into debt financing and they recently inked a 40 billion deal, which I think is the single largest debt deal that SoftBank signed. And it's a one year loan, which means they have to refinance it next year. And they do need OpenAI's valuation to maintain a certain level for the company to be able to be in a comfortable position to refinance the increasing amount of debt that it is tapping to finance OpenAI and an increasing number of other AI products projects.

[Min Jeong Lee]

Earlier this year, S and P Global Ratings lowered its outlook on SoftBank to negative from stable. The ratings agency said the massive bets on OpenAI could drain liquidity and erode the credit quality of SoftBank's assets.

[Masayoshi Son Analyst/Commentator]

The credit market is definitely very sensitive to what SoftBank is doing, how much money it is trying to borrow, and CFO Goto repeatedly has said they are in a financially healthy state and in a position to refinance as needed.

[Min Jeong Lee]

All three AI pioneers, OpenAI, Anthropic and Xai that's been acquired by SpaceX are said to be planning IPOs. If all three list at the same time, the competition for capital would be intense.

[Masayoshi Son Analyst/Commentator]

If the IPO is successful, if they do succeed in becoming a 1 trillion company, it would be a huge success for San and SoftBank, a vindication of their aggressive bet. But that's a big if.

[Min Jeong Lee]

If the IPO doesn't go well for OpenAI, SoftBank could find itself in trouble and it could threaten the rollover of the loans that SoftBank has taken out this year.

[Masayoshi Son Analyst/Commentator]

The landscape keeps changing so fast and there's a lot of financial uncertainty, so you don't know what the markets would be look like a couple of months down later this year. Next year. I was speaking to a VC source who did say, you know, you never know, OpenAI could be hugely successful and you could see a 3x return, but then at the same time it could be zero. You know, it's that much unpredictable. And to be fair, that's what venture capital is. It's a high risk, high return dynamic that you embrace.

[Min Jeong Lee]

This is the Big Take Asia from Bloomberg News. I'm wan ha to get more from the Big Take and unlimited access to all of bloomberg.com, subscribe [e-mail] podcastoffer if you liked the episode, make sure to subscribe and review the bigtik Asia. Wherever you listen to podcasts, it really helps people find the show. Thanks for listening. See you next time.

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