SoftBank Raises $11.1 Billion in High-Yield Bonds for OpenAI Push

SoftBank is issuing $11.1 billion in dollar- and euro-denominated bonds in a transaction set to become the largest high-yield corporate bond sale globally on record. [12][17] The dollar component comprises $1 billion of 3.5-year senior notes, $4.5 billion of 5.5-year notes and $4.5 billion of 7.5-year notes. [14][17]

The three dollar tranches carry interest rates of 8.625%, 9.25% and 9.75%, respectively. [14][16] SoftBank also issued two €500 million senior-note tranches with four- and six-year maturities, yielding 7.125% and 8%, respectively. [14][16]

The proceeds are intended to help finance the final $10 billion tranche of SoftBank’s $30 billion commitment to OpenAI, the company behind ChatGPT. [14][16] Once the planned investments are completed, SoftBank’s total investment in OpenAI is expected to reach $64.6 billion. [14][16] Reuters reported that SoftBank has committed $64.6 billion to OpenAI and is expected to own roughly 13% of the company by the following week. [17]

The new financing follows a 1 trillion yen, or approximately $6.3 billion, corporate bond issue aimed at retail investors this month. [12][17]

Orders for the $10 billion dollar portion exceeded $30 billion by late Wednesday afternoon in Asia, allowing SoftBank to reduce yields from its initial ranges. [13] Even after the reduction, the dollar-bond yields were the highest-ever for SoftBank dollar bonds. [13]

SoftBank’s comparable $7.3 billion senior dollar- and euro-denominated bond issue in June 2021 yielded between 2.125% and 5.25%. [17] The latest sale is positioned to surpass Numericable Group’s $10.9 billion issuance in 2014 as the largest high-yield corporate bond offering globally. [17] Reuters also reported that the cost of insuring SoftBank’s debt against default had risen. [12][17]

Global AI-related bond issuance exceeded $575 billion in 2026, according to a Goldman Sachs credit-strategy report cited by multiple publications. [8][13] Fitch Ratings senior director Satoru Aoyama said US hyperscalers had raised debt with high credit ratings, while AI-driven issuance had now reached the high-yield market at scale. [17]

SoftBank is also acquiring ABB’s robotics business for $5.4 billion and DigitalBridge for $3.1 billion. [17] The Financial Times estimated that OpenAI could spend nearly $280 billion through the end of 2030, while Sam Altman ruled out a 2026 initial public offering because he considered the timing unsuitable amid AI-safety questions. [3]

SoftBank has moved AI financing into a different credit category from the highly rated US hyperscalers identified by Fitch: its record-scale transaction is high-yield debt carrying rates as high as 9.75%. Investor orders enabled SoftBank to tighten pricing, but the final dollar yields remained well above the 2.125% to 5.25% range on its 2021 sale. Surpassing Numericable’s 2014 offering also makes this more than another corporate funding round; it establishes a new global reference point for speculative-grade AI financing. The proceeds connect bondholders directly to SoftBank’s concentrated OpenAI commitment and its broader acquisitions. What the sources don't address: how SoftBank plans to service this higher-cost debt if returns from OpenAI and its other AI investments arrive more slowly than expected.