愿景基金2期巨亏220亿美元，但OpenAI估值暴涨却让软银股价创下新高，孙正义再次上演从危机边缘力挽狂澜的戏码。 一笔高杠杆的豪赌 软银愿景基金2期的表现糟糕得令人难以置信。该基金自2019年启动以来，在280家不同公司的投资中累计亏损220亿美元，占其投资资本的近三分 之一。 然而，OpenAI投资有望改写这一局面。而软银对OpenAI的投资，采用了其典型的"孙正义式"高杠杆方法。 周二，软银集团股价触及14825日元的历史高位，公司市值达到1460亿美元，今年股价已累计上涨约75%。而这一切都要归功于孙正义在OpenAI 上的豪赌。 8月12日，据《The Information》报道，OpenAI正与包括Thrive Capital在内的投资者洽谈员工股权出售事宜，公司估值达到5000亿美元——比最近 一轮估值翻了一倍。 这一估值飞跃让软银此前对OpenAI 97亿美元的账面投资价值几乎翻倍，对于弥补愿景基金2期高达220亿美元的累计投资亏损至关重要。 然而，根据基金条款，在基金的已实现和未实现价值超过投资成本30%之前，他无法获得任何分配，考虑到基金目前仍处于严重亏损状态，这仍 是一个遥远的目标。 ...

周二，软银集团股价触及14825日元的历史高位，公司市值达到1460亿美元，今年股价已累计上涨约75%。而这一切都要归功于孙正义在OpenAI上的豪赌。 8月12日，据《The Information》报道，OpenAI正与包括Thrive Capital在内的投资者洽谈员工股权出售事宜， 公司估值达到5000亿美元——比最近一轮估值 翻了一倍。 这一估值飞跃让软银此前对OpenAI 97亿美元的账面投资价值几乎翻倍，对于弥补愿景基金2期高达220亿美元的累计投资亏损至关重要。 愿景基金2期巨亏220亿美元，但OpenAI估值暴涨却让软银股价创下新高，孙正义再次上演从危机边缘力挽狂澜的戏码。 据报道，软银通过复杂的金融操作获得了OpenAI股份——愿景基金2期从软银本身借款数十亿美元，而软银又从日本银行借款。同时，该基金还从私募贷款机 构Apollo获得了数十亿美元的借款，而Apollo将获得优先偿还。 更大的赌注还在后头。软银预计将在今年年底前 向OpenAI追加投资225亿美元 ，这笔交易是在OpenAI估值为2600亿美元时锁定的。如果交易完成， 软银可 能持有OpenAI高达12%的股份。 这也意味着 ...

Core Insights - SoftBank's Vision Fund 2 has incurred a staggering loss of $22 billion, yet the soaring valuation of OpenAI has propelled SoftBank's stock to a record high, showcasing Masayoshi Son's ability to recover from crises [1][2][4] Investment Performance - The Vision Fund 2, launched in 2019, has lost $22 billion across investments in 280 companies, representing nearly one-third of its invested capital [4] - OpenAI's valuation has surged to $500 billion, nearly doubling SoftBank's previous investment value of $9.7 billion, which is crucial for offsetting the losses from Vision Fund 2 [2][4] Investment Strategy - SoftBank employed a high-leverage strategy for its investment in OpenAI, borrowing billions from various sources, including Japanese banks and private lenders like Apollo [4] - An additional investment of $22.5 billion in OpenAI is anticipated by the end of the year, potentially increasing SoftBank's stake to 12% if the deal is completed [4] Governance Concerns - Unlike the first Vision Fund, the second fund lacks external investors, leading to Masayoshi Son holding 17.25% of the fund, which ties his personal wealth closely to its performance [5] - Concerns have been raised regarding corporate governance, as Son's personal stake may diminish potential returns for SoftBank's shareholders [5] Concentration Risk - The potential additional investment in OpenAI could account for 34% of the total size of Vision Fund 2, raising alarms about high concentration risk reminiscent of past failures like the WeWork investment [6][7]