SoftBank Group has launched more than $11 billion in senior unsecured bonds as it raises funds for its latest investment in OpenAI, the company behind ChatGPT.
The Japanese investment group is offering $10 billion in dollar-denominated notes and €1 billion in euro-denominated notes, according to a term sheet reviewed by Reuters. The dollar bonds have maturities of three-and-a-half, five-and-a-half and seven-and-a-half years, while the euro notes mature in four and six years.
SoftBank plans to use $10 billion of the proceeds to finance the third tranche of its follow-on investment in OpenAI, with the payment expected to close on October 1, 2026. The remaining funds will be used for general corporate purposes. The bond offering will also replace a $10 billion bridge loan that SoftBank previously arranged for the investment.
The notes are expected to price on September 24 and settle on September 29. Citigroup and JPMorgan are among the banks leading the offering. If completed at the planned size, the transaction would become the largest non-financial corporate bond offering recorded in Asia-Pacific and Japan, surpassing 7-Eleven’s $10.93 billion issuance in 2021.
Fitch Ratings has assigned the proposed debt a BB+ rating, placing it in speculative-grade territory. The ratings agency expects SoftBank’s debt to rise as it meets its investment commitments, while also projecting that the company will maintain adequate liquidity and access to capital markets.
SoftBank has been steadily increasing its financial commitment to OpenAI. In February, the group announced plans to invest another $30 billion through SoftBank Vision Fund 2. Once completed, its total investment in OpenAI is expected to reach $64.6 billion, giving it an ownership stake of roughly 13%.
The latest bond sale is part of a broader effort to replace short-term bridge financing with longer-term funding. SoftBank previously arranged a $40 billion bridge facility and drew $30 billion from it, later announcing plans to repay the remaining $25.9 billion. The company has also indicated that future financing could include asset-backed arrangements involving holdings such as Arm and SoftBank, while its OpenAI stake could potentially be used as financing capacity.