SoftBank's €75 Billion French Pledge Ignites a Record Rally — and a Corporate Crown Change
02.06.2026 - 16:56:25 | boerse-global.de
Masayoshi Son has long talked about artificial intelligence as a force that will dwarf the dot-com boom by a factor of 50. But until Monday, markets had not fully priced in the sheer scale of the hardware required to make that vision real. A single announcement — an investment of up to €75 billion in French AI infrastructure — sent SoftBank's shares to an all-time high, knocked Toyota off the top spot for the first time in 22 years, and gave investors a new framework for valuing the Japanese conglomerate.
The stock surged as much as 15% on Monday to ¥8,626, pushing SoftBank's market capitalisation past ¥48 trillion (roughly $301 billion) and unseating Toyota as Japan's most valuable company — a title the automaker had held since December 2003. By Tuesday, shares were trading at ¥8,632 after hitting an intraday high of ¥9,074, a fresh 12-month peak.
Son's bet on France is the largest foreign direct investment in the country's history. SoftBank plans to build data centres with a combined capacity of five gigawatts, starting with a first phase of €45 billion for 3.1 gigawatts across three sites in Hauts-de-France: Dunkirk, Bosquel and Bouchain. The facilities are expected to be operational by 2031. Son cited France's abundant low-carbon energy as a decisive factor. The company has already lined up partners: Schneider Electric will build a prefabricated data-centre module factory in Dunkirk, while EDF has selected SoftBank as the preferred developer for a 400-megawatt campus on the site of a former coal plant in Bouchain.
The French commitment sits inside a broader strategy that Son calls "Physical AI" — artificial intelligence designed not just for software but for machines, industrial plants and autonomous robots. SoftBank is pursuing two parallel tracks. The acquisition of ABB Robotics is expected to close by the end of 2026, giving the conglomerate a manufacturing foothold. More ambitiously, SoftBank is preparing Roze AI, a new robotics company that would build the data centres themselves using autonomous machines. A US initial public offering is being discussed for the second half of 2026, with managers targeting a valuation of around $100 billion. That plan has generated internal debate, with some executives questioning the aggressive timetable and the geopolitical risks tied to the Middle East.
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Son remains unfazed by the risks, calling any market correction a buying opportunity rather than a reason to slow down. The conviction is backed by a portfolio that has delivered extraordinary returns. OpenAIs valuation surged from $260 billion to $730 billion in a single year. SoftBank has committed $64.6 billion in cumulative investments in the company through October 2026 and is expected to hold a 13% stake by then. A potential OpenAI IPO, possibly in September 2026 at a valuation above $1 trillion, is widely seen as a major catalyst for SoftBank's own share price.
SoftBank's largest single holding remains Arm Holdings, which accounts for more than half of the conglomerate's net asset value. The chip designer's stock has more than doubled since April 2026, fuelled by demand for AI processors. OpenAI, despite its prominence, makes up just over 20% of net asset value — a concentration Son argues is manageable rather than dangerous.
The financial results for the fiscal year through March provide strong operational backing. SoftBank reported a net profit attributable to owners of ¥5,002.3 billion — the highest ever recorded by a Japanese company and an increase of ¥3,848.9 billion year on year. Revenue rose 7.7% to ¥7.80 trillion, while earnings per share hit ¥873.51 and return on equity reached 34.3%.
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All of this sets the stage for SoftBank's annual general meeting on June 24, where shareholders will vote on the re-election of seven incumbent directors and the appointment of two new external board members. The meeting will be a critical test of whether Masayoshi Son's board and management team are unified behind the most aggressive investment phase in the company's history — a phase that includes a French mega-project, a robotics IPO and the deepening of an already massive OpenAI bet.
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