SoftBank shares jump 20% on OpenAI IPO cheer

Logo of SoftBank

SoftBank shares surged to the daily limit after reports stated that OpenAI—one of its key investments—may file for an initial public offering (IPO) in the coming days or weeks.

By the end of Thursday trading in Tokyo, the investment conglomerate’s stock rose 19.85% to close at 6,039 yen (about $38).

SoftBank is one of the major shareholders in the developer of ChatGPT. In February, the group agreed to an additional $30 billion investment, bringing its total exposure to around $64.6 billion, representing roughly a 13% stake in the company.

Bankers at major financial institutions, including Goldman Sachs and Morgan Stanley, are currently drafting the IPO prospectus, preparing to file it confidentially with regulators, a step that could take place as early as Friday, The Wall Street Journal reported.