SoftBank Group is preparing to issue high-yield bonds totaling over $11 billion. The proceeds are intended to fund the company's financial commitments to OpenAI. The offering includes $10 billion across three maturities and €1 billion across two maturities, with pricing expected around September 24, 2026.
Citigroup, Goldman Sachs, JPMorgan, and Morgan Stanley are managing the issuance. SoftBank's total investment in OpenAI is nearing $65 billion for a 13% stake, implying a pre-money valuation of $730 billion for the AI developer. The company currently holds a BB+ credit rating.
The conglomerate has raised approximately $37 billion year-to-date through loans and bond sales. On September 15, 2026, SoftBank repaid $25.9 billion of a $40 billion bridge loan. Additionally, the firm recently secured an $11.87 billion loan from a group of roughly 20 banks.
Chairman Masayoshi Son views artificial general intelligence as a critical technological shift. This financing strategy follows a restructuring of the company's balance sheet after the 2022 decline in tech valuations, marking a shift toward more deliberate liability management.
