SoftBank is preparing a new $60 billion bond to continue financing its investment in OpenAI.

      Sixty billion dollars is a significant amount of bonds, even for SoftBank Group. Reports from Bloomberg suggest that the Japanese conglomerate is looking to raise up to that figure in new debt, a target that surpasses any previous sales by Masayoshi Son's firm and aligns with its increasing investment in OpenAI.

      This plan follows a series of smaller fundraising efforts, including a record ¥600bn ($4.1bn) retail bond, alongside various dollar and euro transactions aimed at international investors. Additionally, it is built on an existing framework of borrowing meant for OpenAI, which includes a $40bn bridge loan and a pending $10bn margin loan secured with SoftBank's shares in OpenAI.

      The $60bn goal should be viewed as a cap rather than a single confirmed transaction, representing a number that would encompass multiple tranches across different currencies and investor categories, rather than a single large institutional deal. So far in 2026, SoftBank has issued approximately $7.8bn in bonds, which suggests that seeing this amount as a program target rather than a total sum makes it slightly less surprising. Even viewed this way, it indicates a desire to borrow at a speed the company has not previously attempted.

      The intention behind this is clear. Son has committed over $60bn to OpenAI, allocated in $10bn chunks, with the second one closing on July 1 under a bridge facility and a third anticipated in October. The bridge loan was meant to be a temporary measure. The previous facility involved eight banks, and a bond of this magnitude would enable SoftBank to convert its short-term borrowing into longer-term debt, trading bank loans for the greater patience of retail and institutional investors.

      These investors have made SoftBank pay for this opportunity. Its latest yen retail bond offered a 5.12% coupon, the highest on any of its yen debt to date, an increase from 4.97% on a similar deal earlier this year. The choice to target retail investors is intentional. Japanese households have historically supported their domestic champion through brokerages, allowing SoftBank to raise large amounts locally, even as global investors demand higher premiums for anything associated with AI.

      Where the larger borrowing picture becomes concerns is that SoftBank now carries about ¥7tn in outstanding bonds and has informed investors it aims to maintain a loan-to-value ratio below 25%, a commitment that may become increasingly difficult to uphold with each new OpenAI funding.

      Analysts warned throughout spring of a potential liquidity crunch as the group relies on valuable assets like its Arm stake to support new borrowing. The concern revolves more around timing than solvency—whether cash flow will match the pace of obligations coming due.

      A debt raise of this size makes the underlying message clear. Son is willing to leverage the balance sheet according to the demands of the AI thesis, even at the cost of record coupon rates. The ratings agencies have taken note; S&P shifted its outlook to negative in March after a $30bn increase in OpenAI funding, citing the concentration in early-stage and privately held companies, while Moody’s maintains SoftBank at Ba2, firmly within speculative territory.

      Adding to the complexity is that SoftBank has effectively become a listed proxy for OpenAI. Fluctuations in the AI narrative impact its stock price, and the delay in listing leaves public markets evaluating the entire structure based on confidence rather than concrete numbers.

      However, none of this seems to dissuade the founder, who believes that AI could cost the world $5tn annually by 2040. Based on this reasoning, a $60bn bond is not simply an expenditure but more akin to a down payment, with being an early mover as the core strategy.

      The immediate test is timing. With OpenAI’s much-anticipated listing still pending and a third $10bn tranche expected in October, SoftBank needs the bond market to remain open and receptive, as $60bn is a considerable amount for any market to absorb in one go.