Paving the way for "Stargate"? SoftBank plans to acquire DigitalBridge, targeting trillion-level data center assets

SoftBank Group is in deep negotiations to acquire the data center investment company DigitalBridge Group, aiming to acquire over $100 billion in data center assets under its management. This move is seen as a key strategic initiative for SoftBank to advance the "Interstellar Gateway" AI computing power project and strengthen its data infrastructure layout.

On December 29, media reports citing informed sources indicated that the transaction could be officially announced as early as Monday. The specific terms of the deal have not yet been disclosed, and a final agreement has not been reached, with details including the timeline still subject to change.

The market reacted positively to the deal. DigitalBridge's stock surged 45% in pre-market trading. The company currently has a market capitalization of approximately $2.5 billion, with an enterprise value of $3.8 billion, including debt.

Locking in $100 Billion Data Center Assets

DigitalBridge Group is a private equity firm that invests in data center and other assets, led by CEO Marc Ganzi. As of the end of September, the company managed approximately $108 billion in assets.

If this acquisition is completed, SoftBank will directly take over a portfolio of data center assets worth $100 billion under DigitalBridge, covering several data infrastructure operators such as Switch and Vantage Data Centers, significantly strengthening SoftBank's strategic position in the underlying resources of AI computing power.

This acquisition is not SoftBank's first foray into asset management. In 2017, SoftBank acquired Fortress Investment for over $3 billion and sold its stake in 2024 to a consortium that included the Abu Dhabi sovereign wealth fund Mubadala Investment Company and Fortress management.

Slow Progress on the "Interstellar Gateway" Project

Under the leadership of founder Masayoshi Son, SoftBank is fully seizing the opportunity presented by the surge in computing power demand driven by the AI wave.

In January of this year, SoftBank announced a partnership with OpenAI, Oracle, and the Abu Dhabi AI investment platform MGX to launch a "Interstellar Gateway" project with a scale of up to $500 billion, planning to build data centers in the United States.

Although SoftBank founder Masayoshi Son promised to "immediately" invest $100 billion, the actual progress of the project has been slower than expected, partly due to disagreements among parties regarding data center site selection.

According to a Bloomberg report in May, SoftBank initially planned to bring in insurance companies, pension funds, and other long-term investment funds as external financing sources for the project. However, due to fluctuations in the market environment, rising uncertainty in U.S. trade policies, and doubts from some investment institutions about the long-term financial value of AI hardware assets, the related financing negotiations have not progressed as expected.

In September of this year, the project made a breakthrough, with OpenAI, Oracle, and SoftBank announcing plans to build five new data center sites in Texas, New Mexico, and Ohio. The final power generation capacity will reach 7 gigawatts, equivalent to the overall electricity consumption of a medium-sized city

Mobilizing Funds to Support AI Investment

To advance its AI strategy, SoftBank is reallocating funds to free up capital. Masayoshi Son admitted this month that he has "painfully" sold $5.8 billion worth of Nvidia shares to reallocate funds to other AI sectors.

If the acquisition of DigitalBridge is successful, SoftBank will directly control over $100 billion in data center assets under its umbrella. This will not only provide critical infrastructure support for the "Stargate" project but also significantly enhance SoftBank's tangible asset advantages in a broader AI computing power layout