SoftBank's market capitalization surpasses 43 trillion yen, with OpenAI IPO expectations driving the stock price up 40% in one week

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SoftBank shares jumped 7.55% in a single day on the Tokyo market today (26th), pushing its market capitalization past 43 trillion yen, with cumulative gains exceeding 40% within a week; the driving forces come from heating rumors of an OpenAI IPO, as well as its electricity infrastructure subsidiary SB Energy announcing plans to confidentially file for a U.S. listing. (Previous context: Largest single funding round in history: OpenAI completes $122 billion fundraising, valuation soars past $852 billion) (Background supplement: SoftBank pledges OpenAI shares for $10 billion loan, Masayoshi Son bets on AI with added leverage) SoftBank, famous for "betting on the future of technology," rose 7.55% in a single day on the Tokyo market today (26th), with its market capitalization breaking through 43 trillion yen. Even more astonishing, the cumulative gain within a week exceeded 40%. The imaginative space of 40 trillion yen The core driving force behind this rally is: OpenAI is preparing to submit an IPO application in the near future. Bloomberg pointed out that the OpenAI IPO news has stirred the market into a frenzy, because once OpenAI goes public, the long-standing opaque valuation problem that has troubled the AI investment community—those paper figures propped up by "latest funding round valuations"—will for the first time be subject to public market pricing scrutiny. Takashi Nakagawa, senior analyst at Tokai Tokyo Intelligence Laboratory, told Bloomberg that the market is "extremely excited" about OpenAI's long-awaited IPO potentially becoming reality, but he also added: "At present, the stock price is purely driven by expectations. I still want to see how OpenAI's market capitalization ultimately stabilizes." Meanwhile, SB Energy, SoftBank's subsidiary focused on power generation and grid management, also announced plans to confidentially file for an IPO in the U.S. Over the past year, SB Energy has raised a combined total of over $1.8 billion from SoftBank, OpenAI, and asset management firm Ares Management, serving as a core piece in Masayoshi Son's ambition to deploy data centers in the U.S. The simultaneous IPO signals from both companies effectively bring SoftBank's "hidden assets" to the surface at the same time. The $65 billion leveraged bet SoftBank is one of OpenAI's largest shareholders, with total committed investment approaching $65 billion, and is expected to acquire approximately 13% of the ChatGPT developer's shares this October. Last year, SoftBank participated in OpenAI's largest single funding round in history at $122 billion, with the valuation already reaching $850 billion at that time. Now, once OpenAI goes public, this paper investment will gain real market pricing, rather than being supported only by private placement valuations. Bloomberg also pointed out that one of the market's past concerns about OpenAI was that the continued rise of competitors such as Anthropic, Google's Gemini, and Musk's xAI has diluted OpenAI's moat narrative. This rally shows that the IPO news has caused some investors to re-confirm their confidence in OpenAI's market position, and this confidence is directly reflected in SoftBank's stock price. However, Takashi Nakagawa's words are worth keeping in mind: "At present, it is purely expectation." OpenAI has not yet officially filed IPO documents, and SB Energy's application is also a "confidential filing," meaning all key numbers—revenue, losses, trajectory—are still in the black box. The reason an IPO excites the market is precisely because it means this black box is about to be opened. But what will be seen after it opens is the real test.

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