Launching neocoud business in US: Quick Note

研报英文原文证据摘录

Launching neocoud business in US: Quick Note

Global Markets Research

2 July 2026SoftBank Corp

9434.T 9434 JP / EQUITY: JAPAN TELECOMMUNICATIONS

RatingLaunching neocloud business in US Buy

Target price JPY 270Quick Note

Closing price

2 July 2026 JPY 210.1Softbank's neocloud business will be larger than expected

On 2 July, SoftBank Corp and SoftBank Group [9984] (Buy) announced that they would be (Note: Quick Note reports are not a

establishing a 51:49 joint venture called SB Neo in July 2026 to provide neocloud AI vehicle for changes to ratings, target

computing resources to hyperscalers in the US, and would be commencing operations in prices, or earnings forecasts)

FY27. SoftBank Group subsidiary SB Energy has signed an agreement with the US

Department of Energy to build a 10GW gas-fired thermal power plant in Ohio with financial

support from the Japanese government, and plans to build a 10GW data center on the

site. According to this announcement, SB Neo will expand its service capacity in phases, Research Analysts

with plans to later deploy AI infrastructure on a 10-gigawatt scale, which suggests to us

Japan telecommunicationsthat it will use SB Energy's data center in Ohio.

Daisaku Masuno, CFA - NSC

Signing of usage agreements with hyperscalers will be crucial for neocloud daisaku.masuno@nomura.com

business +81 3 6703 1180

The neocloud business might not be able to recoup AI chip procurement costs unless it

signs usage agreements with hyperscalers. However, SoftBank Group announced at its

general shareholders' meeting on 24 June that it had signed memoranda of understanding

with hyperscalers about using the data center in Ohio. We therefore think that SoftBank

Corp might also sign usage agreements with hyperscalers for its neocloud business. We