SoftBank plans to raise more than $11 billion through high-yield bonds to finance another payment for its OpenAI investment, according to investor documents reported by the Financial Times. The proposed sale consists of $10 billion and €1 billion in debt, with terms expected on Thursday ahead of an October payment.
High-yield bonds, commonly called junk bonds, pay investors more interest because repayment carries greater risk than investment-grade corporate debt. SoftBank had already arranged as much as $40 billion in short-term loans connected to OpenAI. The new issuance would replace part of that temporary financing with debt that matures later.
The transaction could push SoftBank above its own debt ceiling for a period. It also tightens the financial link between the companies: OpenAI is expected to consume nearly $280 billion in cash through 2030, according to the FT figures cited in the report, while SoftBank’s data-center business is counting on OpenAI contracts for future revenue.
The bonds had not been priced when the report was published, so final interest costs and investor demand were still unknown. The plan shows how financing the AI infrastructure buildout is moving beyond technology-company cash reserves and into higher-risk credit markets, where lenders will expect returns even if OpenAI’s spending and revenue forecasts change.