SoftBank Charts a New Course in Europe With €75 Billion AI Infrastructure Plan

SoftBank exits Symbotic for $282M after weak earnings, then commits €75 billion to build Europe's largest AI data centers in France, funded partly by new retail bonds.

Masayoshi Son’s SoftBank trimmed one big bet last week and piled into another that dwarfs it. The Japanese conglomerate sold its remaining stake in warehouse robotics firm Symbotic for roughly $282 million on May 27, pocketing proceeds from 5.6 million shares at $50.42 each. SVF Sponsor III, the selling entity, now holds zero Symbotic shares, though other SoftBank vehicles still own about 39.8 million. The timing stood out: Symbotic had just reported earnings per share of $0.01, well below the $0.12 analysts had penciled in, despite a revenue beat.

That exit, however, is pocket change next to what SoftBank is about to unveil in France. At the Choose France summit on Monday, the group will commit up to €75 billion to build what it bills as Europe’s largest artificial intelligence infrastructure. The opening phase alone calls for €45 billion over five years to install 3.1 gigawatts of data-centre capacity in the Hauts-de-France region, with first operations due between 2028 and 2031. Long-term, SoftBank targets 5 GW across sites in Dunkirk (Loon-Plage), Le Bosquel and Bouchain.

Energy availability is the linchpin. Son has pointed to France’s position as a net electricity exporter with a nuclear-heavy grid as a decisive advantage for power-hungry AI facilities. At Bouchain, SoftBank is working with EDF, while Schneider Electric is slated for a robotics-linked plant there and a separate manufacturing cluster in Dunkirk expected to generate thousands of jobs. The group will develop the projects alongside SB Energy and other strategic partners.

The French play is just one spoke in a global wheel. In March, SoftBank floated a potential data-centre project in Ohio that could mobilise $500 billion and install 10 GW of capacity. And its $30 billion-plus stake in OpenAI, representing roughly 11% of the startup, remains a central plank of Son’s AI thesis. Morningstar estimates that SoftBank’s near-90% holding in Arm accounts for about 40% of total group assets, with OpenAI contributing another 13%. That concentration leaves the group’s valuation acutely sensitive to the fortunes of a few positions.

Financing such ambition is already testing the market. SoftBank plans to issue a ¥260 billion ($1.6 billion) subordinated bond aimed at retail investors, running 35 years with an initial coupon range of 4.8% to 5.6% and a first call date after five years. Pricing is set for June 5. The move follows ¥418 billion in retail bonds placed in April, plus $3.6 billion in dollar-denominated notes and euro bonds for institutional buyers. The group’s credit-default swaps remain among the highest for large Japanese corporations, and S&P recently lowered its outlook to negative.

Investors have cheered the broader trajectory. SoftBank’s Tokyo-listed shares closed at 7,491 yen on May 30, pushing within striking distance of the 52-week high of 8,038 yen and more than four times the low of 1,835.3 yen. Reports of a potential US initial public offering for OpenAI in the autumn sent the stock soaring nearly 20% in Tokyo at one point, while SB Energy’s own IPO filing added further momentum. Yet the listed telecoms arm SoftBank Corp. slipped about 3.5% to 215.30 yen last week, as the market awaited concrete financing details from Choose France.

The coming days will put SoftBank’s narrative to the test. Monday’s formal commitment in Paris provides political cover—Son personally met President Emmanuel Macron during his Japan visit—but the real proof will come from bond investors on June 5. If SoftBank can price its subordinated note at the low end of the coupon range, the cost of Son’s European infrastructure bet stays manageable. A higher yield or outright scepticism in the credit markets would make the €75 billion plan instantly more expensive, and the entire AI infrastructure thesis that much harder to fund.