SoftBank shares hit a record high in Tokyo on Monday, pushing the Nikkei 225 above 65,000 for the first time, driven by growing conviction that OpenAI is days away from filing confidentially for an IPO targeting an autumn debut at a valuation exceeding $1 trillion. SoftBank holds roughly 13% of OpenAI and has committed $64.6bn in cumulative investment, underwritten by a $40bn bridge loan. Arm also surged over 16% on strong Nvidia earnings. SoftBank posted record net income of $31.4bn in fiscal 2025, though most value remains in unrealized marks pending the IPO. Analysts are mostly bullish, though questions remain about OpenAI's revenue relative to its valuation.
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