Vision Fund 2

A $38B SoftBank commitment launched Vision Fund 2, whose coverage shifted from 2021’s large startup rounds to losses, slowed deployment and a selective 2025 AI/robotics return.

Who they are

Vision Fund 2 is SoftBank’s technology investment vehicle, appearing in coverage as the lead or co-lead investor in growth-stage companies including Revolut, Swiggy, Digital Currency Group, Remote and Andela. Its stories are also inseparable from SoftBank and founder Masayoshi Son, who supplied the fund’s initial $38B commitment toward a stated $108B fundraising target.

The recent arc

Coverage peaked in 2021 as Vision Fund 2 deployed into very large private-company financings: Revolut’s $800M Series E at a $33B valuation, Swiggy’s $1.25B Series J, and Digital Currency Group’s $700M round. The 2022Q2 resurgence included rounds for Remote and Firework, but the narrative then turned from expansion to retrenchment: CB Insights data cited just one investment in each of August and September 2022, while reporting said the fund was worth 19% less than the $49B invested.

The latest stories suggest selective re-engagement around AI-adjacent infrastructure and automation rather than a return to the earlier broad financing surge. Vision Fund 2 led Terabase’s $130M solar-construction automation round and OpusClip’s $20M video-editing AI round in March 2025, joined G2 in the reported $108M Cast round in April, and was among assets folded into SoftBank Robotics Group in October. This follows SoftBank’s disclosure that Vision Fund 2 lost $2.1B in the quarter in which Vision Fund 1 benefited from Arm’s IPO.

The tension

The central tension is between Son’s earlier high-speed, large-check investment strategy and the discipline imposed by portfolio losses and weaker deployment. Reporting that Son pushed staff to place $38B into more than 180 companies in 2021 contrasts with the 2022 slowdown and the erosion in the fund’s reported value; its newer activity in AI, cybersecurity, automation and robotics puts the vehicle alongside SoftBank’s broader effort to concentrate around technology platforms with strategic relevance.

Why it matters

Vision Fund 2 remains a useful indicator of how aggressively SoftBank is willing to finance late-stage technology companies after the valuation reset. If the recent AI, solar automation and robotics investments continue, the fund could become a more targeted channel for SoftBank’s priority sectors; whether that marks sustained deployment or a limited set of opportunistic investments remains unresolved by the coverage.

Related: SoftBank · Masayoshi Son · Vision Fund · Revolut raises $800M Series E from SoftBank's Vision Fund 2 and Tiger · SoftBank announces Vision Fund 2, will commit $38B to it with the goal · Digital Currency Group raises $700M at a $10B+ valuation led by SoftBa