SoftBank Group Corp. is preparing to sell more than $11 billion of high-yield bonds — debt rated below investment grade — as the Japanese conglomerate moves to fund a follow-on investment in OpenAI, setting up one of the most closely watched junk-bond offerings of the year. With SoftBank already the year's largest junk-rated borrower, the terms it secures on this deal are set to draw scrutiny as a gauge of what credit markets charge for AI-linked debt.

According to Bloomberg, the planned issuance consists of $10 billion of dollar-denominated bonds across three different maturities, along with €1 billion of euro-denominated bonds — equivalent to roughly $1.1 billion — split across two maturities.

The scale of the offering underscores how heavily SoftBank is coming to depend on debt capital markets as Masayoshi Son positions artificial intelligence at the center of the company's investment strategy. SoftBank has allocated $65 billion to OpenAI so far.

Bond Sale Backs Expanding OpenAI Commitment

The junk bond issue forms part of a much larger financing push behind SoftBank's AI ventures. In March, the Japanese group arranged a $40 billion bridge loan to fund its venture into OpenAI. SoftBank is now down to $25.9 billion remaining under that financing deal but continues to look for other funding sources.

The company has also created additional borrowing capacity through a series of deals. Bloomberg reports that SoftBank closed the last week with nearly $21 billion in new borrowing capacity.

The first of these was a $5 billion increase to the margin loan secured against shares of Arm Holdings Plc. The loan is now worth $25 billion, providing yet another avenue through which SoftBank can raise money.

Credit Facility Raised to $6.5 Billion

SoftBank has also raised its existing credit facility by $450 million, bringing the total to $6.5 billion. The prior facility, worth $6.05 billion, was set to expire this month. The new contract extends the arrangement by one year, giving SoftBank extra financial room as it keeps making investments in artificial intelligence.

More than 20 banks were involved in the credit facility, and the new agreement carries an interest rate 210 basis above its benchmark.

The added financing capacity reflects the fact that SoftBank is managing several large investments at once, especially in OpenAI.

A Major Force in the Debt Market

The significance of the planned offering's size lies in the fact that SoftBank has already been a major issuer of speculative-grade debt this year. According to Bloomberg data, SoftBank has sold more than $14 billion worth of multi-currency notes in 2026, making it the largest junk-rated borrower of the year. At that scale, SoftBank's borrowing terms have become a visible reference for how debt markets are absorbing the vast capital demands of the AI industry.

In addition, a $10 billion loan is available to the firm through direct backing from OpenAI stock. By securing the loan against the investment, SoftBank can raise money while advancing its AI investment approach. The proposed bond issue will further increase the level of indebtedness in the company's capital structure.

Rising Borrowing Costs Increase Financing Pressure

SoftBank's debt surge is taking place amid a rise in the cost of borrowing across the international financial system. According to Bloomberg, the yield on SoftBank's dollar-denominated debt maturing in 2031 hit 8.2% in the first few days of April, up from 6.7% in January.

Higher yields raise the cost of new borrowing, particularly for companies carrying junk-grade credit profiles. Where the new bonds price relative to those levels will show how much compensation lenders now demand, and that figure will directly shape the economics of SoftBank's AI spending. The valuation of SoftBank's junk bonds has therefore become a critical measure of the company's mounting debt burden. The challenge for SoftBank will be balancing high borrowing costs against its future vision for AI.

SoftBank Deepens Its AI Financing Strategy

SoftBank's recent debt plans indicate the extent to which capital is being devoted to the AI industry. The company has deepened its involvement with OpenAI while retaining its large investments in Arm and other technology firms.

The intended junk bond issuance would add another substantial chunk of capital to SoftBank's investment strategy. Nevertheless, securing billions of dollars through debt adds to the company's financial obligations. Its growing reliance on bonds, margin lending, and credit arrangements is a direct response to the vast sums required for its AI endeavors.

With the OpenAI investment expected to be finalized in the coming month, the newly planned bond offering could be just one of many steps SoftBank takes to acquire funds for its AI portfolio. For now, the cost of credit embedded in each new issuance remains one of the clearest indicators of how debt markets view the company's AI-backed borrowing strategy.