TOKYO — SoftBank Group is reportedly considering a massive bond sale worth as much as $20 billion to help refinance borrowing tied to its investment in OpenAI, a move that could further raise the stakes in the global race to dominate artificial intelligence.
According to a Bloomberg News report cited by Reuters and Channel News Asia, the Japanese technology investment giant is in discussions with investment banks about a potential $10 billion to $20 billion bond offering. However, the proposal has not been finalized, and Reuters said SoftBank had not immediately responded to a request for comment.
The reported fundraising plan comes as SoftBank founder and CEO Masayoshi Son doubles down on one of the boldest bets in the AI industry: OpenAI, the company behind ChatGPT.
SoftBank’s OpenAI Bet Is Becoming Enormous
SoftBank’s financial ties to OpenAI have grown rapidly. Reuters reported earlier this month that the conglomerate’s cumulative investment in OpenAI is expected to reach $64.6 billion by October, potentially giving SoftBank a stake of around 13%.
The company also agreed to a $10 billion loan backed by its OpenAI stake, while a separate $40 billion bridge loan used to support investment commitments is due to mature in March 2027—meaning refinancing remains a critical issue for the company.
SoftBank has not limited its AI ambitions to OpenAI alone. Reuters reported that the company has committed billions more toward robotics and digital infrastructure investments, underscoring Masayoshi Son’s broader vision of transforming SoftBank into a major force across artificial intelligence and the infrastructure needed to power it.
Debt Is Becoming a Bigger Part of the AI Race
The reported bond sale highlights a growing reality behind the AI boom: building and funding the industry’s ambitions requires extraordinary amounts of capital.
SoftBank has already tapped debt markets this year. In April, the company raised $1.5 billion in U.S. dollar bonds and €1.75 billion in euro-denominated bonds, with proceeds earmarked for refinancing debt and partially repaying borrowing used primarily for follow-on investments in OpenAI.
Investors, however, are closely watching whether SoftBank can continue financing its AI ambitions without putting too much pressure on its balance sheet. Reuters previously reported that the company’s more than $60 billion in commitments to OpenAI and related AI infrastructure projects have intensified scrutiny of its rising leverage and reliance on loans backed by its investment holdings.
A High-Stakes Gamble on OpenAI’s Future
SoftBank’s strategy could pay off handsomely if OpenAI continues to grow in value and commercialize AI at the scale investors expect. But the risks are equally significant.
OpenAI remains a private company operating in an increasingly competitive market, while the enormous costs of developing advanced AI models and building data centers continue to rise. Analysts have also warned that a correction in AI-related asset values could put additional pressure on highly leveraged investors.
SoftBank executives have remained confident, arguing that demand for AI infrastructure remains strong. Yet the question now facing investors is becoming harder to ignore: How much debt is too much in the race to own the future of artificial intelligence?
For SoftBank, a potential $20 billion bond sale would be more than just another fundraising transaction. It could become one of the clearest signs yet that the AI revolution is entering a new phase—one where the world’s biggest technology dreams are increasingly being financed with borrowed money.
And as SoftBank prepares to place even more of its financial future on OpenAI, the world will be watching one crucial question: will this historic AI gamble create the next generation of technology giants—or expose just how expensive the race to lead AI has become?
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