SoftBank $60B OpenAI Bet Sparks Internal Revolt as Son Doubles Down

Inside SoftBank, a growing number of executives are questioning founder Masayoshi Son's unwavering devotion to OpenAI and its CEO Sam Altman. The Japanese investment giant has now committed more than $60 billion to the ChatGPT developer — nearly 13% of the company — without securing a board seat or even formal observer rights, Bloomberg reported in a deeply‑reported feature.

When executives asked Son what would happen if OpenAI were to fail, he dismissed the questions so brusquely that his lieutenants stopped bringing them up, according to people familiar with the conversations.

For an investment of this magnitude, the governance structure is unusually lopsided. SoftBank holds roughly 13% of OpenAI but lacks formal board representation or observer rights, StartupHub.ai detailed in its analysis. This is a sharp departure from typical SoftBank practice, where major investments come with significant influence over strategic decisions.

Some insiders describe the relationship between Son and Altman as "one‑sided and risky," Bloomberg reported, with SoftBank effectively acting as a passive capital source while Son treats Altman as a visionary peer leading "this century's most vital technology shift."

SoftBank's internal unease is rooted in hard experience. The company's previous concentrated bets on WeWork and Uber resulted in billions in write‑downs and lasting reputational damage. Those failures are now coloring how some executives view the OpenAI commitment — particularly as rival Anthropic has surged ahead with a string of model releases and an ARR explosion that has raised questions about OpenAI's competitive position.

Yet SoftBank's CFO has indicated there are no plans to invest in OpenAI's competitors, signaling a continued deep commitment despite the internal concerns, Bloomberg reported.

The financial mechanics behind SoftBank's AI bets are raising red flags. The company has secured a substantial $40 billion loan package to fuel its AI investments, creating a situation where OpenAI's continued success and valuation growth are critical for SoftBank's own ability to refinance its debt.

S&P Global Ratings has already lowered its outlook on SoftBank to negative, citing concerns that the aggressive AI investments could drain liquidity and erode the credit quality of its assets. The rating agency's move underscores the systemic risk: if OpenAI stumbles, SoftBank's balance sheet takes a direct hit.

Both OpenAI and Anthropic are racing toward IPOs, likely later this year. For SoftBank, the public offering represents a crucial liquidity event — the moment when its $60 billion paper commitment gets marked to market. If OpenAI's IPO prices below expectations, the impact on SoftBank's portfolio and debt ratios could be severe.

The timing adds another layer of tension. Recent breakthroughs by Anthropic have raised doubts in financial markets about OpenAI's competitive moat, just as Son has locked SoftBank into its largest‑ever single‑company bet — all while lacking the board influence to shape the outcome, Bloomberg noted.

The SoftBank-OpenAI dynamic reflects a broader reality in AI investing: the amounts have grown so large that traditional venture governance norms are breaking down. When a single investment exceeds $60 billion, even sophisticated investors like SoftBank may find themselves with less influence than they would expect.