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The Japanese giant is preparing to invest around $300 million into the food delivery startup DoorDash, according to sources familiar with the deal.
The investment would be the latest big bet from SoftBank's Vision Fund, a $98 billion pool of cash that is striking massive deals in some of Silicon Valley's flashiest companies.
While the DoorDash deal has not yet closed and could still fall apart, the sources added, the total investment is expected to be about $300 million, if it is completed. The exact terms of the deal couldn't be learned.
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The food delivery company was last valued at around $720 million in March 2016, according to PitchBook, which includes the $130 million it has raised.
DoorDash and SoftBank declined to comment.
DoorDash is competing with several rivals in the food delivery space, including GrubHub and Postmates. One way the company has tried to differentiate its business is by partnering with national restaurant chains on delivery.
DoorDash recently told Recode that 51 of the top 100 U.S. restaurant chains have delivery agreements with the company. They include Wendy's, Cheesecake Factory and Jack in the Box.
Another fast-growing rival, UberEats, also presents a possible conflict for SoftBank, which has launched a tender offer to acquire up to 20 percent of Uber. Sources said that could be an issue that would prevent the DoorDash investment from proceeding.
The Uber deal though remains tentative, too.
—By Jason Del Rey and Theodore Schleifer, Recode.net.
CNBC's parent NBCUniversal is an investor in Recode's parent Vox, and the companies have a content-sharing arrangement.