SoftBank is raising over $11B in junk bonds to fund its next OpenAI tranche.

Bloomberg reports $10B across three dollar tenors plus €1B across two euro maturities, ranking 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, bringing SoftBank's commitment to close to $65B. Put it next to the FT's finding that tech companies have written as much as $300 billion in residual value guarantees over the past year, mostly through SPVs holding the debt so the guarantor doesn't book it. OpenAI's equity story is increasingly financed by high-yield credit, and the datacenter buildout by off-balance-sheet guarantees. Neither is a prediction about whether the demand is real. Both are facts about what breaks first if it isn't.