SoftBank's NAV could be boosted by OpenAI's potential $1.2tn valuation

OpenAI's valuation potentially increases in the next up round funding. OpenAI is reportedly considering another private funding round at a valuation of around $1.2tn ahead of its eventual IPO. The discussions are still at an early stage and were reportedly initiated by large investors, rather than OpenAI itself, with the final valuation, deal size and timing yet to be determined. A $1.2tn valuation would represent a c.41% uplift from OpenAI's $852bn post-money valuation following its $122bn funding round in March 2026. While no transaction has been confirmed, investor interest in a potential up-round underscores continued confidence in OpenAI's technology leadership and the commercial traction of its latest models. Sam Altman has indicated that OpenAI is unlikely to list before 2027, noting that the current environment would be an "ill-advised" time to go public given the broader debate around AI safety. SoftBank's NAV could grow 12% if OpenAI's valuation increases. If OpenAI's valuati