软银Q3财报前瞻：OpenAI投资或成利润引擎，市场聚焦未来巨额融资计划

Core Viewpoint - SoftBank Group is expected to report significant paper profits from its stake in OpenAI, but the market's focus has shifted to how the investment giant will finance its ongoing AI investments [1] Group 1: Financial Performance and Investment - SoftBank invested over $30 billion in OpenAI in 2025, acquiring approximately 11% equity, and is negotiating to potentially invest an additional $30 billion in the latest funding round [1] - Analysts estimate that SoftBank could record $4.45 billion in investment gains from its $22.5 billion stake in OpenAI completed last December [2] - SoftBank's quarterly net profit is projected to range between a profit of ¥1.1 trillion and a loss of ¥480 billion [2] Group 2: Funding and Leverage - Investors are closely watching how SoftBank will finance its future investments in OpenAI, as the company has sold some of its most liquid assets to fund its AI bets, including $5.8 billion in Nvidia stock and part of its T-Mobile stake, raising $9.17 billion [4] - SoftBank's loan-to-asset value ratio may have increased from 16.5% to 21.5% as of December, indicating a rise in leverage [4] - Despite being rated non-investment grade by S&P, SoftBank has financial flexibility, having increased its borrowing capacity against its stake in chip design company Arm, with $11.5 billion of that capacity still unused as of December [4] Group 3: Market Dynamics and Competition - There is strong external demand for investment in OpenAI, with last year's $40 billion syndicated loan portion being oversubscribed, and companies like Amazon and Nvidia negotiating to participate in the latest funding round [5] - Competition among AI companies is intensifying, with OpenAI's growth prospects and revenue forecasts now on par with its competitors, contrasting its previous status as a leader in the field [5]