SoftBank’s $11 Billion Bond Offering for OpenAI Investment
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SoftBank's $11 Billion Bond Offering for OpenAI Investment
- SoftBank Group Corp. has garnered over $20 billion in initial investor interest for a bond offering totaling more than $11 billion, which is intended to fund its investments in OpenAI.
- The offering, which includes $10 billion in dollar-denominated notes and €1 billion in euro-denominated notes, is expected to be priced on September 24, 2026, with settlement on September 29, 2026.
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SoftBank Group Corp. is moving forward with a substantial bond offering, seeking to raise over $11 billion to support its significant investments in OpenAI, the creator of ChatGPT. The offering has reportedly attracted more than $20 billion in preliminary demand from investors, indicating strong interest in capturing the high yields expected from these speculative-grade bonds.
The bond sale includes $10 billion in dollar-denominated senior unsecured notes and €1 billion (approximately $1.15 billion) in euro-denominated notes. These notes are structured with various maturities: 3.5, 5.5, and 7.5 years for the dollar tranches, and 4 and 6 years for the euro tranches. Pricing for the bonds is anticipated on September 24, 2026, with settlement scheduled for September 29, 2026.
A significant portion of the proceeds from this offering will be allocated to SoftBank’s $10 billion contribution to the third tranche of its follow-on investment in OpenAI, which is slated to close on October 1, 2026. This bond issuance also aims to replace a $10 billion bridge loan that SoftBank had previously secured to fund the same investment. If the offering reaches its target size, it would be a record-setting non-financial corporate bond deal from Asia Pacific and Japan, surpassing the $10.93 billion raised by 7-Eleven Inc. in January 2021. It would also rank among the top 20 corporate bond transactions globally in 2026.
Fitch Ratings has assigned the proposed notes a BB+ rating, which is the highest level within the speculative-grade category. This rating suggests that while SoftBank’s leverage is expected to increase due to its investment commitments, the company is projected to maintain adequate liquidity and continued access to debt markets. Citigroup Inc. is serving as the lead bookrunner for the dollar notes, while JPMorgan Chase & Co. leads the euro notes. SoftBank’s total cumulative investment in OpenAI is expected to reach approximately $64.6 billion upon completion of the third tranche, representing an ownership stake of roughly 13%. SoftBank CEO Masayoshi Son has made substantial bets on AI, with the company’s fortunes increasingly linked to its ability to monetize its OpenAI holdings.