SoftBank Launches Dual-Currency Bonds to Fund OpenAI Tranche

SoftBank Group launched $10 billion and €1 billion of senior unsecured notes to fund its OpenAI investment, according to a term sheet. [1][2] The dollar notes have 3.5-year, 5.5-year and 7.5-year tenors, while the euro bonds have four-year and six-year tenors. [1][2][3] Proceeds will fund SoftBank’s $10 billion payment for the third tranche of its follow-on OpenAI investment, expected to close October 1, and support general corporate purposes. [1][2]

SoftBank agreed in February to invest an additional $30 billion in OpenAI through Vision Fund 2, divided into three $10 billion payments in April, July and October. [3] The agreement valued OpenAI at $730 billion before the investment. [3]

Newswav reported that SoftBank has committed close to $65 billion to OpenAI and has been raising debt to finance its growing AI investments. [2] It also reported almost $15 billion of cross-currency bond sales in 2026, making SoftBank the year’s largest junk-rated corporate borrower in bond markets, based on Bloomberg data. [2]

The bond sale shifts funding for the next OpenAI payment from a short-term bridge facility toward notes spanning several maturities. Compared with the bridge loan it replaces, the dual-currency structure distributes the financing across dollar and euro investors and maturity dates. The scale also places this transaction within a reported OpenAI commitment approaching $65 billion, rather than treating it as an isolated investment. What the sources don't address: the final pricing, investor demand, and how SoftBank will balance additional AI financing against its broader debt obligations.