Japan Launches U.S.-Bound Investment Projects, SoftBank’s Participation in Gas Power Venture Spurs Speculation of Strategic Backing for OpenAI

Japan Commences U.S. Investment Drive, Targeting Gas Power, Crude Export Infrastructure, and Synthetic Diamonds
SoftBank Joins Gas Power Project, Expands Commitment to AI Infrastructure Investment
SoftBank’s Entry Seen as Strategic Move to Fortify OpenAI’s Growth Foundation

Japan is moving forward with investments in U.S. gas-fired power generation, crude oil export infrastructure upgrades, and synthetic diamond manufacturing. The long-anticipated U.S.-bound investment initiative, formulated under last year’s bilateral trade and tariff agreement, has now come into view. Market attention is particularly focused on the participation of SoftBank Group in the gas-fired power project. The move is widely interpreted as part of a broader artificial intelligence infrastructure strategy aimed at reinforcing OpenAI, into which SoftBank has deployed substantial capital.

Full-Scale Rollout of Japan’s U.S. Investment Projects

On the 18th, Japan’s Ministry of Economy, Trade and Industry announced a total investment of 36 billion dollars across three projects: construction of a gas-fired power plant in Ohio, development of a synthetic diamond manufacturing facility in Georgia, and upgrades to oil and gas export terminals in Texas. These initiatives mark the formal execution of the U.S.-focused investment framework established under the bilateral trade accord reached in July last year. At the time, Japan pledged to invest 550 billion dollars in the United States by 2029 in response to tariff pressure from the Trump administration.

The industrial synthetic diamond project will receive 600 million dollars. Synthetic diamonds constitute critical materials across semiconductor, automotive, and aerospace manufacturing, yet heavy reliance on Chinese supply has been regarded as a vulnerability to economic security for both countries. U.S. Commerce Secretary Howard Lutnick stated that the United States would domestically produce 100% of its demand for synthetic diamonds, describing the initiative as a decisive step toward reducing external dependence on essential advanced industrial inputs. Participating entities include Japanese firms Asahi Diamond Industrial and Noritake, alongside De Beers Group, the world’s largest diamond distributor.

The crude oil export infrastructure project carries a price tag of 2.1 billion dollars and centers on upgrading export terminals capable of accommodating large-scale tankers. Upon completion, the United States expects to generate annual export gains of 20 billion to 30 billion dollars in domestically produced crude. Port construction is likely to be led by U.S.-based Max Energy, with Japanese corporations including Mitsui O.S.K. Lines, Nippon Steel, JFE Steel, and MODEC expressing interest in participation.

The Ohio gas-fired power initiative accounts for 33.3 billion dollars of the total investment. The project envisions construction of natural gas power plants with a combined capacity of 9.2 gigawatts. According to Bloomberg, the facility would generate electricity equivalent to the output of nine nuclear reactors at full capacity, with power earmarked primarily for AI data centers. SoftBank will serve as the secretariat of the executing consortium. Panasonic Holdings, Murata Manufacturing, and TDK—key producers of electronic components and power transmission equipment—will participate alongside financial institutions from both countries, including Mizuho Bank and Goldman Sachs.

SoftBank Channels Capital into AI Infrastructure

Markets are closely scrutinizing SoftBank’s involvement in a power generation project designed for AI data centers. The group has pursued an aggressive buildout of AI-related infrastructure investments in recent years. A prominent example is its acquisition of DigitalBridge late last year. DigitalBridge ranks among the world’s largest investors specializing in telecommunications towers and data centers. Its portfolio includes a range of digital infrastructure operators such as AIMS, AtlasEdge, DataBank, Switch, Vantage Data Centers, and Yondr Group.

Last month, SoftBank and OpenAI jointly committed 1 billion dollars to SB Energy, a U.S.-based renewable energy developer backed by SoftBank and alternative asset manager Ares Management. SB Energy has led solar and other renewable projects across California and Denver. Following the investment, SB Energy will construct and operate a 1.2-gigawatt OpenAI data center campus in Milam County, Texas. With output comparable to a single nuclear power plant, the 1.2-gigawatt facility ranks among the largest standalone data centers globally.

In addition, SB Energy has entered into a non-exclusive preferred partnership with OpenAI and SoftBank to develop a “next-generation data center deployment model.” The framework integrates OpenAI’s proprietary data center design with SB Energy’s capabilities in speed, cost control, and integrated energy supply. SB Energy stated that it is currently developing multiple multi-gigawatt data center campuses, with several already under construction and scheduled to commence operations within the year.

Portfolio Reoriented Around OpenAI

Industry observers interpret SoftBank’s recent maneuvers as strategic reinforcement of its substantial commitment to OpenAI. As electricity supply constraints emerge as a primary bottleneck to AI sector expansion, SoftBank’s infrastructure initiatives are viewed as stabilizing the operational foundation underpinning OpenAI’s growth trajectory.

In February of last year, SoftBank agreed to invest 40 billion dollars in OpenAI at a valuation of 260 billion dollars. In April, it directly injected 7.5 billion dollars and raised an additional 11 billion dollars alongside co-investors. Toward the end of the year, SoftBank committed a further 22.5 billion dollars, bringing total investment to 41 billion dollars. The transactions secured an 11% equity stake, positioning SoftBank as OpenAI’s third-largest shareholder behind Microsoft, which holds 27%, and the OpenAI Foundation with 26%.

SoftBank is reportedly weighing additional investment in OpenAI. On the 28th of last month, Bloomberg and The Wall Street Journal cited sources familiar with the matter indicating that SoftBank is considering a further 30 billion dollar commitment. Should such plans materialize, SoftBank’s ownership stake and influence within OpenAI would expand significantly. Discussions remain at an early stage, and the final investment amount remains subject to change.

SoftBank’s assertive capital deployment into OpenAI reflects a broader reallocation strategy aimed at securing strategic leadership within the AI ecosystem. To finance its OpenAI exposure, the group has reshaped its broader portfolio. In November last year, it divested its entire 5.8 billion dollar stake in Nvidia and sold holdings in T-Mobile US valued at approximately 4.8 billion dollars around the same period. The pace of new investments by the Vision Fund has slowed markedly, and any investment exceeding 50 million dollars now requires direct approval from Chairman Masayoshi Son.