SoftBank Group Corp. has entered advanced discussions to acquire DigitalBridge Group Inc., a private equity firm focused on investments in assets such as data centers, according to people familiar with the matter.
The Japanese conglomerate may announce an agreement as early as Monday for New York–listed DigitalBridge, the people said, requesting anonymity because the discussions remain private. However, the terms of the potential transaction—part of SoftBank’s broader effort to benefit from the AI-driven surge in digital infrastructure—remain unclear.
That said, the parties have not finalized a deal, and key details, including timing, could still change. Meanwhile, representatives from both SoftBank and DigitalBridge declined to comment.
Following initial reports of the talks on December 5, DigitalBridge’s shares surged 45% in a single day. Prior to that, the stock had fallen 13% this year. As a result, the company now holds a market capitalization of roughly $2.5 billion and an enterprise value of about $3.8 billion, including debt.
At the same time, SoftBank founder Masayoshi Son is intensifying efforts to capitalize on rapidly growing demand for the computing power that supports artificial intelligence applications.
DigitalBridge, led by Chief Executive Officer Marc Ganzi, managed approximately $108 billion in assets as of the end of September, according to its website. Its portfolio includes several major digital infrastructure operators, such as AIMS, AtlasEdge, DataBank, Switch, Vantage Data Centers, and Yondr Group.
Notably, SoftBank has prior experience in the asset management space. In 2017, it acquired Fortress Investment Group for more than $3 billion. Eventually, it sold its stake to a consortium that included Abu Dhabi sovereign wealth fund Mubadala Investment Co. and Fortress Management, completing the transaction in 2024.
Earlier this year, SoftBank announced a $500 billion initiative known as Stargate, in partnership with OpenAI, Oracle Corp., and Abu Dhabi–based MGX, to develop data centers across the US. While Son pledged to deploy $100 billion “immediately,” progress on Stargate has moved more slowly than expected, partly due to disagreements over site locations.
Initially, SoftBank sought project financing from external investors, including insurance companies, pension funds, and investment firms. However, several discussions slowed amid market volatility, uncertainty surrounding US trade policy, and concerns about valuations of AI hardware.
Despite these challenges, OpenAI, Oracle, and SoftBank revealed plans in September to develop five new sites across Texas, New Mexico, and Ohio. Once completed, these facilities will collectively provide up to 7 gigawatts of power capacity—comparable to the consumption of some cities.
Ultimately, SoftBank’s aggressive expansion strategy has required reallocating capital internally to unlock additional funding for its AI and infrastructure ambitions.
