After years of showing losses, SoftBank’s Vision Funds finally started to make a return – and led by none other than OpenAI. The Japanese group reported a quarterly net profit of ¥248.59 billion (about US$1.62 billion), reversing a loss of ¥369.2 billion in the same period last year.
The positive performance was mainly driven by the Vision Funds, which achieved a profit of ¥735.49 billion. In the same period last year, investment vehicles had recorded a loss of ¥309.93 billion. The data was released this Thursday (12) by SoftBank.
The main driver of this result was the appreciation of participation in the creator of ChatGPT. In Vision Fund 2, the investment gain in the nine-month period to December 31, 2025 was US$20.3 billion (¥3,042.2 billion). Of this total, gains related to the investment in OpenAI totaled US$17.0 billion (¥2,531.5 billion).
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In the last quarter of last year, Vision Fund 2 recorded gains of US$6.6 billion (¥1,010.0 billion), of which US$4.2 billion (¥639.7 billion) were related to the investment in OpenAI.
In Vision Fund 1, investment gains over the nine-month period were US$5.3 billion (¥746.0 billion), driven by the increase in the valuation of portfolio companies, in addition to the appreciation of shares in public companies, such as Coupang and DiDi. In the last quarter, however, the fund recorded a loss of US$4.1 billion (¥624.0 billion), caused mainly by the drop in the share price of Coupang and DiDi during this period.
In historical terms, however, the recovery still does not completely erase the challenges of SoftBank’s strategy. Since its creation, Vision Fund 1 has accumulated a gross gain of US$28.7 billion on US$85.7 billion invested. Vision Fund 2 remains negative year-to-date, with a gross loss of US$2.5 billion on US$95.2 billion invested, even after the strong recent performance driven by OpenAI.
By the end of the third quarter, the SoftBank Latin America Fund (LatAm) recorded accumulated returns of US$6.9 billion on US$7.5 billion invested, with a gross loss of US$0.6 billion since its creation. During the period, investment gains were US$0.5 billion.
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