SoftBank Shares Tumble 13% After Report of OpenAI's IPO Delay

What happened

SoftBank Group shares plunged as much as 13% on Friday June 26 to ¥6,132, wiping out weeks of gains. The trigger was a New York Times report that OpenAI is leaning toward delaying its IPO to 2027.

Context and impact

SoftBank's investment in OpenAI is slated to reach roughly $65 billion by October. Expectations of a financial windfall from OpenAI's public debut had buoyed SoftBank shares to records, helping its market cap eclipse Toyota's last month. The delay shattered that narrative.

Details

• 13% drop is SoftBank's worst single-day move since August 2024
• SoftBank's market cap previously overtook Toyota on OpenAI rally
• SoftBank's OpenAI stake to reach ~$65B by October
• Masayoshi Son simultaneously preparing $100B Roze IPO