SoftBank just reported a $7 billion loss for July-September 2026, its first time in the red in two years.
SoftBank backstopped OpenAI with over $60 billion in risky debt financing, which has really stretched its finances.
There was some confusion about at least $3.7 billion of the loss likely attributable to a massive OpenAI data center development in Ohio, but SoftBank later said the losses are "completely unrelated" to any dealings in the buckeye state.
SoftBank sells over $11B junk bonds
This sharp drop follows strong profits last year, but now investors are worried: SoftBank's stock has fallen nearly 50% since June as people question if AI is really worth the risk.
To keep backing companies like OpenAI, it raised over $11 billion through junk bonds, showing just how all-in it is on AI despite growing doubts about where the tech industry is headed.