SoftBank borrows to fund OpenAI: $11 billion bond offering

The company is paying its OpenAI commitment with borrowed money: on September 21, 2026, SoftBank began offering more than $11 billion in bonds. This is how the AI boom is financed today—not from profits, but through debt markets.

The commitment math. SoftBank promised OpenAI $30 billion in three equal $10 billion payments: April 1, July 1, and October 1, 2026. It is borrowing for the third payment. The debt includes $10 billion in dollar-denominated notes and €1 billion in eurobonds, split into five tranches with maturities from 3.5 to 7.5 years.

The cost of debt. Fitch assigned the offering a BB+ rating, the highest rung of the speculative-grade category. The market calls securities like these junk bonds: buyers are paid higher interest for taking the risk.

The deal was previously carried by a bridge loan: SoftBank drew $30 billion from a $40 billion facility. On September 9, the company announced it would repay the entire remaining $25.9 billion early on the 15th. The loan is closed, the money is needed again, and now it is being raised publicly from investors.

At the announced size, this is the largest bond offering by a non-financial company in the history of Japan and the entire Asia-Pacific region. The previous record belonged to 7-Eleven, with $10.93 billion in January 2021.

After the third payment, SoftBank's investment in OpenAI will reach $64.6 billion, for a stake of about 13%. The shares are preferred and will automatically convert into common stock if OpenAI goes public.

The stake was calculated at a $730 billion pre-money valuation set in February 2026. By March 31, the $122 billion round had closed at $852 billion, while OpenAI's revenue is running at about $2 billion a month.

Settlement for the offering is scheduled for September 29, and the OpenAI payment for October 1.