SoftBank Group (9984) fell as much as 13% on June 26, 2026, after reports that OpenAI may be considering delaying its initial public offering (IPO) until 2027, raising concern that returns for the Japanese conglomerate—one of OpenAI's main backers—could be pushed back.
June 10, 2026 · SoftBank Group · OpenAI
SoftBank Slides as OpenAI's IPO Timeline Goes Dark
OpenAI's confidential S-1 left its listing date "undetermined," sending shares of its largest Japanese backer down nearly 10% — while a $6 billion loan backed by OpenAI stock stalls.
8.3–9.7%
SoftBank share decline around June 10 (intraday ~11%)
~13%
SoftBank's stake in OpenAI — among its largest backers
$852B
OpenAI post-money valuation (March 2026)
SoftBank's bet vs. OpenAI's worth
Cumulative commitment poured in against the valuation being questioned by lenders.
$64.6B
SoftBank's
$852B
OpenAI
OpenAI is valued ~13× SoftBank's total stake — the figure lenders are now skeptical about.
The $6B margin loan keeps shrinking
→
$6B
Cut target — still no deal
Talks stalled on lender doubts over OpenAI's valuation; alternative funding now being explored.
THE BULL CASE
An OpenAI IPO would make the stake liquid, clarify collateral value and significantly lift SoftBank's net asset value, with AI demand a long-term tailwind.
THE WARNING
Lender skepticism over the $852B valuation may signal overvaluation, and a delayed listing raises liquidity and debt-repayment pressure on SoftBank.
Why the timing matters
SoftBank has backed its OpenAI bets with heavy borrowing — including a $40B bridge loan. A slip to fall, year-end, or beyond 2027 delays returns and tightens the squeeze.
$40B
bridge loan supporting OpenAI bets
+30%
May share surge on IPO hopes — since reversed
2027+
listing could slip beyond, IPO date undetermined
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