SoftBank Group and an asset-management subsidiary sold all their Nvidia shares in October 2025, reporting proceeds of $5.83 billion. SoftBank later made major investments in OpenAI, but its disclosures do not show that the Nvidia sale proceeds directly funded a particular OpenAI investment. Stargate is a separate AI-infrastructure project announced in January 2025; the original announcement described planned investment, not money already spent.
What SoftBank sold—and what the $5.83 billion means
SoftBank’s interim financial report says the group and an asset-management subsidiary sold all of their Nvidia shares in October 2025 for $5.83 billion. That is the reported sale proceeds.
The report also listed Nvidia shares with carrying values of $2.40 billion in current financial assets and $3.59 billion in investment securities as of September 30, 2025. Those were balance-sheet values recorded before the sale, not separate sale proceeds. SoftBank interim financial report for the six months ended September 30, 2025
The sale establishes that SoftBank exited its Nvidia shareholding at that time. On its own, it does not establish why the company sold, or that SoftBank had lost confidence in Nvidia.
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Did the Nvidia sale directly fund SoftBank’s OpenAI investment?
SoftBank’s disclosures establish both the Nvidia sale and subsequent OpenAI investments, but do not trace the sale proceeds into a named OpenAI closing. The February 2026 announcement said the new $30 billion investment would initially use bridge loans and other financing arrangements, to be replaced over time through assets and other measures. On October 1, 2026, SoftBank said the final tranche was funded with proceeds from senior notes. It would therefore be inaccurate to state that the Nvidia sale directly paid for either investment.
OpenAI investment timeline
| Date | What SoftBank disclosed | How to read the figure |
|---|---|---|
| October–December 2025 | SoftBank amended its agreement to enable a planned $22.5 billion second closing, then elected to make the full investment in December through SoftBank Vision Fund 2. | A separate OpenAI investment from the later $30 billion follow-on. |
| February 27, 2026 | SoftBank announced a $30 billion follow-on investment, planned in three $10 billion tranches. The terms cited a $730 billion pre-money valuation. | The $30 billion was an announced investment commitment; the valuation was a transaction term, not a public-market valuation. |
| October 1, 2026 | SoftBank announced completion of the third and final tranche. It reported cumulative OpenAI investment of $64.6 billion and approximately 13% ownership. | The cumulative investment and ownership are SoftBank’s figures following completion of that tranche. |
SoftBank Chairman and CEO Masayoshi Son described the February 2026 investment as a strategic choice: “AI is transforming the world at an unprecedented pace. OpenAI is a clear leader, with world-class technology and an unparalleled global user base, and we have strong conviction in its continued growth. Through this additional investment, we will accelerate OpenAI’s research and ecosystem expansion, while advancing our own ASI strategy.” OpenAI CEO Sam Altman said: “We continue to push the frontier across AI infrastructure, research, and products. SoftBank is the perfect long-term partner to help us maximize the benefits of AI for people at global scale.” These are the executives’ stated views, not independent evidence of future performance. SoftBank’s February 27, 2026 investment announcement
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What Stargate is—and what was actually announced
SoftBank and OpenAI announced Stargate with Oracle and MGX in January 2025. The announcement described a new company intended to invest $500 billion over four years in US AI infrastructure for OpenAI, with $100 billion intended to begin deploying immediately. Those amounts describe the project’s announced plans; they do not show that the full $500 billion has been spent.
The announcement assigned SoftBank financial responsibility and OpenAI operational responsibility. It named SoftBank, OpenAI, Oracle, and MGX as initial equity funders, and Arm, Microsoft, Nvidia, Oracle, and OpenAI as initial technology partners. SoftBank said the initial buildout was underway in Texas and that it was evaluating other sites while definitive agreements were being finalized. These are statements from the January 2025 announcement, not confirmation of the project’s later implementation status. OpenAI and SoftBank’s Stargate announcement, January 22, 2025
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What the public information says about scope
In a November 2025 investor-briefing Q&A, a SoftBank executive identified as Jason said: “Regarding the opportunity for Stargate, in particular for OpenAI, we have not announced exactly the product and who it’s going to be for.” He also described OpenAI as a major opportunity and said it was seeking compute supply from Nvidia, AMD, and other alternatives. That briefing indicates that the precise product and customer scope had not been announced at that time; it does not confirm a distinct later round of Stargate talks. SoftBank FY25Q2 investor briefing
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How to separate the three stories
- Nvidia: a completed share sale in October 2025, reported at $5.83 billion in proceeds.
- OpenAI: distinct investments with different dates and financing disclosures, including the completed $30 billion follow-on announced in February 2026.
- Stargate: an AI-infrastructure project announced in January 2025 with a stated four-year investment intention; its announced total is not proof of completed spending.
SoftBank’s disclosures place these events within the same broad AI and capital-allocation story. They do not establish a direct transfer from Nvidia sale proceeds to a specific OpenAI tranche, nor do the cited announcements establish separate new Stargate talks.
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