SoftBank seeks up to US$100 billion from Gulf investors for AI fund
SoftBank Group is in talks to raise up to US$100 billion from Gulf investors, including in the UAE, for a new AI-focused fund, the Financial Times reported. The move follows SoftBank's US$30 billion investment in OpenAI and a US$11.1 billion bond sale.
SoftBank Group CEO Masayoshi Son is seeking to raise up to US$100 billion from Gulf investors to fund a new wave of artificial-intelligence investments, the Financial Times reported on Friday, citing people familiar with the matter.
Son has held discussions in recent weeks with senior figures, including in the United Arab Emirates, about the potential fundraising, the report said. Reuters could not immediately verify the report, and SoftBank did not respond to a request for comment.
The move comes as Son ramps up AI bets. Last week, the company announced it had completed its US$30 billion investment in OpenAI as part of its commitment to the ChatGPT maker's latest fundraising round. SoftBank also raised US$11.1 billion last month in the largest high-yield corporate bond sale globally to fund its mammoth bet on OpenAI.
According to the report, the Japanese investment conglomerate would use the proceeds to establish a fund that would acquire companies and improve their operations using AI and other advanced technologies.