SoftBank Group stock falls 5.2% after report questions OpenAI revenue

SoftBank Group Corp. stock tumbled 5.2% to ¥5,728 on Friday following a Financial Times report questioning the profitability of major AI firms, specifically revealing OpenAI's annualized revenue was about $50 billion, roughly $20 billion short of the previously communicated $70 billion figure. The discrepancy stems from differing accounting methods for revenue flowing through cloud partners between OpenAI and rival Anthropic, raising fresh doubts about AI monetization speed and prior growth projections. The selloff is acute for SoftBank, which has built a 13% stake in OpenAI through a $64.6 billion commitment, partly financed by an $11.1 billion junk bond issuance at 9–10% annual funding costs, prompting investors to reassess whether returns justify the debt burden. Concerns had already been building in credit markets, with SoftBank's credit-default swaps at multi-year highs in recent weeks. The broader market offered little cushion, as Japan's Nikkei 225 fell 0.55% on Friday, tracking overnight Wall Street declines.