SoftBank Group has launched an $11 billion-equivalent bond sale to help finance its next $10 billion investment tranche in OpenAI, according to Reuters, replacing bridge financing with longer-term debt as the Japanese technology group expands its AI exposure.
The offering includes $10 billion of US dollar-denominated senior unsecured notes and €1 billion ($1.15 billion) of euro-denominated notes. Reuters said the transaction could become the largest non-financial corporate bond deal from Asia Pacific and Japan on record if completed as planned.
Bond sale replaces bridge financing
The dollar portion is divided across 3.5-year, 5.5-year and 7.5-year maturities, while the euro notes have four-year and six-year maturities, according to Reuters. The bonds are expected to price on September 24 and settle on September 29.
SoftBank’s financing follows a $40 billion bridge facility arranged in March primarily to fund its follow-on investments in OpenAI. The company drew $30 billion under that facility and announced on September 9 that it would repay the remaining $25.9 billion balance early on September 15.
SoftBank said at the time that it planned to replace bridge borrowing through the use of existing assets and other financing measures. The new bond offering is part of that refinancing process.
Fitch assigned the proposed notes a BB+ rating. Reuters reported that Citigroup and JPMorgan are leading the underwriting alongside Goldman Sachs, Morgan Stanley and Deutsche Bank.
Third OpenAI tranche approaches
SoftBank agreed in February to invest an additional $30 billion in OpenAI through SoftBank Vision Fund 2. The commitment was structured in three $10 billion tranches scheduled for April 1, July 1 and October 1, 2026.
The first two tranches have already been completed. The third is scheduled for October 1, subject to the terms of the investment agreement.
SoftBank said in February that completion of the $30 billion follow-on investment would take its aggregate OpenAI investment to $64.6 billion and its expected ownership interest to about 13 percent. The company has described OpenAI as a central part of its artificial intelligence strategy.
TNGlobal reported in December 2025 that SoftBank had completed a separate $22.5 billion investment in OpenAI, completing its earlier 2025 commitment alongside third-party co-investors.
AI investment reshapes SoftBank financing
SoftBank has increasingly used its balance sheet and access to capital markets to fund large AI investments. Its OpenAI exposure sits alongside projects such as Stargate, the AI infrastructure venture announced with OpenAI, Oracle and MGX.
The scale of the latest bond sale reflects the size of those commitments. Reuters said the $11 billion-equivalent transaction would rank among the largest corporate bond offerings globally in 2026 if completed at the announced size.
The company has maintained that its financial policy remains unchanged, including its loan-to-value targets and liquidity requirements. Fitch, however, expects the OpenAI investment to increase SoftBank’s debt burden while noting the group’s liquidity and access to capital markets.
The final size, pricing and investor allocation of the bond offering remain subject to market conditions. SoftBank’s October investment tranche is scheduled shortly after the planned settlement of the notes.