SoftBank seeks up to $100 billion from Gulf investors for AI push, FT reports

SoftBank Group CEO Masayoshi Son is seeking to raise up to $100 billion from Gulf investors to fund a new wave of AI 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 couldn’t immediately verify the report.

SoftBank did not respond to a request for comment.

The move comes as Son ramps up AI bets, with the company announcing last week that it completed its $30 billion investment in OpenAI as part of its commitment to the ChatGPT maker’s last fundraising round.

SoftBank also raised $11.1 billion last month in the largest high-yield corporate bond sale globally to fund its mammoth bet on OpenAI.

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, according to the report.