SoftBank Group is seeking to raise more than $11 billion through a new junk bond sale as the Japanese conglomerate prepares to make another investment in OpenAI, according to Bloomberg.
The company is looking to issue $10 billion of dollar-denominated bonds across three maturities and €1 billion ($1.1 billion) of euro notes. The proceeds will partly fund a follow-on investment in OpenAI that is expected to close next month. The bond sale could be priced as soon as September 24.
The deal would rank among the largest high-yield bond offerings by a single company, excluding distressed debt exchanges.
SoftBank has committed close to $65 billion to OpenAI, tying its financial position closely to the value and eventual liquidity of its stake in the ChatGPT maker. The latest bond sale comes as the company continues to raise debt to finance its growing AI investments.
In March, SoftBank arranged a $40 billion bridge loan to fund an additional investment in OpenAI. It recently repaid the remaining $25.9 billion on that facility.
SoftBank also raised its margin loan backed by shares in chip designer Arm Holdings by $5 billion to $25 billion last week, according to Bloomberg. It secured another $450 million under an existing credit line, taking that facility to $6.5 billion.
Apollo Global Management is also in talks to increase a loan to SoftBank by $3.6 billion, taking it to $9 billion, to help finance the company’s OpenAI investment. SoftBank has also secured an $11.87 billion loan for the same purpose, the report added.
Including its latest planned bond sale, SoftBank has been rapidly expanding its borrowing capacity to finance AI investments. The company has sold nearly $15 billion of bonds across currencies this year, making it the largest junk-rated corporate borrower in bond markets in 2026, according to data compiled by Bloomberg. It also raised a $10 billion loan earlier this year backed by its OpenAI stake.
The rising debt comes as borrowing costs have increased across markets. The yield on SoftBank's dollar bond due in 2031 reached 8.2% earlier this month, compared with a low of 6.7% in January, as Treasury yields and credit spreads increased.
Investors are also monitoring risks around SoftBank’s exposure to OpenAI and the wider AI sector. Calls by executives at major AI companies to slow the pace of AI development over safety concerns have added uncertainty around the sector. The cost of insuring SoftBank’s debt against default has risen to its highest level in three years.
OpenAI CEO Sam Altman’s comments that the company will not go public this year have also drawn investor attention, as an IPO would potentially provide greater liquidity for SoftBank’s OpenAI investment.
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