SoftBank Launches $11 Billion Bond Sale For Its Next $10 Billion OpenAI Payment

SoftBank is preparing to pour another $10 billion into OpenAI, and it is turning to an even bigger bond sale to help fund the payment.

The Japanese investment giant has launched $10 billion in dollar-denominated bonds alongside €1 billion ($1.15 billion) in euro-denominated notes, creating an offering worth more than $11 billion. If completed at its planned size, the deal could become the largest Asia-Pacific and Japan non-financial corporate bond offering on record, as per reports.
 

TL;DR

 

• SoftBank launched more than $11 billion in dollar and euro senior unsecured notes.
• The proceeds will help fund its third $10 billion follow-on investment payment to OpenAI, scheduled for October 1.
• The bond deal could become the largest Asia-Pacific and Japan non-financial corporate offering on record.
• SoftBank’s cumulative OpenAI investment could eventually reach $64.6 billion.

 

SoftBank’s $11 Billion Bond Sale Targets Its October OpenAI Investment

The bond offering consists of $10 billion in dollar-denominated senior unsecured notes split across 3.5-year, 5.5-year, and 7.5-year maturities.

Another €1 billion is being offered through euro-denominated bonds carrying four-year and six-year maturities, according to the term sheet. The issuances are expected to be priced on September 24 and settled on September 29, as reports noted.

That timing puts the transaction just days ahead of SoftBank’s next major OpenAI payment.

The proceeds are expected to help finance a $10 billion payment for the third tranche of SoftBank’s follow-on investment in OpenAI, scheduled to close on October 1. Some of the proceeds can also be used for general corporate purposes.

SoftBank previously secured a $10 billion bridge loan for the OpenAI investment. The new bonds are expected to replace that financing, shifting the commitment from short-term bridge funding into longer-term debt.
 

 

SoftBank’s OpenAI Bond Deal Could Set An Asia-Pacific Corporate Record

The scale of the fundraising makes the financing noteworthy beyond SoftBank’s increasingly aggressive AI strategy.

If the full planned offering is completed, it would surpass 7-Eleven’s $10.93 billion bond sale from January 2021 to become the largest Asia-Pacific and Japan non-financial corporate bond deal on record, according to LSEG data cited in the report. It would also rank among the 20 largest corporate bond transactions globally this year.

Fitch Ratings assigned the proposed notes a BB+ rating and expects SoftBank’s debt to increase as the company finances its committed investments. However, the ratings agency also expects SoftBank to retain adequate liquidity and access to capital markets.

SoftBank declined to comment on the term sheet.
 

 

SoftBank’s OpenAI Investment Could Reach $64.6 Billion

The financing feeds into a much larger OpenAI commitment.

SoftBank officially announced a $30 billion follow-on investment in OpenAI in February 2026, divided into three $10 billion tranches scheduled for April, July, and October. The first two have already been executed, leaving the October 1 installment as the final scheduled payment.

Once the full follow-on investment is completed, SoftBank expects its cumulative investment in OpenAI to reach $64.6 billion, representing an ownership interest of approximately 13%.

In other words, the upcoming bond sale is not simply another fundraising exercise. It is the financing step sitting immediately before SoftBank completes the latest phase of one of the largest commitments in its increasingly AI-focused investment strategy.