SoftBank may acquire 1X, an OpenAI-backed robotics start-up
What's the story
SoftBank is in negotiations to buy a majority stake in 1X Technologies, a humanoid robot start-up backed by OpenAI, according to The Information. The deal, which would value the company at around $6 billion, is still under discussion and could change. Both SoftBank Group and 1X have not yet commented on the matter.
Past discussions
OpenAI and 1X had discussed acquisition
The report also revealed that OpenAI and 1X Technologies last year discussed the possibility of an acquisition.
This was after OpenAI invested in 1X through its Startup Fund in 2023, along with Tiger Global and a group of investors from Norway.
The investment further solidified the relationship between the two companies, making SoftBank's current negotiations even more interesting.
Strategic move
SoftBank's push into robotics
The potential acquisition of 1X Technologies fits into SoftBank's larger strategy to expand its footprint in the robotics industry.
This comes after the company's agreement last year to buy Swiss engineering group ABB's robotics business for $5.4 billion.
The deal would mark another major step in SoftBank's efforts to strengthen its position in this rapidly evolving sector.