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SoftBank issues $11.1bn bonds for OpenAI push

NEWS

September 24, 2026 at 02:23 UTC

2 min read
Stack of corporate bond certificates on desk symbolising AI funding push and bond issuance for OpenAI-related stake

Key Points

  • 01SoftBank raised $11.1 billion via dollar and euro bonds
  • 02Proceeds will help fund a $10 billion final OpenAI payment
  • 03Final tranche completes a $30 billion follow-on investment
  • 04SoftBank shares jumped more than 7% after the deal

SoftBank’s new $11.1 billion bond package

SoftBank Group has priced an $11.1 billion bond offering split between U.S. dollar- and euro-denominated senior notes. The company issued $10 billion of dollar senior notes alongside €1 billion of euro notes, highlighting the scale of its latest capital raise in global credit markets.

The dollar component consists of three tranches: a $1 billion 3.5-year note paying 8.625% interest, and two $4.5 billion tranches with maturities of 5.5 and 7.5 years paying 9.25% and 9.75% respectively. The euro notes, totaling €1 billion, are issued across two separate tranches, adding a European funding leg to the package.

Financing the final OpenAI investment tranche

SoftBank stated that the proceeds from the bond sale will be used in part to fund a $10 billion payment tied to its investment in OpenAI. This payment represents the third and final tranche of a previously agreed $30 billion follow-on investment in the artificial intelligence company.

The closing of this final tranche is expected on October 1. Once completed, SoftBank’s cumulative commitment to OpenAI will rise to $64.6 billion and is expected to translate into an approximate 13% ownership stake in the company, underscoring the central role of AI in SoftBank’s current investment strategy.

Market reaction to the funding plan

Equity investors responded positively to the announcement of the bond issuance and the clarified financing plan for the OpenAI investment. Shares of SoftBank Group jumped more than 7% as Japanese markets reopened after a holiday, reflecting heightened interest in the company’s AI exposure.

The combination of a large high-yield bond sale and a sizable, concentrated position in OpenAI drew attention to SoftBank’s risk-return profile. The multi-currency structure and staggered maturities of the notes provide diversified funding while committing significant capital to a single, high-profile technology asset.

Implications for SoftBank’s capital structure

By raising $11.1 billion in the bond markets, SoftBank is adding a substantial layer of fixed-income financing to support its strategic investment agenda. The relatively high coupons on the dollar tranches indicate a willingness to accept elevated funding costs in exchange for securing long-term exposure to OpenAI.

The transaction ties SoftBank’s capital structure more closely to the performance of its AI investments, as a meaningful share of the new debt is earmarked for the OpenAI commitment. At the same time, part of the proceeds is allocated for general corporate purposes, providing additional balance sheet flexibility alongside the focused AI bet.

Key Takeaways

  • 01SoftBank is using sizable bond financing to lock in long-term exposure to OpenAI while accepting high coupon costs on its dollar notes.
  • 02The final $10 billion payment will complete a large, structured follow-on investment in OpenAI, bringing SoftBank’s total stake to about 13%.
  • 03A strong share price reaction suggests investors are currently supportive of SoftBank’s AI-focused capital allocation and multi-currency funding approach.

References

  1. https://www.cnbc.com/2026/09/24/softbank-shares-bond-issuance-openai.html
  2. https://www.kucoin.com/news/flash/softbank-launches-largest-ever-junk-bond-offering-to-raise-over-11-billion
  3. https://www.chaincatcher.com/en/article/2291667
  4. https://ca.investing.com/news/stock-market-news/softbank-group-issues-111-billion-in-bonds-for-openai-investment-93CH-4850949
SoftBank issues $11.1bn bonds for OpenAI push | Trading Dashboard