SoftBank Group CEO Masayoshi Son reportedly rejected the case put forward by Elon Musk’s SpaceX to build AI data centres in space, arguing the economics favour terrestrial infrastructure.

Bloomberg cited comments made by Son at SoftBank’s annual shareholder meeting, who stated the “the main advantage” of eliminating electricity costs by putting AI data centres in space is outweighed by “higher fees to transport everything into space, maintenance and communication delays”.

Son was apparently responding to a shareholder who asked whether SoftBank would pursue a strategy similar to that proposed by the SpaceX chief, who filed for US regulatory approval in February to deploy up to 1 million solar-powered satellites designed to operate as AI data centres. Musk argues persistent access to solar power will “achieve transformative cost and energy efficiency”, adding “in the long term, space-based AI is obviously the only way to scale”.

While describing the tech mogul as a “remarkable agent of change”, Son reportedly said SoftBank would instead focus on building “formidable” data centre capacity on Earth. “In the battle for AI, the next few years will be far more important than what might happen a decade or so from now,” he noted, adding “he who strikes first wins”.

Despite intensifying competition, Son argued AI has scope for “ten-fold, a hundred-fold” growth, adding there was ample room for OpenAI and rivals including Anthropic and Google to expand amid accelerating AI demand.

The remarks put Son’s strategy at odds with Musk’s long-term vision for AI. SpaceX launched a record-breaking $75 billion IPO earlier this month, with proceeds funnelled towards funding its space-based AI initiative alongside the expansion of its Starlink satellite network.

Meanwhile, SoftBank has committed around $65 billion to OpenAI despite reports the investments were straining its balance sheets, and pledged to invest hundreds of billions of dollars in terrestrial AI infrastructure and data centres globally.

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Hyundai Motor Group was reported by media in South Korea to be set to buy SoftBank Group’s remaining 9.7% stake in robotics company Boston Dynamics for $325 million, assuming full ownership of the business.

Newspaper Maeil Business reported SoftBank had an option in its contract when it sold the bulk of the business to Hyundai to divest the remainder under certain terms.

Having apparently informed Hyundai of its intention to sell, the automotive company decided it would buy the rest subject to approval at a series of board meetings.

SoftBank sold 80% of its holding in former Alphabet business Boston Dynamics in 2021. Its interest in the company has subsequently reduced to the share Maeil Business reported it held today (19 June).

Boston Dynamics’ robots are a regular sight at technology events and other showcases, including robotic dog Spot and humanoid unit Atlas. Its products are aimed at industrial sectors including manufacturing, logistics and construction.

The newspaper noted Hyundai would likely focus on commercialisation of Atlas and undertaking a long-rumoured IPO of the robotics company after completing the buy.

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SoftBank Group’s mobile payment subsidiary PayPay inked a deal to acquire a 70% stake in T&D Financial Life Insurance Company for JPY134 billion ($840 million), part of an aim to broaden its range of financial services.

When launched in 2018 PayPay focused on providing contactless mobile payments but has since widened this to include credit cards and other banking services. It had a base of more than 74 million users as of May 2026.

Announcing the deal, PayPay said the move to buy the life insurance company from T&D Holdings was part of an ambition to “provide comprehensive financial services tailored to each stage of users’ lives”.

The company intends to grow T&D Financial Life’s business through use of its existing platforms and by creating “new customer experiences in the digital life insurance domain”.  

In a linked deal, asset management company One Investment Management intends to buy a stake of almost 15% in the insurance company from T&D Holdings. The current owner will retain the other 15%, though a call option on this is being inserted into the acquisition agreement.

The deal is subject to regulatory approval.

Alongside the proposed acquisition, PayPay agreed a “comprehensive business alliance” agreement 3with T&D Holdings, largely concerning the latter’s insurance brand Taiyo Life.

The pair will “explore the development and provision of services designed to enhance customer convenience and help address social issues, while also drawing on AI, digital technologies, and other capabilities of SoftBank Corp”.

The pact is set to include: offering T&D Holdings’ Taiyo Life insurance products on the PayPay app; exploring call centre enhancement and operational efficiency for Taiyo Life; and jointly exploring a “smart senior city concept”.

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