BTIG estimates SoftBank's stake in OpenAI will add $4.45 billion to its net asset value. The Japanese conglomerate completed a $22.5 billion forward purchase in December, part of a larger $30 billion 2025 commitment. The accounting adjustment stems from using OpenAI's newer $500 billion valuation versus the initial $300 billion investment price.

This move significantly increases OpenAI's weight within SoftBank's portfolio. BTIG calculates the AI developer now represents roughly 30% of SoftBank's total net asset value of about $189 billion. For context, OpenAI's stake is a far larger portion of SoftBank's value than it is of Microsoft's market capitalization.

Analysts maintain a Buy rating on SoftBank Group, setting a ¥5,400 price target. Their sum-of-the-parts valuation applies a holding company discount to the updated net asset value. The position sits within Vision Fund 2, where SoftBank retains 83% of the economics, with the remainder attributed to Masayoshi Son.