SoftBank funds final $10B tranche of $30B OpenAI follow-on; stake about 13%
- Raised
- $122B
- Valuation · +184% vs Funding round
- $852B
- Lead investors
- Andreessen Horowitz
- Place in VP50
- #2
What happened
SoftBank Group said it executed the third and final tranche of its follow-on investment in OpenAI on October 1, 2026. The tranche was USD 10.0 billion, invested through SoftBank Vision Fund 2 into OpenAI Group PBC. It completes the USD 30.0 billion follow-on commitment SoftBank announced on February 27, 2026, which Reuters said was paid in three tranches of $10 billion each. SoftBank funded this tranche with proceeds from foreign currency-denominated senior notes announced on September 24, 2026.
SoftBank put its cumulative investment in OpenAI at USD 64.6 billion, for an ownership interest of approximately 13%. Reuters reported that OpenAI secured $122 billion in commitments in the round, at a valuation of $852 billion. SoftBank also cancelled the remaining $10 billion of undrawn capacity on its $40 billion bridge facility, and says no undrawn commitments remain. The Information reported, in a headline, that Nvidia and SoftBank made the final $20 billion investment in the round; its article text was behind a paywall, so the split between the two investors is not confirmed here.
Key points
- SoftBank executed the third and final $10.0 billion tranche of its follow-on in OpenAI on October 1, 2026, through Vision Fund 2.1
- The tranche completes the $30.0 billion follow-on announced on February 27, 2026.12
- SoftBank's cumulative investment in OpenAI is $64.6 billion, an ownership interest of approximately 13%.12
- The round totals $122 billion in commitments at an $852 billion valuation; The Information reported Nvidia and SoftBank made the final $20 billion.23
- The tranche was funded by senior notes; SoftBank cancelled $10 billion of undrawn bridge facility capacity.12
Why it matters
With the last tranches in, the $122 billion round at an $852 billion valuation has been reported as funded in full. The valuation now rests on completed investments rather than on commitments alone.
SoftBank holds about 13% after $64.6 billion invested in total. A holder of this size is a known counterparty in any future large-block transfer of OpenAI stock.
SoftBank paid for the tranche with senior notes and has repaid its bridge borrowings. The completed payment removes the question of whether the committed capital would arrive.
In context
| Round | Date | Post-money valuation | Raised | Led by |
|---|---|---|---|---|
| Funding round | Oct 2, 2024 | $157B | $6.6B | Thrive Capital |
| Funding round | Mar 31, 2025 | $300B | $40B | SoftBank |
| Funding round | Feb 27, 2026 | $852B | $122B | a16z, D. E. Shaw Ventures, MGX, SoftBank, T. Rowe Price Associates, Inc., and TPG |
Updated
Fact-check
- SoftBank executed the third and final $10.0 billion tranche of its OpenAI follow-on on October 1, 2026, via Vision Fund 2.Confirmed by [1] SoftBank Group: the release describes the third and final tranche of USD 10.0 billion executed on October 1, 2026 through SoftBank Vision Fund 2. [2] Investing.com (Reuters) also reports three tranches of $10 billion through Vision Fund 2.Verified
- The tranche completes the $30.0 billion follow-on investment announced on February 27, 2026.Confirmed by [1] SoftBank Group: the release says the tranche completes the USD 30.0 billion follow-on announced on February 27, 2026. [2] Reuters reports SoftBank completed its $30 billion investment.Verified
- SoftBank's cumulative investment in OpenAI is $64.6 billion, an ownership interest of approximately 13%.Confirmed by [1] SoftBank Group: cumulative investment of USD 64.6 billion and ownership of approximately 13%. [2] Reuters gives the same $64.6 billion and 13% stake, without a measurement date.Verified
- OpenAI's round totals $122 billion in commitments at an $852 billion valuation.Confirmed by [2] Investing.com (Reuters): OpenAI secured $122 billion in commitments, valuing it at $852 billion, anchored by Amazon, Nvidia and SoftBank. The event's round record gives the same $122 billion and $852 billion post-money.Verified
- Nvidia and SoftBank made the final $20 billion investment in OpenAI's last round.Reported by [3] The Information in its headline. The article text was behind a paywall, so only the headline was read and the split between Nvidia and SoftBank is not confirmed. [1] confirms SoftBank's $10.0 billion share of the final tranche.Partly verified
- The tranche was funded by senior notes, and SoftBank cancelled $10 billion of undrawn bridge facility capacity.Confirmed by [1] SoftBank Group: proceeds of foreign currency-denominated senior notes announced September 24, 2026, and cancellation of the remaining USD 10.0 billion of undrawn capacity effective September 30, 2026. [2] Reuters reports the same cancellation under a $40 billion bridge loan.Verified
Sources
- [1]SoftBank Group (opens in a new tab)Execution of Follow-on Investment (Third Tranche) in OpenAIthe third and final tranche of the follow-on investment
- [2]Investing.com (Reuters) (opens in a new tab)SoftBank completes final phase of $30 billion investment in OpenAI
- [3]The Information (opens in a new tab)Exclusive: Nvidia, SoftBank Make Final $20 Billion Investment in OpenAI's Last Round
