Summary

  • SoftBank says it completed the final $10bn of its $30bn OpenAI follow-on on October 1, bringing its cumulative investment to $64.6bn and its ownership to about 13%.
  • It says the tranche was funded from foreign-currency senior-note proceeds; the $40bn bridge facility is now fully repaid with no undrawn commitment, while the new notes remain outstanding.

The bridge facility is gone. The debt is not. SoftBank Group said on October 1 that its Vision Fund 2 had executed the final $10bn investment in OpenAI Group PBC, completing the $30bn follow-on announced in February. SoftBank now reports cumulative OpenAI investment of $64.6bn and an ownership interest of approximately 13%.

The distinction is in the funding chain. SoftBank’s September 24 issuance included $10bn of US-dollar senior notes and €1bn of euro notes. The company said proceeds from the issuance funded the final OpenAI tranche, alongside general corporate purposes. The US-dollar notes total $10bn: $1bn due in 2030 at 8.625%, $4.5bn due in 2032 at 9.25%, and $4.5bn due in 2034 at 9.75%. SoftBank disclosed that the notes have no collateral and no guarantee. The separate euro notes carry their own principal, coupons and maturities; they are not the same $10bn payment.

This closes a different line of credit. In September SoftBank announced repayment of the $25.9bn then outstanding under a $40bn bridge facility. On October 1 it said the remaining $10bn of undrawn capacity had been canceled effective September 30 and, after the early repayment, no borrowing or commitment remained under that bridge. The company did not disclose each intermediate facility balance in the October release.

The equity and debt are separate instruments. SoftBank Vision Fund 2 invested in OpenAI preferred shares, which the February terms say automatically convert to common shares on an IPO or related listing. The notes are SoftBank Group debt with scheduled coupons and maturities; closing the OpenAI investment does not make those payments contingent on a listing or on OpenAI’s results. Nor does a completed subscription show whether the stake has gained value. SoftBank says it measures OpenAI shares at fair value through profit or loss, so later accounting gains or losses remain distinct from the bond coupons.

Sources: October 1 tranche completion; September 24 senior-note terms; September 9 bridge repayment notice; February 27 investment terms.