SoftBank Group (9984) AGM 2025 summary

Opening remarks and agenda

• Chairman and CEO Masayoshi Son opened the meeting, emphasizing the company's founding vision to realize Artificial Super Intelligence (ASI), ongoing commitment to the information revolution, and introduced online attendance for voting and Q&A.

• The agenda included matters for reporting, approval, business strategy discussion, and a Q&A session, with voting procedures explained for both in-person and online shareholders.

Strategic initiatives and plans

• The long-term vision centers on becoming the world's No.1 ASI platform provider within 10 years, leveraging ARM, OpenAI, and agent technologies as core assets.

• Significant investments in OpenAI, with $2.2bn invested in FY2024 and up to $32bn planned by end of 2025 or early 2026, and acquisitions like Graphcore (July 2024) and Ampere (completion expected late FY2025) to strengthen AI and chip design capabilities.

• The Stargate Project targets large-scale investment in AI infrastructure, with phased financing and project-based funding strategies.

• Targeting 50% cloud market share for Arm-based server chips by end of 2025, leveraging partnerships with major hyperscalers.

• The group is integrating AI agents internally and plans to roll out Cristal Intelligence as a transformative enterprise solution, aiming to become the world's No.1 AI Agent company by year-end.

Financial performance review

• Net asset value reached JPY 31 trillion as of June 26, 2025, with 51% attributed to Arm, 27% to Vision Funds, and significant holdings in Alibaba, Yahoo! Japan, and others, while market cap remains about half that, reflecting a persistent discount.

• Historical NAV trends and calculation methods were detailed, including adjustments for asset-backed financing and net debt.

• OpenAI investment totals JPY 4.8 trillion, with expectations of significant future returns as AI adoption accelerates.

• OpenAI's annual revenue has doubled in recent months, and an IPO is anticipated within a few years.