SoftBank Seeks Over $11B in Junk Bonds to Fund Its Next OpenAI Tranche
Bloomberg·high signal
SoftBank launched a debt sale of $10B across three dollar tenors plus €1B across two euro maturities, which would rank among the largest single-company junk bond deals ever excluding distressed exchanges. Proceeds partly fund a follow-on OpenAI investment expected to close next month; SoftBank has now committed close to $65B to OpenAI. The structure means OpenAI's equity story is increasingly financed by high-yield credit markets rather than venture capital.