SoftBank Group is dramatically expanding its U.S. infrastructure footprint, spending approximately ¥968.9 billion during the first quarter of fiscal 2026 on assets related to power generation and data centers as the company builds the physical infrastructure required for its broader artificial intelligence strategy.
Of the ¥968.9 billion spent on U.S. power generation and data center assets during the three months ended June 30, approximately ¥637.8 billion consisted of advance payments. The investments helped drive SoftBank’s purchases of property, plant and equipment and intangible assets to approximately ¥1.21 trillion for the quarter.
SoftBank’s balance sheet is already reflecting the scale of the buildout. Property, plant and equipment increased by approximately ¥725.9 billion from the end of March, primarily due to the acquisition of assets related to U.S. power generation and data centers.
The investments are associated with Energy Global, a SoftBank subsidiary engaged in the development, construction and operation of solar power plants as well as the development and construction of data centers in the United States.
The expansion is also producing significant accounting effects. SoftBank recorded a ¥453.4 billion derivative loss related to an increase in the fair value of warrants granted by Energy Global as incentives under lessor lease arrangements involving data centers. Those warrants can be converted into ordinary equity interests in Energy Global.
Derivative financial liabilities associated with the Energy Global warrants reached approximately ¥1.05 trillion at June 30. That included ¥177.3 billion of current derivative liabilities and ¥873.5 billion of non-current liabilities.
Energy Global’s rising fair value also contributed to higher compensation costs. Expenses at the business increased by ¥183.6 billion, primarily because of higher cash-settled share-based compensation expenses following an increase in Energy Global’s valuation.
The infrastructure spending is occurring alongside SoftBank’s broader push to build an AI ecosystem spanning capital, computing and physical infrastructure. SoftBank’s newly created AI Computing segment combines Arm, Ampere and Graphcore, while Arm has expanded beyond its traditional semiconductor intellectual property model with the introduction of its first proprietary silicon chip, the Arm AGI CPU, designed for cloud and agentic AI workloads.
SoftBank reported quarterly net sales of ¥2.02 trillion, up 10.9% year-over-year. The group recorded ¥1.86 trillion of investment gains, although net income attributable to owners of the parent declined 17.7% to ¥347.3 billion as higher expenses, financing costs, foreign exchange losses and derivative losses offset some of those gains.
