SoftBank's Masayoshi Son seeks $100 billion from Gulf states for AI

SoftBank is returning to the Gulf for capital on a scale that echoes its first Vision Fund. In 2017, Masayoshi Son obtained commitments of nearly $100 billion for that vehicle, much of it from Saudi Arabia's Public Investment Fund and Abu Dhabi's Mubadala. That fund's record has been mixed since, backing winners such as ByteDance but also high-profile flameouts like WeWork.

The timing comes with pressures the earlier fund did not have to navigate. SoftBank has invested almost $65 billion in OpenAI ahead of the AI lab's public debut, while grappling with growing borrowing costs, and OpenAI has pushed back its initial public offering. OpenAI is also in talks to raise another $30 billion at a valuation of around $1.4 trillion, with investment funds including MGX in discussions to help anchor the round.

Son is now trying to get more capital from a region grappling with the threat of economic contraction from the Iran war, now entering its eighth month. The company's recent large-scale efforts, including the $500 billion data center project announced in 2025 with OpenAI, Oracle and Abu Dhabi's MGX, have yet to yield material progress, which may put pressure on SoftBank to assure investors it can deliver on its promises. The proposed fund's focus on buying companies and applying AI and machines, including from SoftBank's robotics arm Roze, suggests Son is betting on advances in machines that manipulate real-world objects. SoftBank's public listing plans for Roze and for SB Energy, which is tasked with building an 8.8-gigawatt data center facility in Ohio, may also be tied to funding needs.