TOKYO, July 24, 2026, 22:11 JST
- SoftBank shares ended the session down 7.06% at ¥5,500, wiping out about ¥2.4 trillion in market value.
- The stock rose 1.4% this week, following a drop of 14.9% the previous week.
- Initial calculations show the difference from Son’s declared asset value widened to approximately 57.5%.
Shares of SoftBank Group finished down 7.06% at ¥5,500 on Friday. Trading in Tokyo concluded at 15:30, well ahead of this dateline. The decline wiped about ¥2.4 trillion from the company’s market capitalisation.
Alphabet NASDAQ:GOOGL was the catalyst for the move, sliding 7% following its first-ever quarterly cash outflow. The company additionally lifted its projected 2026 spending by $15 billion.
SoftBank faced a bigger impact. The company financed its first two $10 billion OpenAI follow-on tranches through bridge loans. A third and final $10 billion tranche is scheduled for October 1.
SoftBank dropped at a rate 2.6 times greater than the Nikkei 225. However, shares advanced 1.4% this week after a prior decline of 14.9%. The stock is still 39.4% under its peak from June 2.
Japan’s AI-related stocks also declined in Friday’s selling.
| Security | Friday last or change |
|---|---|
| SoftBank Group TYO:9984 | ¥5,500; -7.06% |
| Kioxia Holdings TYO:285A | -9.49% |
| Advantest TYO:6857 | -6.02% |
| Tokyo Electron TYO:8035 | -4.99% |
| Nikkei 225 | 64,611.15; -2.73% |
Kazuaki Shimada, chief strategist at IwaiCosmo Securities, attributed the situation to external influences. “The (Nikkei) index has been affected by overseas factors, not local cues,” he said. Shimada also raised concerns regarding whether investment in AI infrastructure can be sustained. Reuters
Initial calculations indicate a ¥31.42 trillion market valuation on Friday, reflecting a 57.5% difference from Son’s declared asset value. On June 24, the gap stood near 50%, based on the assumption that the ¥74 trillion asset total has not changed.
The estimate is intentionally imprecise. Values for listed assets, currencies, and private-company valuations may fluctuate every day. The most significant reported variable is Arm.
As of March 31, SoftBank’s NAV stood at ¥40.06 trillion. The company recorded net debt of ¥8.21 trillion, with a loan-to-value ratio of 17.0%. Arm Holdings NASDAQ:ARM accounted for 39.7% of reported equity assets.
Based on rounded figures, Friday’s drop in market value matched 29% of stated net debt. The comparison highlights how rapidly investors can reassess funding risk.
The complete OpenAI investment would bring total funding to $64.6 billion. Once finalized, SoftBank projects its stake will be about 13%. The $40 billion bridge loan is set to mature on March 25, 2027.
Masayoshi Son dismissed worries about an AI bubble as “absurd” on July 14. However, trading on Friday indicated that investors continue to seek more concrete cash returns. Reuters
Arm is scheduled to release its fiscal first-quarter earnings on July 29. The company’s outlook serves as SoftBank’s most visible short-term asset catalyst.
Microsoft NASDAQ:MSFT, Meta Platforms NASDAQ:META, and Amazon.com NASDAQ:AMZN are also due to report next week. The sector’s funding premium may be impacted by their investment plans.
Japan’s monetary policy is up for review on July 31. The Bank of Japan will gather on July 30-31 and is widely anticipated to keep its benchmark rate steady at 1%.
SoftBank is set to announce its first-quarter results on August 6. Key focus areas for investors include LTV, progress on bridge-loan refinancing, and revisions to asset valuations.
Risks are still heavily concentrated. NAV may fluctuate rapidly due to Arm volatility, changes in the yen, private OpenAI valuations, and refinancing expenses. Increased risk appetite could quickly reduce the gap as well.
In the meantime, SoftBank is acting more as a leveraged play on worldwide AI investment than as a traditional conglomerate.
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