• 2 min read
SoftBank readies up to $60bn in debt for OpenAI push
SoftBank is reportedly preparing up to $60bn in new debt, its biggest funding plan yet, as Masayoshi Son doubles down on OpenAI.
Image: TNW
SoftBank Group is reportedly preparing to raise up to $60bn in fresh debt, according to Bloomberg — a funding target that would surpass anything the Japanese conglomerate has sold before and would further finance its growing OpenAI bet.
The figure appears to be a ceiling rather than a single bond sale. The report points instead to a broader funding programme spanning multiple tranches, currencies, and investor groups. Even so, it would mark an unprecedented borrowing push for Masayoshi Son’s firm, which has already issued roughly $7.8bn of bonds during 2026.
SoftBank’s need for cash is clear. Son has committed more than $60bn to OpenAI, structured in $10bn tranches. The second closed on 1 July under a bridge facility, and a third is due in October. A much larger bond programme would help SoftBank replace shorter-term bank financing with longer-dated debt held by retail and institutional investors.
That shift will not be cheap. SoftBank’s latest yen retail bond carried a 5.12% coupon, the highest on any of its yen debt so far, up from 4.97% on a comparable deal earlier this year. Japanese retail investors remain central to that strategy, giving SoftBank a deep domestic buyer base even as international investors demand higher premiums for debt tied to the AI boom.
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The borrowing stack is already substantial. SoftBank has about ¥7tn in outstanding bonds and has told investors it wants to keep its loan-to-value ratio below 25%. That target is getting harder to maintain as OpenAI commitments mount. The company has already lined up a $40bn bridge loan and a still-pending $10bn margin loan backed by its OpenAI shares.
Ratings agencies have started to react. S&P revised its outlook on SoftBank to negative in March after a $30bn OpenAI top-up, citing concentration in early-stage and privately held companies. Moody’s still rates the group at Ba2, in speculative-grade territory.
The immediate pressure point is timing. OpenAI’s long-awaited listing still has not happened, while SoftBank’s third $10bn tranche is due in October. For Son, the bond market now needs to stay open long enough to absorb one of the biggest debt raises of his career.
Enterprise Editor
Marcus follows the money. He covers enterprise software, cloud architecture, and the tectonic shifts in Big Tech strategy. He translates dense earnings calls and complex M&A activity into actionable insights about where the industry is actually heading. If a tech giant makes a silent pivot, Marcus is usually the first to notice.
via TNW
