SoftBank’s plan to launch a joint venture with OpenAI to provide AI services for corporate clients in Japan is facing major delays, according to a source familiar with the situation. Originally scheduled to begin this summer, the venture’s launch has been pushed back due to slower-than-expected preparations, with an update now expected in November. The source, who requested anonymity because the information is not public, said details remain under wraps.

SoftBank confirmed that preparations are ongoing but declined to share specifics. OpenAI has not yet responded to requests for comment. The project, named SB OpenAI Japan, was first announced in February by SoftBank CEO Masayoshi Son alongside OpenAI CEO Sam Altman. Ownership is to be split between OpenAI and a new entity created by SoftBank and its telecom subsidiary.

At a shareholder meeting in June, Junichi Miyakawa, head of SoftBank’s telecom arm, indicated that the goal was to establish the venture by the end of July, though discussions about the products it will offer are still ongoing. After setbacks from a series of failed tech investments, Son has returned to high-profile bets in the AI sector, including OpenAI and other ventures. However, SoftBank’s massive $500 billion Stargate project to build U.S. data centers has also been delayed, with CFO Yoshimitsu Goto citing prolonged negotiations and unresolved location decisions.