Supercharging the ASI revolution
ASI is quickly becoming a reality in what is likely to be the most consequential technological shift in human history. Investors around the world are racing to participate.
In 2025, AI again drove outsized performance across public and private markets, as category leaders raised record capital and delivered exceptional growth. AI accounted for more than half of all global venture capital deployed in 2025: total funding reached $211 billion, up 85% year over year—higher than in any year on record.*1 We expect this boom to continue.
SoftBank Vision Funds were well positioned to benefit from this megatrend and from the ongoing resilience of the global economy. Worldwide GDP growth and a meaningful recovery in the IPO market*2 provided a constructive backdrop for our portfolio. Fiscal 2025 was our second-strongest year ever, with $45.9 billion*3 in investment gains. Notably, SVF2 generated $44.7 billion in investment gains, bringing its cumulative gain since inception to $21.8 billion and moving the Fund into positive territory. With $191.6 billion of capital deployed, cumulative investment return across all Funds now stands at $236.9 billion as of the fiscal year-end. As of the end of fiscal 2025, distributions across all Funds exceeded $80 billion. Moreover, we remain committed to returning value to our limited partners (LPs) and to continuing our aggressive approach to distributions.
Our early and sustained focus on AI has proven prescient. We are not following the crowd—we have been the leader for years, guided by a conviction in AI that is intrinsic to our investment philosophy.
Like the internet before it, AI is being rapidly adopted and integrated into operations and workflows around the world—individual and enterprise, public and private, across companies of all sizes in every industry. We have long been investing in the companies that are now emerging as industry champions across fintech, robotics, commerce, and beyond, and the capital flooding into the sector today only vindicates our approach.
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*1 Crunchbase, Global Venture Funding In 2025 Surged As Startup Deals And Valuations Set All-Time Records, January 2026
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*2 Renaissance Capital, Gradual IPO Rebound Continues in 2025 Despite Volatility, January 2026
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*3 All the figures in this section are based on the figures recorded in the SoftBank Vision Funds segment in SBG’s consolidated financial statements. Before deducting third-party interests, tax, and expenses.
Becoming the world’s leading ASI platform provider
As SBG strives to become the world’s leading ASI platform provider, SoftBank Vision Funds are central to this effort. We have been active architects of the AI ecosystem, deploying capital with conviction, scale, and patience to build a portfolio positioned to deliver both transformational impact and strong returns. We have taken a long-term view and carefully constructed our portfolio to span the entire AI stack: platforms, compute, infrastructure, scalable energy, and physical AI.
In fiscal 2025, we continued to deploy capital into new and follow-on investments, with our investment totaling over $37 billion. New investments include Cast AI, Sierra, Emergent, and Classiq. Physical AI— intelligence embedded in the physical world through robotics and autonomous systems— emerged as a new frontier of investment. Our 20+ investments in this space encompass autonomous systems, robotics, and intelligent infrastructure and, together, represent over $8 billion in unrealized fair value.
We also continue to deepen our partnership with OpenAI, which is both leading and redefining its category. As of March 2026, OpenAI served over 900 million weekly active users and was the clear leader in consumer AI, with strong momentum in the enterprise space. Our total SVF2 stake is valued at $79.6 billion as of the fiscal yearend, which reflects this company’s extraordinary trajectory and our continued commitment to backing generational businesses at scale.
With SBG’s investments in Arm and Ampere, as well as the pending acquisitions of ABB’s robotics business and DigitalBridge, we are uniquely positioned to capitalize on the next phase of AI innovation. As we draw closer to realizing ASI, we will benefit from our broad ecosystem and the SBG platform: from chip architecture to the energy powering data centers, cloud infrastructure, and edge, as well as AI-driven physical transformation.
The ASI revolution has only just started—and we are ready for the future
Industries are being redefined—not incrementally, but fundamentally. AI spending is forecast to reach $2.5 trillion in 2026 alone, a 44% increase year over year.*4 Against this backdrop, we are committed to staying nimble and disciplined as we continue to
- Take advantage of favorable market conditions to exit late-stage investments.
- Invest in leaders who are defining the future of their industries.
- Think not just about near-term opportunities but the long-term arc of innovation.
We will remain realistic about geopolitical risk and macroeconomic volatility. Our portfolio has been deliberately constructed to endure multiple market cycles. We remain deeply committed to our founders, our portfolio companies, and our LPs, and approach the opportunity ahead with conviction and determination. We are not merely participating in the ASI future—we are building it.
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This page is based on the information as of July 27, 2026.
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