SoftBank raises over $11 billion in junk bonds for OpenAI investment

SoftBank Group Corp. launched a massive bond offering on September 21, 2026, seeking $10 billion and €1 billion (about $1.1 billion) in senior unsecured notes to fund its investment in ChatGPT creator OpenAI. The deal, which represents one of the largest junk bond offerings ever, is structured across multiple tenors and is expected to price on September 24, 2026. The proceeds will fund SoftBank's $10 billion payment for the third tranche of its OpenAI investment, closing on October 1, 2026, and will cancel a previously secured $10 billion bridge loan.

SoftBank junk bond issuance

• ▪Citigroup and JPMorgan are serving as the lead bookrunners for SoftBank Group Corp.'s bond offering launched on September 21, 2026
• ▪The bond offering by SoftBank Group Corp. on September 21, 2026, represents one of the largest junk bond deals ever, according to people familiar with the matter
• ▪SoftBank Group Corp. launched a bond offering seeking $10 billion and €1 billion (approximately $1.1 billion) in senior unsecured notes on September 21, 2026

Bridge loan replacement

• ▪The proceeds from SoftBank Group Corp.'s September 21, 2026 bond offering will be used to cancel SoftBank Group Corp.'s previously secured $10 billion bridge loan facility for its OpenAI investment
• ▪SoftBank Group Corp. previously secured a $10 billion bridge loan facility to fund the third tranche of its follow-on investment in OpenAI, expected to close on October 1, 2026

Debatable claims

• ▪Concentrating massive capital in OpenAI harms AI innovation
• ▪OpenAI's massive capital requirements are unsustainable