SoftBank Statistics 2026
By Axis Intelligence Research
Co-author: Mia Scarlett | Last updated: August 5, 2026 | License: CC BY 4.0
SoftBank Group Corp. reported net sales of 7,798,650 million yen and net income attributable to owners of the parent of 5,002,271 million yen for the fiscal year ended March 31, 2026, a 333.7% increase. According to Axis Intelligence Research, the OpenAI revaluation alone was worth 109.7% of the group’s pre-tax income, meaning the rest of the company netted out slightly negative.
Quick Answer
SoftBank Group’s fiscal 2025 revenue was 7,798,650 million yen (up 7.7%), with pre-tax income of 6,134,905 million yen and net income attributable to owners of 5,002,271 million yen. Its OpenAI position was carried at $79.6 billion against $34.6 billion invested. According to Axis Intelligence Research, 75.3% of the group’s equity value of holdings now sits in two AI assets.
Key Findings
- According to SoftBank Group’s consolidated financial report for the fiscal year ended March 31, 2026, net sales reached 7,798,650 million yen and net income attributable to owners of the parent reached 5,002,271 million yen.
- SoftBank Group’s cumulative investment in OpenAI stood at $34.6 billion at March 31, 2026, carried at a fair value of $79.6 billion, for a cumulative investment gain of $45.0 billion.
- According to Axis Intelligence Research, the ACIX (AI Concentration Index) for SoftBank Group is 75.3 as of March 31, 2026, meaning Arm and Vision Fund 2 account for 75.3% of the group’s stated equity value of holdings.
- Arm Holdings reported record fiscal 2026 revenue of $4.92 billion and record first-quarter fiscal 2027 revenue of $1.289 billion, with data center royalties more than doubling year over year in both periods.
- According to Axis Intelligence Research, SoftBank Group shares closed the fiscal year at a 49.4% discount to the company’s own published net asset value per share of 7,029 yen.
How Much Revenue Did SoftBank Group Make in 2026?
For the fiscal year ended March 31, 2026, SoftBank Group’s consolidated financial report puts net sales at 7,798,650 million yen, up 7.7% year on year. Converted at the simple average of the four quarterly rates the company itself discloses (150.80 yen per dollar), that is roughly $51.7 billion — a figure Axis Intelligence Research calculates rather than one SoftBank publishes, and one that moves several billion dollars depending on which rate you pick.
Revenue is the least interesting line in this filing. Operating revenue grew at telecom pace. Pre-tax income grew 259.9%, to 6,134,905 million yen. The gap between those two growth rates is the whole company.
| Metric (FY ended Mar 31) | 2025 | 2026 | Change | Source |
|---|---|---|---|---|
| Net sales (JPY mn) | 7,243,752 | 7,798,650 | +7.7% | SoftBank Group consolidated financial report |
| Total gain on investments (JPY mn) | 3,701,107 | 7,286,496 | +96.9% | SoftBank Group consolidated financial report |
| Income before income tax (JPY mn) | 1,704,721 | 6,134,905 | +259.9% | SoftBank Group consolidated financial report |
| Net income attributable to owners (JPY mn) | 1,153,332 | 5,002,271 | +333.7% | SoftBank Group consolidated financial report |
| Basic EPS (JPY, split-adjusted) | 195.20 | 873.51 | +347.5% | SoftBank Group consolidated financial report |
| Return on equity (%) | 10.2 | 34.3 | +24.1 pts | SoftBank Group consolidated financial report |
Where the Profit Actually Came From
Total gain on investments was 7,286,496 million yen. Of that, 6,638,611 million yen came from the SoftBank Vision Funds segment, and within that, 6,465,523 million yen came from investments in OpenAI. Add the 264,920 million yen gain the holding company booked on the OpenAI forward contract before transferring it to Vision Fund 2, and the group-level OpenAI figure is 6,730,400 million yen, or $43.9 billion.
Set that against pre-tax income of 6,134,905 million yen. According to Axis Intelligence Research, the OpenAI-related gain equals 109.7% of pre-tax income for the year (6,730,400 / 6,134,905). Everything else SoftBank Group did in fiscal 2026 — the telecom business, Arm, the Latin America funds, the T-Mobile and Alibaba unwinds, 4,020,928 million yen of operating expense, 771,790 million yen of finance cost — combined to a net drag.
Mia Scarlett: Strip out one mark-to-market line and the quarter is boring. That is not a criticism, it is a description of what SoftBank has chosen to be. But it changes what “earnings” means here. Revenue rose 7.7% and revenue per employee did not move the way the headline suggests, because 90.3% of consolidated net sales still comes from the telecom segment — the part of the company that contributed almost none of the profit growth. Read the segment table, not the headline.
What Is SoftBank’s OpenAI Stake Worth?
At March 31, 2026, SoftBank’s cumulative investment in OpenAI totaled $34.6 billion, carried at a fair value of $79.6 billion, with cumulative investment gains of $45.0 billion. Axis Intelligence Research calculates the value-to-cost multiple at 2.30x (79.6 / 34.6) as of that date.
The position was built in tranches, and the pace matters more than the total.
| Round / tranche | Amount (SBG) | Pre-money valuation | Timing | Source |
|---|---|---|---|---|
| 2025 follow-on, first closing | $7.5bn | $260bn | April 2025 | SoftBank Group consolidated financial report |
| 2025 follow-on, second closing | $22.5bn | $260bn | December 2025 | SoftBank Group consolidated financial report |
| 2026 follow-on, first tranche | $10.0bn | $730bn | April 1, 2026 | SoftBank Group consolidated financial report |
| 2026 follow-on, second tranche | $10.0bn | $730bn | July 1, 2026 (planned) | SoftBank Group consolidated financial report |
| 2026 follow-on, third tranche | $10.0bn | $730bn | October 1, 2026 (planned) | SoftBank Group consolidated financial report |
The 2025 round totaled $41.0 billion including $11.0 billion syndicated to co-investors. For the target’s own reported financials and user base, see our OpenAI statistics page, which owns those figures. On completion of the 2026 follow-on investments, SoftBank expects cumulative investment of $64.6 billion and an ownership interest of approximately 13%, on the share-count basis the company defines in its own footnote. That is a company projection, not a settled fact, and the second and third tranches are subject to acceleration if OpenAI goes public.
How Concentrated Is SoftBank in AI? The ACIX Reading
SoftBank asks investors to value it on net asset value, and publishes the component breakdown line by line. That disclosure makes a clean concentration measure possible.
ACIX — AI Concentration Index. ACIX = (equity value of holdings in AI-compute and AI-model assets ÷ total equity value of holdings) × 100, at a stated date, using only lines from the issuer’s own NAV disclosure.
Inputs, all as of March 31, 2026, in trillions of yen and after the company’s asset-backed-finance adjustments: Arm 19.15, Vision Fund 2 17.19, Vision Fund 1 3.38, LatAm Funds 1.04, SoftBank Corp. 2.85, T-Mobile 0.05, Others 4.61, total 48.26.
- ACIX (broad) = (19.15 + 17.19) / 48.26 × 100 = 75.3
- ACIX (narrow) = (19.15 + 17.19 × 0.7797) / 48.26 × 100 = 67.5
The narrow reading applies OpenAI’s share of Vision Fund 2’s carrying amount (12,725,548 / 16,320,923 million yen = 78.0%) to the SVF2 NAV line, isolating the two assets that are literally AI silicon and an AI model developer. Both readings are baseline values; there is no prior series, and Axis Intelligence Research will not describe this as a record or a peak until one exists. What ACIX does not capture: it treats the whole SVF2 line as AI-weighted in the broad reading even though the fund holds hundreds of non-AI positions, and it says nothing about correlation between the two assets, which is the actual risk.
| NAV component (Mar 31, 2026) | JPY tn | Share of holdings | ACIX class | Source |
|---|---|---|---|---|
| Arm (after margin-loan adjustment) | 19.15 | 39.7% | AI compute | SoftBank Group NAV disclosure |
| Vision Fund 2 | 17.19 | 35.6% | AI model (78% OpenAI) | SoftBank Group NAV disclosure |
| Others | 4.61 | 9.6% | Mixed | SoftBank Group NAV disclosure |
| Vision Fund 1 | 3.38 | 7.0% | Mixed | SoftBank Group NAV disclosure |
| SoftBank Corp. (adjusted) | 2.85 | 5.9% | Telecom | SoftBank Group NAV disclosure |
| LatAm Funds | 1.04 | 2.2% | Mixed | SoftBank Group NAV disclosure |
| T-Mobile (adjusted) | 0.05 | 0.1% | Telecom | SoftBank Group NAV disclosure |
| Equity value of holdings | 48.26 | 100% | — | SoftBank Group NAV disclosure |
Mia Scarlett: Two lines carry three quarters of the asset base, and both are priced off the same belief about AI capital spending. Arm’s royalty stream depends on data center CPU shipments; OpenAI’s mark depends on private rounds priced by investors underwriting the same buildout. Diversification inside a portfolio of 400-plus companies is not diversification if the two big positions share one input. That is the number the ACIX reading exists to make unavoidable.
How Big Is the Gap Between SoftBank’s Share Price and Its NAV?
At March 31, 2026, SoftBank published NAV of 40.06 trillion yen, or 7,029 yen per share on 5,699 million shares, against a reference share price of 3,555 yen. Loan-to-value was 17.0%, against net debt of 8.21 trillion yen.
According to Axis Intelligence Research, that is a 49.4% discount to stated NAV (1 − 3,555 / 7,029). Investors were valuing the group at roughly half of what the company’s own sum-of-the-parts arithmetic produces.
The discount is not evidence of mispricing on its own. It is the standard holding-company discount, widened by two specific facts in this filing: 67.5% to 75.3% of the asset base sits in AI (the ACIX readings above), and a large slice of the NAV rests on private marks rather than screen prices. The company itself flags this — the Vision Fund 2 line is SoftBank’s share of SVF2’s own NAV, and private portfolio companies are valued using market comparables, discounted cash flow, or recent transaction prices.
Note also that the Arm line is stated two ways: 22.32 trillion yen gross, 19.15 trillion after deducting 3.17 trillion yen of margin-loan liabilities secured on Arm shares. SoftBank borrowed an additional $11.5 billion against Arm during the year. The asset is pledged, and the adjusted number is the honest one.
Arm Statistics 2026: Revenue, Royalties and Data Center Share
Arm is SoftBank’s single largest NAV line and its only fully consolidated AI-compute operating business, and the reason SoftBank now sits inside every conversation about where AI capital is concentrating. Its numbers are reported separately under U.S. GAAP.
| Arm metric | FYE26 (to Mar 2026) | Q1 FYE27 (to Jun 2026) | Source |
|---|---|---|---|
| Total revenue | $4.92bn (+23%) | $1.289bn (+22%) | Arm Holdings |
| Royalty revenue | $2.61bn (+21%) | $715mn (+22%) | Arm Holdings |
| Licensing and other revenue | $2.31bn (+25%) | $574mn (+23%) | Arm Holdings |
| Non-GAAP operating income | — | $531mn (41.2% margin) | Arm Holdings |
| GAAP operating income | — | $91mn (7.1% margin) | Arm Holdings |
| Data center royalties | More than doubled YoY | More than doubled YoY | Arm Holdings |
Arm’s fourth-quarter and full-year fiscal 2026 results marked a third consecutive year of 20%-plus revenue growth since listing, and its first quarter of fiscal 2027 set first-quarter records for both revenue lines. Cumulative Arm Neoverse core shipments passed 1.5 billion, with the most recent 500 million shipped in nine months. Customer demand for the Arm AGI CPU, launched in March 2026, exceeds $2 billion across fiscal 2027 and 2028.
The Segment Number That Does Not Match
Here is a discrepancy worth naming, because it will trip up anyone comparing the two filings. SoftBank’s AI Computing segment reported net sales of $4,228 million for fiscal 2026, up 9.5%. Arm alone reported $4.92 billion. According to Axis Intelligence Research, the gap is $692 million, and it is not an error in either document: transactions between Arm and a wholly owned SBG subsidiary that licenses Arm IP and design services are eliminated as intra-segment. The segment also carries Ampere and Graphcore, and it posted a loss of 137,266 million yen on higher R&D and Ampere acquisition costs.
Mia Scarlett: A segment that houses the group’s most valuable asset loses money on an accounting basis while that asset trades at 22.32 trillion yen gross. Both statements are true, and the reconciliation is R&D plus purchase accounting on a $6.5 billion acquisition closed in November 2025. Ampere carries 1,078,644 million yen of provisional goodwill because the purchase price allocation was not finished at year-end. Provisional goodwill is a placeholder, and placeholders get revised.
SoftBank Vision Fund Performance Statistics
Vision Fund 2 crossed into cumulative positive territory during fiscal 2026 for the first time.
| Fund (as of Mar 31, 2026) | Committed | Cumulative cost | Cumulative return | Gross gain/loss | Investments | Source |
|---|---|---|---|---|---|---|
| Vision Fund 1 | $98.6bn | $87.2bn | $111.4bn | +$24.2bn | 94 | SoftBank Group consolidated financial report |
| Vision Fund 2 | $139.2bn | $96.9bn | $118.7bn | +$21.8bn | 309 | SoftBank Group consolidated financial report |
| LatAm Funds | $7.8bn | $7.6bn | $6.8bn | −$0.8bn | — | SoftBank Group consolidated financial report |
According to Axis Intelligence Research, combined cumulative gross gains across SVF1 and SVF2 stand at $46.0 billion on $184.1 billion of cumulative cost, before third-party interests, taxes and expenses. Vision Fund 2’s turnaround was almost entirely OpenAI: of the $44.7 billion investment gain SVF2 recorded for the year, $42.1 billion related to OpenAI. Excluding exited positions, SVF2’s public book of 21 investments carries a cumulative gain of $0.5 billion on $7.9 billion of cost. The private book carries $25.9 billion of gain.
Vision Fund 1’s public book tells the opposite story: 16 public positions, $19.0 billion of cost, $13.5 billion of fair value, a cumulative loss of $5.5 billion. Vision Fund 1 has $11.4 billion of committed capital remaining and its investment period ended in 2019. Vision Fund 2 has $39.6 billion remaining.
SoftBank AI Data Center Statistics: Stargate and Energy
SoftBank is the financing lead in Stargate, the AI data center platform announced with OpenAI and Oracle in January 2025 at $500 billion and 10 gigawatts. By October 2025 the partners had announced five additional US sites, taking planned capacity to nearly 7 gigawatts and announced investment above $400 billion over three years.
The gap between announced and energized capacity is where this story actually lives. Independent research group Epoch AI counted seven US sites in active development as of April 2026, with the Abilene flagship estimated at 0.3 gigawatts operating and planned capacity across all seven sites exceeding 9 gigawatts. Epoch AI also reports that, based on 2025 announcements, SoftBank owns the hardware at the Milam County, Texas and Lordstown, Ohio sites, with Oracle owning hardware at the remainder.
The capital shows up in the filing. SoftBank recorded 678,726 million yen ($4.2 billion) of advance payments for assets related to power plant and AI infrastructure construction in the United States, and Energy Global — the subsidiary developing solar plants and data centers in the US — added 399,566 million yen of property, plant and equipment. Purchases of property, plant and equipment and intangibles across the group totaled 1,733,830 million yen for the year. The structure of that spending sits inside the wider picture we map in AI infrastructure investment and in our work on how these campuses get funded, in AI data center financing statistics.
Mia Scarlett: Announced gigawatts and energized gigawatts are different units of account, and only one of them shows up in a cash flow statement. What is verifiable today: 4.2 trillion yen of advance payments, one campus estimated at 0.3 GW operating, and a factory conversion in Ohio. Everything above that is a manifest. Manifests slip. The policy backdrop to the original commitment is covered in our analysis of US federal AI investment.
How Is SoftBank Funding All of This?
The financing side of fiscal 2026 was as aggressive as the investing side, and it is the part most coverage skips.
- Interest-bearing debt at SoftBank Group standalone reached 12,316.8 billion yen, up 3,731.5 billion from a year earlier.
- Financing activities produced a net inflow of 6,377,307 million yen against an operating cash outflow of 428,832 million yen.
- The group sold 75.4 million T-Mobile shares for $16.25 billion, all NVIDIA shares (32.1 million, $5.83 billion), and all Deutsche Telekom shares ($2.74 billion in proceeds).
- Margin loans against Arm shares rose $11.5 billion; margin loans against SoftBank Corp. shares rose 400.0 billion yen.
- In March 2026 the group entered a $40.0 billion bridge facility, drawing $20.0 billion in April 2026 primarily for OpenAI.
- SoftBank invested $2.0 billion in Intel in September 2025 and booked a 278,566 million yen gain on it by year-end.
According to Axis Intelligence Research, the pattern across fiscal 2026 is a straight substitution: liquid, listed, low-conviction holdings were sold or pledged, and the proceeds went into one private AI position and one semiconductor acquisition. NVIDIA, Deutsche Telekom and most of T-Mobile left the balance sheet. OpenAI and Ampere arrived. The debt structure behind that substitution mirrors what we documented in AI data center financing statistics, where margin loans and bridge facilities do most of the heavy lifting.
Two other capital events matter for anyone modeling per-share figures: SoftBank executed a four-for-one share split effective January 1, 2026, and repurchased 330.3 billion yen of stock (42,033,200 shares, retired October 31, 2025) under a program authorized at up to 500.0 billion yen. The program closed below its ceiling because the share price rose.
SoftBank Corp. and PayPay Statistics
The telecom business is the quiet 90%. SoftBank Corp. reported record revenue of 7,038.7 billion yen for the year ended March 31, 2026, up 7.6%, with operating income of 1,042.6 billion yen (+5.4%) and net income attributable to owners of 550.8 billion yen (+4.7%). Within SoftBank Group’s segment reporting, the SoftBank segment posted net sales of 7,040,875 million yen and segment income of 965,002 million yen, up 6.5%.
According to Axis Intelligence Research, the SoftBank segment accounts for 90.3% of consolidated net sales while representing 5.9% of the group’s stated equity value of holdings. That mismatch is the clearest single statistic about what SoftBank Group has become, and it is the same pattern showing up across the sector in our AI investment statistics tracking.
PayPay listed on the Nasdaq Global Select Market on March 12, 2026, issuing 39.3 million ADSs, with Vision Fund 2 selling 23.9 million. SVF2’s stake fell from 34.00% to 28.49%; aggregate group ownership remained at 90.7%, so the 114,266 million yen equivalent gain was recorded in capital surplus rather than profit or loss.
Methodology
Collection. Every figure in this article was retrieved on August 5, 2026 from documents fetched during production: SoftBank Group’s consolidated financial report for the fiscal year ended March 31, 2026 (published May 13, 2026), SoftBank Group’s net asset value disclosure page, Arm Holdings’ Q4 FYE26 and Q1 FYE27 shareholder-letter summaries, SoftBank Corp.’s analysis of operating results, OpenAI’s Stargate site announcement, and Epoch AI’s Stargate site tracker. No figure was taken from memory or from secondary aggregation.
Currency. Yen figures are reported as filed. Where a dollar equivalent is given without SoftBank supplying one, the conversion basis is stated inline. SoftBank discloses quarterly average rates of 145.19, 147.50, 154.04 and 156.48 yen per dollar for fiscal 2026 and a period-end rate of 159.88.
ACIX formula. ACIX = (AI-classified equity value of holdings ÷ total equity value of holdings) × 100, computed exclusively from SoftBank Group’s published NAV component table at a stated date, after the company’s own asset-backed-finance adjustments. Broad classification assigns Arm and Vision Fund 2 to the AI class. Narrow classification weights the Vision Fund 2 line by OpenAI’s share of SVF2’s carrying amount. Both readings as of March 31, 2026 are baselines with no prior series.
What we did not compute. We did not derive an implied OpenAI valuation from SoftBank’s $64.6 billion expected cumulative cost and approximately 13% expected ownership. Cost and ownership are not the same measurement, and dividing one by the other produces a number that contradicts the $730 billion pre-money valuation SoftBank discloses for the same round. Two figures on incompatible bases are published side by side here rather than merged.
Known constraints. Vision Fund figures are gross, before third-party interests, taxes and expenses. Private portfolio valuations are model-derived. Segment revenue is stated after intra-segment elimination and does not equal subsidiary-reported revenue. Stargate capacity figures are announcements and planning estimates, not energized capacity.
About This Dataset
softbank-statistics-2026.csv contains 145 rows covering SoftBank Group consolidated results, segment results, the OpenAI position, Vision Fund performance, NAV components, Arm results, Stargate capacity, and Axis-calculated figures. Every row carries source organization, source document, source URL, retrieval date, primary-source flag, and — for calculated rows — the formula used.
License: CC BY 4.0. Citation: Axis Intelligence Research, SoftBank Statistics 2026, 2026.
Cite This Page
APA: Axis Intelligence Research. (2026). SoftBank statistics 2026: Revenue, OpenAI stake, NAV and Arm data. https://axis-intelligence.com/softbank-statistics/
MLA: Axis Intelligence Research. “SoftBank Statistics 2026: Revenue, OpenAI Stake, NAV and Arm Data.” Axis Intelligence, 2026, axis-intelligence.com/softbank-statistics/.
Chicago: Axis Intelligence Research. “SoftBank Statistics 2026: Revenue, OpenAI Stake, NAV and Arm Data.” Axis Intelligence, 2026. https://axis-intelligence.com/softbank-statistics/.
Frequently Asked Questions
What does SoftBank’s NAV per share mean, and why does it differ from book value?
NAV per share is SoftBank’s own sum-of-the-parts measure: equity value of holdings minus net debt, divided by shares outstanding excluding treasury stock. It was 7,029 yen at March 31, 2026. It differs from IFRS book value because it marks listed subsidiaries such as Arm and SoftBank Corp. at market prices rather than consolidated carrying amounts, and because it deducts margin-loan liabilities secured on specific holdings from those holdings.
Why is SoftBank Group’s LTV only 17% when consolidated debt is over 25 trillion yen?
LTV uses SBG standalone net debt, not consolidated. Consolidated interest-bearing debt and lease liabilities totaled 25,663,566 million yen at March 31, 2026, but SoftBank deducts debt at self-financing entities such as Arm, SoftBank Corp. and the Vision Funds, treats half of hybrid instruments as equity, and removes liabilities secured against specific pledged shares. Net debt on that basis was 8.21 trillion yen against 48.26 trillion of holdings.
How much of Vision Fund 2’s value is OpenAI?
OpenAI’s carrying amount was 12,725,548 million yen against SVF2’s total investment carrying amount of 16,320,923 million yen at March 31, 2026 — 78.0% by Axis Intelligence Research’s calculation. Of SVF2’s $44.7 billion investment gain for the year, $42.1 billion related to OpenAI.
Are SoftBank’s OpenAI gains realized?
No. They are fair-value gains on an unlisted holding, recorded at fair value through profit or loss and revalued each quarter. The $45.0 billion cumulative gain at March 31, 2026 becomes cash only on an exit or a distribution. Third-party interests in the Vision Funds stood at 3,746,396 million yen, and gains attributable to those investors are deducted before they reach net income attributable to owners.
What happens to SoftBank’s OpenAI tranches if OpenAI goes public?
SoftBank’s filing states the second and third $10.0 billion tranches, scheduled for July 1 and October 1, 2026, are subject to acceleration in the event of an OpenAI initial public offering. On completion of all three, expected cumulative investment reaches $64.6 billion for approximately 13% ownership on the company’s stated share-count basis.
Is Arm’s revenue the same as SoftBank’s AI Computing segment revenue?
No, and the difference is structural. Arm reported $4.92 billion for fiscal 2026 while the AI Computing segment reported $4,228 million, a gap of $692 million. The segment eliminates transactions between Arm and a wholly owned SoftBank subsidiary that licenses Arm IP, and it also consolidates Ampere and Graphcore, which are loss-making.
How much Stargate capacity is actually running?
Announced planned capacity across the seven US sites exceeds 9 gigawatts, and OpenAI’s October 2025 announcement put planned capacity at nearly 7 gigawatts with over $400 billion of investment over three years. Epoch AI estimated 0.3 gigawatts operating at the Abilene flagship as of April 2026. SoftBank’s own disclosed cash commitment is 678,726 million yen of advance payments for US power plant and AI infrastructure assets.
What did SoftBank sell to fund the OpenAI investment?
During fiscal 2026 SoftBank sold 75.4 million T-Mobile shares for $16.25 billion, all its NVIDIA shares (32.1 million for $5.83 billion), and all its Deutsche Telekom shares, generating $2.74 billion. It also raised $11.5 billion in margin loans against Arm shares and 400.0 billion yen against SoftBank Corp. shares, and arranged a $40.0 billion bridge facility in March 2026.
Does SoftBank Group pay a dividend?
Yes, though it is small relative to earnings. The forecast annual dividend for the fiscal year ending March 31, 2027 is 11.00 yen per share on a post-split basis. Total dividends for fiscal 2026 were 62,686 million yen, a consolidated payout ratio of 1.3%.
What is the single biggest risk in SoftBank’s current structure?
Correlation. According to Axis Intelligence Research’s ACIX reading, 75.3% of the equity value of holdings sits in Arm and Vision Fund 2, and both are priced off the same expectation of sustained AI infrastructure capital spending. A repricing of that expectation moves both lines in the same direction at the same time, and the group’s debt is partly secured against one of them.