SoftBank Vision Fund Posts $46 Billion Annual Gain, More Than 90% From OpenAI

SoftBank Group’s Vision Fund has long backed high-growth technology companies and in recent years has concentrated more of its capital on generative AI leader OpenAI. The investment has sharply boosted the fund’s paper gains, though the returns have not been fully realized. Changes in OpenAI’s valuation and the timing of a potential listing will directly affect SoftBank’s financial performance, highlighting the risk of returns being heavily concentrated in a single investment.

SoftBank Group reported that Vision Fund investment gains reached $46 billion for the year ended March 2026. Nearly $45 billion, or more than 90%, came from OpenAI. SoftBank has invested a cumulative $34.6 billion in OpenAI and recorded an unrealized return of about 130%. If OpenAI proceeds with an IPO, its listing valuation and lockup schedule will determine whether those gains can ultimately be realized.