SoftBank CEO Masayoshi Son (left) and OpenAI CEO Sam Altman attend an event in Tokyo in February 2025. Apollo Global Management is in talks with SoftBank Group about boosting the size of a loan to $9 billion from $5.4 billion to help the Japanese firm finance its investment in AI giant OpenAI. The size of the financing, which is backed by assets in SoftBank's Vision Fund 2, hasn't been finalized, the people said, requesting not to be identified because the discussions are private. Representatives for Apollo and SoftBank declined to comment. Apollo made the so-called net-asset-value (NAV) loan to SoftBank's venture capital fund in 2021 and boosted it by $900 million last year to $5.4 billion.

Masayoshi Son has sharply accelerated the pace of his startup investments this year, quintupling the number of companies in his Vision Fund 2 portfolio in less than nine months. The founder of SoftBank Group Corp. has cut 115 deals this year, according to Bloomberg calculations based on data released by the company. That is more than the combined number of deals the first Vision Fund made since its start in 2017, showing Son remains confident in his investing capability despite blunders with office-sharing service WeWork and financier Greensill. The faster pace of deal-making is sure to raise questions about whether Son is risking similar missteps, especially as a string of high-profile departures depletes top talent at the Vision Fund. Seven managing partners have left since March of last year, and last week Deep Nishar, the sole senior managing partner and leading authority on AI, said he would depart by the end of the year.

SoftBank Group Corp. has secured pledges from Microsoft Corp. and other investors of around $108 billion for a second Vision Fund aimed at investing in technology firms. The Japanese conglomerate itself plans to invest $38 billion in the fund, it said in a statement. Others set to join include Apple Inc. and Taiwan's Hon Hai Precision Industry Co. (Foxconn) -- both investors in the first fund. Notable for their absence on the list of state and corporate backers were the sovereign wealth funds of the two countries that formed the cornerstone of its first fund: Saudi Arabia and Abu Dhabi, as well as investment bank Goldman Sachs. SoftBank said it is still talking to potential investors and that it expects the fund's anticipated capital to grow.