SoftBank Group shares dropped more than 12% in Tokyo trading on Friday, closing 12.53% lower and becoming one of the biggest drags on the Nikkei 225's roughly 4% decline. The selloff followed reports that OpenAI executives are weighing two paths: proceed with a lower-valued IPO this year, or delay the listing until 2027 while continuing to pursue a valuation near $1 trillion.
Sources indicated that OpenAI CEO Sam Altman opposes reducing the company's valuation just to speed up a public debut. Although OpenAI confidentially filed a draft registration statement with the SEC earlier this month, the company said at the time no final decision had been made on IPO timing, and that it could stay private for longer.
SoftBank's Heavy OpenAI Bet Drives Stock Volatility
SoftBank's exposure to OpenAI has intensified. In February, the Japanese conglomerate agreed to invest another $30 billion into the AI company, raising its total commitment to about $64.6 billion and giving it a roughly 13% ownership stake. This makes SoftBank one of the largest public proxies for OpenAI's future value. A later IPO would not reduce SoftBank's ownership but would delay the first market-based valuation of its stake and any opportunity to monetize part of it.
Just two days before the selloff, SoftBank founder Masayoshi Son defended the company's aggressive AI investment strategy, dismissing concerns about a speculative bubble. However, uncertainty over OpenAI's listing timeline has immediately soured market sentiment.
OpenAI Launches Custom Chip and New Model Family
Earlier this week, OpenAI unveiled its first custom-built AI chip, Jalapeño, developed with Broadcom to support inference workloads for ChatGPT, Codex, and future AI agents. OpenAI said proprietary silicon is part of its strategy to control AI infrastructure and reduce reliance on third-party hardware.
On Friday, OpenAI also introduced the GPT-5.6 model family under the names Sol, Terra, and Luna. The names drew attention in crypto communities due to similarities with well-known blockchain projects, but OpenAI stated they represent capability tiers within the model lineup and have no connection to digital assets.
Other Developments: Amazon Pulls Film, OpenAI Remains in Spotlight
Beyond product launches, reports last week said Amazon withdrew from distributing the film Artificial, centered on Sam Altman. Meanwhile, Amazon continues to expand its commercial relationship with OpenAI through a multi-billion-dollar investment tied to future milestones. These developments, while diverse, have kept OpenAI at the center of attention amid its uncertain IPO trajectory.