SoftBank(US:SFTBY) 美股IPO·2026-02-12 08:04Core Viewpoint - SoftBank has turned a profit in Q3 of FY2025, reporting a net profit of 248.59 billion yen (approximately $1.6 billion), primarily driven by significant investments in AI, particularly in OpenAI, although the results fell short of market expectations, achieving only about 30% of the anticipated profit [1][3][6]. Financial Performance - The net profit for Q3 reached 248.59 billion yen, marking a turnaround from previous losses, but only meeting 29% of market expectations [6][7]. - Revenue showed resilience with net sales of 1.98 trillion yen, reflecting an 8.2% year-on-year growth, slightly exceeding market expectations of 1.96 trillion yen [8]. - For the first nine months of the fiscal year, the company reported a cumulative net profit of 3.17 trillion yen and net sales of 5.72 trillion yen, indicating strong overall fiscal performance [9]. Vision Fund Performance - The Vision Fund was a major contributor to the quarterly performance, achieving a profit of 735.49 billion yen, a significant recovery from a loss of 309.93 billion yen in the same period last year [5][11]. - Investment returns for the Vision Fund turned from a loss of 352.75 billion yen to a profit of 374.99 billion yen, marking a reversal of over 720 billion yen [12]. Investment in OpenAI - SoftBank's investment in OpenAI is a strategic highlight, with total investments reaching $34.6 billion, making it a key institutional investor with an 11% stake [14][16]. - The company is negotiating a new investment round of up to $30 billion in OpenAI, which could elevate the company's valuation to between $750 billion and $830 billion, further solidifying SoftBank's position as a major investor [16]. Asset Management and Liquidity - To support its aggressive AI investments, SoftBank has been optimizing its asset portfolio, including the sale of T-Mobile stock, which generated $12.73 billion (approximately 1.9 trillion yen) [18][19]. - The cash flow from these asset sales provides a solid foundation for SoftBank's AI investment strategy and alleviates market concerns regarding its financial leverage [20].