SoftBank Group shares fell as much as 12% intraday after reports OpenAI may
postpone its IPO until next year, potentially delaying returns for Japanese
investors. SoftBank’s exposure to OpenAI was expected to reach about $65bn by
October. Markets had treated an OpenAI listing as a major valuation catalyst
that helped push SoftBank to record highs and lift its market value above Toyota
last month. The New York Times reported OpenAI’s adviser bankers warned
tech-sector volatility could damp IPO demand. The move produced SoftBank’s
biggest single-day drop in Tokyo in over three months on Friday morning.
Strategist Hiroki Takei said an OpenAI IPO would provide a transparent market
valuation for SoftBank’s large holdings, including hundreds of unlisted
startups, which could narrow the group’s conglomerate discount; a delay would
lower those expectations.
