Masayoshi Son went all in again—he’s got no way out now. $11.1 billion in debt, with interest rates as high as 9.75%. The largest high-yield corporate bond in Asia-Pacific history. The money barely sat in the account for two days before being transferred to OpenAI. With this, SoftBank’s total investment in OpenAI has reached $64.6 billion. To scrape together the funds, he liquidated all his NVIDIA shares and increased Arm’s mortgage loan limit from $20 billion to $25 billion. Everything that could be sold has been sold. Everything that could be leveraged has been leveraged. No hedging, no fallback. He’s betting that if OpenAI reaches NVIDIA’s market cap, his 13% stake will be worth $650 billion—10 times his investment. But here’s the reality: OpenAI’s Q1 revenue was $5.7 billion, with an operating loss of $9.3 billion. Anthropic just surpassed its valuation and is planning to IPO before OpenAI. Thirty years ago, he invested $20 million in Alibaba in 6 minutes, and 14 years later, it turned into $58 billion. Thirty years later, he’s putting everything on the line, betting OpenAI will be worth $650 billion. The difference is just two things: Back then, he could afford to wait. This time, the annual interest alone burns nearly $1 billion. When he invested in Alibaba, Masayoshi Son was betting on what would happen in ten years. But this time, his creditors are only giving him until March 2027.