SoftBank expresses support for OpenAI's new structural reform: 300 billion investment case is on the right track

OpenAI is experiencing a major structural adjustment, and this reorganization has now received clear support from key investor SoftBank. This reform not only relates to the company's governance direction but also concerns whether the investment of up to $30 billion will be in place as scheduled. The reorganization structure is shifting towards a "dual-track system": the non-profit unit still holds the primary power. OpenAI announced this month that it will no longer develop towards complete commercialization, responding to concerns from social citizens and former employees about "mission deviation". According to the latest structure, OpenAI's non-profit organization still retains ultimate control, while the original LLC responsible for business operations will be transformed into a Public Benefit Corporation (PBC). This means that the business unit can still pursue profits but must also consider social value and public welfare missions. This is a significant turn from the original proposal to "remove non-profit control rights", which was previously criticized by many in the tech industry, including co-founder Musk. SoftBank first publicly expressed support: investment commitment back on track. At the latest financial report press conference, SoftBank CFO Yoshimitsu Goto first publicly supported OpenAI's new structural direction. He noted that this change was "within our expectations" and emphasized that "nothing has really changed". This statement is particularly crucial because SoftBank promised to invest $30 billion in OpenAI this year, with the premise that the company must complete the restructuring by the end of the year. If not completed as scheduled, SoftBank had previously warned that it might reduce the investment to $20 billion. Microsoft's attitude has become a variable: rewriting the cooperation agreement has not yet reached a consensus. Despite SoftBank's support, Microsoft, another major investor in OpenAI, has not yet agreed to this structural reform. According to Bloomberg and Financial Times reports, OpenAI is negotiating to rewrite the multi-billion-dollar cooperation agreement with Microsoft. The Financial Times further pointed out that Microsoft is currently the largest and most critical opponent, and whether it ultimately approves will directly impact the overall restructuring process. Multiple shareholders are waiting to be coordinated, and the path to reform still faces challenges. SoftBank's Goto stated that their position is based on the assumption that the restructuring will proceed, "but there are many stakeholders involved in OpenAI, and some may intervene, which could make the process less smooth than expected". Nevertheless, he candidly admitted that this is something "we cannot control, we can only wait and see". The non-profit still leads, the investment door is open, but internal differences still need to be resolved. OpenAI's latest transformation plan attempts to balance "pursuing public welfare" and "attracting funds", with SoftBank's support injecting a strong boost. However, unless Microsoft ultimately agrees, this reorganization drama of the AI giant may still have many chapters to be written. Palantir, an AI data analysis software provider, rose about 8% on Thursday and recently announced a valuation of $281 billion, ranking ninth and surpassing Salesforce's $268 billion market value. Earlier this year, Palantir had already displaced traditional tech giants Cisco and IBM. The highest-valued tech company is Microsoft, with a market value of $3.3 trillion, followed by Apple and Nvidia. Over the past year, Palantir's stock has risen more than fivefold, and in 2025, its stock price has risen about 58%, becoming the best-performing company in the S&P 500 index for the second consecutive year. In recent months, while other tech peers have been affected by Trump's tariff policies and economic slowdown concerns, Palantir has continued to rise, completely unaffected by market panic.

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What Kind of Company is Palantir?

Palantir (Palantir Technologies Inc, NASDAQ ticker PLTR) was founded in 2003, with founders including company chairman Peter Thiel and CEO Alex Karp, who is also a co-founder of PayPal. Palantir has a close relationship with the US government, with its most well-known business collaboration being helping the US Army develop AI software. Palantir's revenue grew by 45% last quarter, reaching $373 million. This includes a contract worth $178 million. Many investors are still unclear about what kind of company Palantir is. Simply put, Palantir is an AI cloud system and big data company that builds AI large language models and cloud systems for enterprises and government agencies.

Building an AI System for the US Army

In a shareholder earnings report letter, CEO Alex Karp expressed appreciation for the company's controversial US defense business, believing that Silicon Valley critics have changed their perspective and are now emulating Palantir's approach.

Analysts Believe Valuation is Unreasonable

Although Palantir has joined the top-tier tech companies in market capitalization, its sales and profits are much smaller than Salesforce. Palantir's trailing earnings ratio was 520 times, forward earnings ratio was 200 times, and estimated revenue was 90 times. Investment advisors believe Palantir may be inflated. Jefferies analyst Brent Thill wrote in a report on May 6th: "The fundamentals are still active, but we believe the valuation is unreasonable." He rated Palantir's stock as a sell.

Other top 10 tech companies, including Salesforce, have an average trailing earnings ratio of about 58 times, with Broadcom and Tesla around 160. The average forward earnings ratio for tech companies is about 37.5 times. Analysts believe Tesla's 137 is an inflated number. In terms of revenue multiples, the average is 10.2, with Nvidia having the highest premium at 22.

CEO Doesn't Care About Investors Selling Palantir

Palantir's revenue exceeded expectations, but the stock price dropped by over 12% after announcing Q1 results. Analysts believe the slowdown in international commercial sales has caused concern among some investors, with significant expectations of accelerated growth leading to a wait-and-see attitude from market investors.

Alex Karp told CNBC anchor Brian Sullivan, "You don't have to buy our stock. We are happy to collaborate with the world's best talent and maintain a leading position. You can follow the trend or not."