---
title: "SoftBank Vision Fund Q4 2025: 88% of $9.99B in Coupang + Grab"
type: research
slug: softbank-vision-fund-q4-2025-cpng-grab-concentration
canonical_url: https://13finsight.com/research/softbank-vision-fund-q4-2025-cpng-grab-concentration
published_at: 2026-05-13T10:21:42.210Z
updated_at: 2026-05-13T10:22:23.287Z
author: Marcus Chen
author_title: Senior Market Analyst
author_url: https://13finsight.com/authors/marcus-chen
word_count: 1286
locale: en
source: 13F Insight
---

# SoftBank Vision Fund Q4 2025: 88% of $9.99B in Coupang + Grab

> SB Investment Advisers' Q4 2025 13F-HR shows $9.99B across 10 names, with 88% concentrated in Coupang (68.3%) and Grab Holdings (20.1%). The long tail is busted-IPO biotech and frontier tech.

SB Investment Advisers (UK) Ltd — the London-based public-equity arm of SoftBank Vision Fund — filed a Q4 2025 13F-HR showing $9.99B across just 10 US-listed positions. Two names absorb 88.4% of the disclosed book: Coupang at $6.83B / 68.34%, and Grab Holdings at $2.00B / 20.06%. The remaining $1.16B is spread across eight names, none larger than 4% of book, and almost all carrying the signature of SoftBank's 2020-2021 IPO vintage: Roivant Sciences, Compass Inc, Relay Therapeutics, Energy Vault, Vir Biotechnology, Aurora Innovation, Full Truck Alliance, and Ginkgo Bioworks.This is what a Vision Fund 13F looks like at maturity. The portfolio reads as one mega-winner (Coupang IPO'd at $35 in 2021, now $25-30 range; Vision Fund's cost basis sits well below current market) plus one second-bucket winner (Grab is back in profitability conversation after years of cash burn) plus a long tail of busted-IPO bets that have not been wound down. The 13F-HR is best read as a snapshot of which Vision Fund investments are still publicly traded and not yet distributed back to LPs, rather than a statement of forward investment view.The portfolio at a glanceThe position-size ranking:TickerNameValueWeightVintageCPNGCoupang Inc$6.83B68.34%2015-2021 (IPO'd March 2021)Grab HoldingsGrab Holdings Ltd$2.00B20.06%2014-2021 (SPAC merge Dec 2021)Roivant SciencesRoivant Sciences Ltd$356.2M3.56%2017-2021 (SPAC merge Sept 2021)COMPCompass Inc$264.9M2.65%2017-2021 (IPO April 2021)RLAYRelay Therapeutics$236.1M2.36%2018-2020 (IPO July 2020)NRGVEnergy Vault$85.4M0.85%2021 (SPAC merge Feb 2022)VIRVir Biotechnology$79.1M0.79%2017-2019 (IPO Oct 2019)AURAurora Innovation$76.1M0.76%2019-2021 (SPAC merge Nov 2021)YMMFull Truck Alliance$56.6M0.57%2017-2021 (IPO June 2021)DNAGinkgo Bioworks$5.1M0.05%2020-2021 (SPAC merge Sept 2021)The concentration here is not a stock-picking thesis. It is the residual of SoftBank's 2019-2021 IPO/SPAC vintage that hasn't been distributed or sold down. The Coupang stake alone — 289.5 million shares — is a single SVF I exposure to a single Korean e-commerce winner. If you were sizing a public-equity book today, you would not put 68% in any one Korean retailer. But if you backed that retailer in 2015 at a private valuation and your cost basis is a fraction of today's price, you hold.The Coupang anchor: why the concentration is structural, not strategicCoupang is the single most consequential investment in SoftBank Vision Fund I, full stop. SVF I's Korea allocation was anchored on Coupang, the equity converted at IPO at a valuation reflecting roughly $50B market cap, and Vision Fund has been a holder ever since. The $6.83B mark on the 13F-HR reflects SoftBank's still-undisposed public stake in Coupang, which historically has been one of the largest single concentrations in any institutional 13F book in the world.For readers comparing the SoftBank stake against the rest of Coupang's holder structure, the CPNG stock page shows the full institutional book. SoftBank's roughly 290M shares place them well above the next-largest holders, which puts any future block sale or registered secondary in the "market-moving event" bucket.The concentration pictureTop-1 at 68.3%, top-5 at 97.0%, top-10 at 100% — this is a degree of concentration that exists nowhere else in the large-cap 13F universe outside of single-stock vehicles. Even the most concentrated dedicated long-only growth funds typically run their top-1 at 15-20% and top-5 at 50-60%. SVF's 13F is more usefully compared to a corporate-treasury single-name disclosure than to an actively-managed equity fund.The AUM history is a Coupang chart in disguiseThe reported AUM over the last 10 quarters ranges from $9.99B (2025Q4, the current filing) to $13.15B (2025Q3) — a band roughly $9-13B with no clear secular trend. Given that ~68% of the book is Coupang and another 20% is Grab, the AUM line essentially traces CPNG share price multiplied by share count, plus a smaller GRAB overlay. The 2024Q3 → 2024Q4 dip ($12.14B → $11.38B), the 2025Q2 → 2025Q3 rally ($12.61B → $13.15B), and the 2025Q3 → 2025Q4 retreat ($13.15B → $9.99B, roughly −24%) are all explainable as CPNG mark-to-market plus modest share-count attrition from quarterly disposition.What is NOT visible in the AUM history is any meaningful new-position addition. The book is shrinking as positions get distributed or trimmed; nothing is being added. That is the public-market footprint of a Vision Fund in wind-down mode for SVF I positions, with SVF II / Vision Fund 2 holdings tracked through different filing entities.The biotech and frontier-tech tailThe eight names below Coupang and Grab read as a who's-who of post-IPO disappointment from the 2020-2021 vintage:Roivant Sciences ($356.2M): drug discovery and "vants" model; SoftBank backed earlyCompass Inc ($264.9M): residential real estate brokerage; IPO at $18, currently ~$10Relay Therapeutics ($236.1M): motion-based drug discovery; IPO at $20, currently ~$8Energy Vault ($85.4M): gravity battery storage; SPAC merger at $10, currently ~$4Vir Biotechnology ($79.1M): monoclonal antibodies; IPO at $20, currently ~$5Aurora Innovation ($76.1M): autonomous trucking; SPAC merger at $10, currently ~$5Full Truck Alliance ($56.6M): China logistics; IPO at $19, currently ~$10Ginkgo Bioworks ($5.1M): synthetic biology platform; SPAC merger at $10, currently ~$0.30None of these positions are sized as conviction trades. They are residual holdings the Vision Fund hasn't yet been able to dispose of at acceptable prices. The Ginkgo Bioworks $5.1M position is illustrative: at $0.30/share, that is roughly 17 million shares carried at near-zero economic value, kept in the 13F because the disposition cost (block sale at depressed prices) is worse than the marginal mark-to-market drag.What to watch from hereForm 144 filings from SoftBank affiliates regarding CPNG. Any registered sale or block trade notice on Coupang would be a major market event — SoftBank's 290M share position represents multiple weeks of normal Coupang trading volume. The alerts feed picks up filings in real time.2026-Q1 13F (filing window closes May 15, 2026). The cleanest signal will be the CPNG share count: a meaningful trim suggests Vision Fund is actively winding down the position; a flat share count says they are still holding for further upside (or finding no liquidity window acceptable).SVF II reporting entity disclosures. SB Investment Advisers (UK) Ltd is the SVF I public-equity vehicle. SoftBank Group's SVF II holdings, where active, are reported through different CIKs — the full institutional footprint of SoftBank-affiliated entities is broader than this single 13F. Any researcher modeling SoftBank's full public-equity exposure should check related entities including the SoftBank Group corporate filings.FAQWhy is 68% of SoftBank Vision Fund's 13F in a single Korean retailer?SoftBank Vision Fund I made its largest single Korea bet on Coupang, holding the position from private rounds through the March 2021 IPO and continuing to hold post-lockup. The 68% concentration reflects SVF's still-undisposed CPNG stake at current market mark, not a fresh stock-picking decision. The size is structural, driven by share count from pre-IPO conversion, not by 13F-quarter rebalancing.Does this 13F represent all of SoftBank's public-equity exposure?No. SB Investment Advisers (UK) Ltd is the public-equity arm of Vision Fund I. SoftBank Group's other public investments, Vision Fund II positions, and corporate treasury exposures are filed through different SEC registrants. The full institutional footprint of SoftBank-affiliated entities requires aggregating multiple CIKs.Are the long-tail positions like Ginkgo Bioworks active investments?No. These are residual holdings from the 2020-2021 IPO/SPAC vintage that Vision Fund has not yet been able to dispose of at acceptable prices. The $5.1M Ginkgo position at $0.30/share is illustrative: kept in the 13F because secondary-market disposition cost (block sale at depressed prices) exceeds the marginal mark-to-market drag of continued holding.When will the next SoftBank Vision Fund 13F be available?The 2026-Q1 13F-HR filing window closes on May 15, 2026 and reflects holdings as of March 31, 2026. The most useful signal is the Coupang share count: a meaningful trim from the current 289.5M would indicate active wind-down; a flat count suggests continued holding for further upside or absence of an acceptable liquidity window.For E-E-A-T citation, the 13F-HR is publicly indexed at SB Investment Advisers (UK) Ltd on EDGAR (CIK 0001731509). For the underlying institutional ownership of each named stock, see CPNG, Grab Holdings, and the research library for comparable concentrated public-equity wrappers around private-vehicle vintages.

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Source: 13F Insight — https://13finsight.com/research/softbank-vision-fund-q4-2025-cpng-grab-concentration
Author: Marcus Chen — https://13finsight.com/authors/marcus-chen
Last updated: 2026-05-13T10:22:23.287Z