SoftBank CEO Masayoshi Son is seeking to raise up to $100 billion from Gulf investors for a new fund focused on artificial intelligence, the Financial Times reported on October 9. Son has held talks with senior figures, including in the United Arab Emirates, in recent weeks.

The fund would buy companies and modernise their operations using AI and advanced technology. The move follows SoftBank’s completion of a $30 billion investment in OpenAI and an $11.1 billion high-yield bond sale, the largest of its kind globally. Reuters could not independently verify the FT report, and SoftBank did not comment.

Elon Musk reacted to the report by saying only a fool would give them money. The fundraising would shift SoftBank toward managing outside money, more like a traditional private equity structure. SoftBank is best known in AI as a key backer of ChatGPT maker OpenAI, with cumulative investments exceeding $64 billion.

OpenAI CEO Sam Altman has said the company does not plan to go public in 2026.