SoftBank posts 1.12 trillion yen Q2 loss as Vision Fund sinks

SoftBank's fiscal second quarter flipped from a 2.5 trillion yen profit a year earlier to a 1.12 trillion yen net loss, and the swing centers on the Vision Fund, which posted an 81.58 billion yen loss as Coupang and Grab declined. That result lands even as the group's revenue hit 2.22 trillion yen and beat expectations, a reminder that the Vision Fund's mark-to-market movements can dominate the headline number regardless of operating performance.

Offsetting the fund's loss was SoftBank's OpenAI stake, now at $54.6B cumulative investment and $99.6B fair value, which delivered $45B in paper gains that softened the blow. Those gains are unrealized, so the reported loss and the OpenAI cushion sit on opposite sides of the same paper-value ledger. Despite the loss, shares still closed up 13.9% on the broader Asian tech rebound, suggesting investors weighted the OpenAI holding and the revenue beat more heavily than the Vision Fund markdown.