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SoftBank posts ¥1.1tn quarterly loss after writing down power equipment for US AI data centres
SoftBank swung to a ¥1.115tn (about $7bn) net loss for the quarter to 30 September. The main cause was a writedown on power-generation equipment it prepaid for US AI data centres before their long-term specifications were set.
From the Financial Times · AI article of November 10, 2026 and cited sources: SoftBank's first quarterly loss in almost two years came from buying power equipment, not from chips or models. [1] [2] [3] [9]
SOURCES[1] SoftBank slumps to $7bn loss on US data centre writedown ft.com[2] W.Media w.media[3] mlq.ai mlq.ai
AT Pulse research deskPublished · Updated · 4 min read · AI-assisted analysisAI-assisted, not human-edited. Methodology Corrections Who owns this site
- What happened
- SoftBank's first quarterly loss in almost two years came from buying power equipment, not from chips or models. [1] [2] [3] [9]
- Original source
- Financial Times · AI article, independent perspective
- Brief by
- AT Pulse research desk AI-assisted; publisher and contact on the desk page
- When
- November 10, 2026 article published
- Covered
- Nov 10 edition
- Evidence
- 12 sources across 12 sites
Reach: not measured yet
SoftBank's first quarterly loss in almost two years came from buying power equipment, not from chips or models. Competition for generation hardware pushed the company to prepay before the US data centre designs were final. When those requirements changed, it took a charge of about $3.7bn. A year earlier, the same quarter showed a ¥2.5tn profit. [1] [2] [3] [9]
Other costs made the loss worse. Intel-linked hedges and the fall in Intel's share price added roughly $3.7bn more, and finance costs rose to ¥461.9bn from ¥174.7bn. One fund manager called the data-centre charge temporary and said rising finance costs are the bigger concern. [2] [3]
SoftBank's results now depend more heavily on OpenAI. After a further $10bn on 1 October, SoftBank had invested $64.6bn for about 13% of the company. According to management, OpenAI has signed a 20-year lease for the planned 8 GW PORTS-Pike campus in Ohio. SoftBank values its stake at $99.6bn, but that is its own valuation and was unchanged from March. [2] [3] [6] [10]
The reported figures show that power hardware ordered before a facility's design is fixed can turn into a multibillion-dollar loss. It follows, though the sources do not prove it, that energy procurement is a capital risk for AI builders.
Read the full assessment
SoftBank's earnings also depend increasingly on OpenAI.
The reviewed sources agree on the main figures. Here is the dossier.
Executive brief
SoftBank's first quarterly loss in almost two years came from buying power equipment, not from AI models or chips. The company prepaid for generation hardware for US AI data centres before the long-term specifications were fixed. When plans changed, it wrote down about $3.7bn (W.Media). The net loss for the quarter to 30 September was ¥1.115tn, about $7bn. A year earlier the same quarter showed a ¥2.5tn profit (mlq.ai). The FT puts it down to "evolving requirements" in US projects (FT). Losses on Intel hedges and finance costs that more than doubled made it worse.
What changed and event timeline
Ohio mega-campus backed by the US government
The Commerce and Energy departments, SoftBank and AEP Ohio announced a campus of about 10 GW at the former Portsmouth uranium site. Some reports date the announcement to March ().
OpenAI lease and Intel hedge
Management said OpenAI signed a 20-year lease for the 8 GW PORTS-Pike campus. SoftBank also raised $7.4bn through a prepaid forward contract backed by its Intel shares ().
Quarter closes with writedowns
The Silver Bands 7 vehicle booked a ¥597.2bn loss on its revised equipment orders. Intel derivatives and the fall in Intel's share price added about $3.7bn more ().
Results published
SoftBank reported a ~$7bn net loss and kept its full-year guidance. Its shares had risen 14% before the release ().
Capabilities and access
This is a story about financing and infrastructure. No model was released.
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This is a story about financing and infrastructure. No model was released.
- PORTS-Pike Technology Campus, Pike County, Ohio: planned as 17 buildings of about 472 MW each, roughly 8 GW of IT load in total (SB Energy S-1/A).
- Nvidia: has committed $3bn ($1.5bn already paid) and credit support for 4.25 GW of IT load, according to SoftBank management (Investing.com).
Technical analysis for researchers and developers
- What went wrong: CFO Yoshimitsu Goto said competition for generation equipment pushed SoftBank to buy before long-term specifications were set (tech-insider).
- Scale of procurement: $9.5bn of equipment was prepaid. $6.6bn of that remains on the balance sheet and is meant to be recovered through project financing.
- Takeaway for builders: power hardware ordered years ahead of compute can become stranded when the design of the facility changes.
Read the full section
- What went wrong: CFO Yoshimitsu Goto said competition for generation equipment pushed SoftBank to buy before long-term specifications were set (tech-insider). On the call he tied the revision to fast technology change (Investing.com). The equipment types affected have not been disclosed.
- Scale of procurement: $9.5bn of equipment was prepaid. $6.6bn of that remains on the balance sheet and is meant to be recovered through project financing.
- Takeaway for builders: power hardware ordered years ahead of compute can become stranded when the design of the facility changes.
Claims and evidence
- $3.7bn loss: made up of ¥457bn in non-refundable advances plus ¥140.2bn in contract changes (mlq.ai).
- Up to $2.1bn of rebates over 10 years: these are conditional and had not been confirmed as of 30 September (W.Media).
- OpenAI stake worth $99.6bn against $54.6bn invested: this is SoftBank's own valuation, and it was unchanged from March (mlq.ai; implicator.ai).
Read the full section
- $3.7bn loss: made up of ¥457bn in non-refundable advances plus ¥140.2bn in contract changes (mlq.ai). One summary of the call describes a $2.9bn loss after rebates (Investing.com). That same summary gives a ¥768bn net loss, which conflicts with the ¥1.115tn reported elsewhere, so treat its figures with care.
- Up to $2.1bn of rebates over 10 years: these are conditional and had not been confirmed as of 30 September (W.Media).
- OpenAI stake worth $99.6bn against $54.6bn invested: this is SoftBank's own valuation, and it was unchanged from March (mlq.ai; implicator.ai).
- OpenAI at about $50bn annual recurring revenue: this comes from SoftBank management on the call. No independent figure appears in the reviewed sources (Investing.com).
Context and prior work
- Stargate pace: SoftBank's earlier $500bn Stargate plan with OpenAI was reported in 2025 to be moving slowly (innovatopia).
- Debt warning: in February 2025 Goto said the project would slow if debt financing became difficult (YourStory).
- Comparison quarter: the profitable quarter a year earlier was lifted by OpenAI valuation gains that did not recur this time (tech-insider).
Read the full section
- Stargate pace: SoftBank's earlier $500bn Stargate plan with OpenAI was reported in 2025 to be moving slowly (innovatopia).
- Debt warning: in February 2025 Goto said the project would slow if debt financing became difficult (YourStory).
- Comparison quarter: the profitable quarter a year earlier was lifted by OpenAI valuation gains that did not recur this time (tech-insider).
Limitations, safety and contested findings
- Is the loss a one-off?
- Finance costs: rose to ¥461.9bn from ¥174.7bn.
- Leverage: loan-to-value rose to 15.9%, still below SoftBank's 25% ceiling.
Read the full section
- Is the loss a one-off? Shinkin Asset Management's Kazuki Sawamura called the data-centre loss temporary and said rising finance costs are the bigger worry (W.Media).
- Finance costs: rose to ¥461.9bn from ¥174.7bn.
- Leverage: loan-to-value rose to 15.9%, still below SoftBank's 25% ceiling.
- Net asset value: fell from ¥72.3tn to ¥59.8tn (mlq.ai).
- Downsizing: management rejected rumours that the Ohio project will be scaled back. This is a company statement only (Investing.com).
Business and practitioner implications
- Power is now a capital risk: deposits for scarce turbines and generation gear can be lost if specifications change.
- Exposure to OpenAI: SoftBank's results now depend heavily on how OpenAI is valued and on the lease at the Ohio campus.
- Funding strain: SoftBank raised a record $56.5bn in the quarter and raised its Arm-backed margin loan to about $25bn (The Star).
Read the full section
- Power is now a capital risk: deposits for scarce turbines and generation gear can be lost if specifications change.
- Exposure to OpenAI: SoftBank's results now depend heavily on how OpenAI is valued and on the lease at the Ohio campus.
- Funding strain: SoftBank raised a record $56.5bn in the quarter and raised its Arm-backed margin loan to about $25bn (The Star).
- Possible asset sales: Goto said assessing assets SoftBank no longer needs may become a subject. Management also described a shift from "all offense" to a "gas and brake" approach.
The source trail.
Sources (12)
SoftBank slumps to $7bn loss on US data centre writedown
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ft.com