SoftBank Group has posted its strongest quarterly performance in history, with net profit more than doubling to ¥2.5 trillion ($16.6 billion) in the second quarter of 2025.

This was driven by the high valuations in OpenAI and other Vision Fund assets.

The figure, far above analysts’ estimates of ¥207 billion, is a turnaround for the Japanese conglomerate and its most profitable quarter to date. 

The result reveals how Masayoshi Son’s focus on artificial intelligence is bolstering SoftBank’s growth and enhancing exposure to a sector many investors now fear may be entering a bubble.

The company’s Vision Fund unit reported a record investment gain of ¥3.5 trillion for the quarter, with OpenAI alone contributing ¥2.16 trillion. 

The rally in global technology stocks and a surge in AI-related valuations drove this growth, sending SoftBank’s shares to new highs. It was the Vision Fund’s third consecutive profitable quarter, a recovery from the losses that once characterised its track record.

SoftBank’s assertive push into AI reiterates Son’s conviction that artificial intelligence represents the next economic revolution. 

In March, the group led a $40 billion funding round that valued OpenAI at $300 billion. By October, it joined a consortium of investors acquiring $6.6 billion worth of OpenAI employee shares, at an even higher $500 billion valuation.

These initiatives are being financed through an intricate mix of asset sales, bonds, and loans. The company offloaded 32.1 million Nvidia shares in October, raising $5.83 billion, while also issuing bonds in yen, dollars, and euros worth more than ¥620 billion, $2.2 billion, and €1.7 billion respectively since April. 

It further secured an $8.5 billion bridge loan to fund its OpenAI investment and a $6.5 billion facility for its planned acquisition of semiconductor firm Ampere.

Son described this phase as the company’s “most ambitious investment period” since launching its Vision Fund vehicles in 2017 and 2019. He has long been known for his courageous, leveraged investments in transformative technologies. His early stake in Alibaba proved legendary, yet not all ventures, including WeWork, ended well.

However, even with the SoftBank historic profit, analysts warn of a potential “AI bubble,” as sky-high valuations risk overtaking real-world profitability.