SoftBank’s $4B DigitalBridge Buy Signals Major Play in AI Infrastructure

From an investment banking perspective, SoftBank’s acquisition of DigitalBridge for US$4 billion reflects a calculated move to internalize critical infrastructure assets that underpin AI growth. By paying US$16 per share—15% above the market price just before the deal—the acquirer balances obtaining control without overpaying under the scrutiny of valuation multiples and market expectations. This pricing suggests either considerable confidence in synergy/scale or leverage of DigitalBridge’s capital needs. [1][3][6]

DigitalBridge’s asset base—≈US$108 billion AUM spread across data centers, fiber, towers, edge and small-cell infrastructure—offers SoftBank exposure to long-duration, capital-intensive cash flows with high entry barriers. These assets are increasingly essential for scaling AI platforms globally, and acquiring them provides more control over the supply chain for AI infrastructure. [1][2][5]

Structurally, SoftBank maintains operational separation for DigitalBridge post-close, which mitigates integration risk and preserves management expertise under Marc Ganzi. However, risks remain from regulatory approval, political scrutiny over data infrastructure consolidation, and SoftBank’s financial flexibility given its recent divestitures (e.g. its Nvidia stake) and existing capital commitments (OpenAI, Stargate) across its portfolio. [1][2][4]

Market expectations anticipated a higher potential valuation (US$25–35/share) based on DigitalBridge’s leasing and capacity metrics: as of Q3 2025, DigitalBridge had ~5.4 GW built or under construction of data center capacity, 2.6 GW leased, from a ~20.9 GW power bank, suggesting steep capital expenditure ahead but strong demand tailwinds. [6][7] SoftBank’s deal, being lower, may imply negotiation strength or strategic urgency, but could raise questions among investors about loss of upside.

Strategically, this acquisition both strengthens SoftBank’s physical AI infrastructure capabilities and reinforces its role in broader industry initiatives like Stargate, a large-scale AI infrastructure project with partners including Oracle, OpenAI, and MGX. [2][5] For AI ecosystem stakeholders, this signals that infrastructure (power, connectivity, scale) has entered a premium phase—ownership will confer competitive advantages against those reliant on third-party operators.

Open questions remain: what regulatory or antitrust hurdles might emerge in multiple jurisdictions? How will SoftBank prioritize investment across multiple infrastructure fronts (data centers vs fiber vs edge)? What is the cost structure and financing plan, especially since DigitalBridge needs large capital infusion to build out capacity? And how will SoftBank balance its rising leverage and overall liquidity against these scale-intensive investments?