SoftBank OpenAI investment is done: $64.6B for about 13%
SoftBank paid its last $10 billion into OpenAI on Oct 1 with money from a bond sale. What the SoftBank OpenAI investment buys and what it means for ChatGPT.
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SoftBank has finished paying for its $30 billion follow-on stake in OpenAI. The company said it put in the third and final $10 billion on October 1, 2026, which brings the total SoftBank OpenAI investment to $64.6 billion for about 13% of the ChatGPT maker. It paid for that last installment with borrowed money: $11.1 billion of bonds sold a week earlier. Here's what changed, who owns OpenAI now, and what it does and doesn't mean if you use ChatGPT.
Key takeaways
- The $30 billion is fully paid. SoftBank says its Vision Fund 2 invested the last $10 billion on October 1, after tranches on April 1 and July 1.
- SoftBank's own count: $64.6 billion in, about 13% owned. OpenAI hasn't published its own figure for SoftBank's stake.
- The last payment was funded with debt. SoftBank sold about $11.1 billion of dollar and euro bonds at coupons of 7.125% to 9.75%, rated BB+, below investment grade.
- SoftBank's statement says nothing about ChatGPT. The payment finishes money committed in March. Control of OpenAI stays with its nonprofit foundation, which appoints the board.
What changed with the final tranche
In its October 1 statement, SoftBank said the third tranche of $10 billion went in through SoftBank Vision Fund 2, completing the follow-on it announced on February 27. That February plan set three equal payments on April 1, July 1 and October 1, at a $730 billion pre-money valuation for OpenAI. SoftBank had already invested $34.6 billion since September 2024, so the new $30 billion takes it to $64.6 billion and about 13% ownership, both SoftBank's numbers.
SoftBank is buying preferred shares that, per the February filing, convert automatically into common shares if OpenAI goes public. The $852 billion OpenAI valuation you see in coverage comes from OpenAI's March round, not from this statement: TechCrunch reported that the round raised $122 billion at that post-money value, with SoftBank as one of its co-leads. By our arithmetic, 13% of $852 billion is roughly $110 billion on paper, but private shares have no market price until a listing.
How SoftBank paid for its OpenAI investment
SoftBank first covered the payments with a $40 billion bridge loan signed on March 27, a short-term loan meant to be replaced later. The final payment came from bonds instead. The notes SoftBank announced on September 24 and issued on September 29 came in five parts:
| Notes | Amount | Coupon | Matures |
|---|---|---|---|
| US dollar, 3.5 years | $1 billion | 8.625% | 2030 |
| US dollar, 5.5 years | $4.5 billion | 9.25% | 2032 |
| US dollar, 7.5 years | $4.5 billion | 9.75% | 2034 |
| Euro, 4 years | €500 million | 7.125% | 2030 |
| Euro, 6 years | €500 million | 8.00% | 2032 |
The SoftBank bond sale totals about $11.1 billion, and the company names the $10 billion OpenAI payment as the main use. S&P and Fitch rate the notes BB+, the top of the high-yield tier. The Next Web calls it the world's largest high-yield corporate bond issue. Adding up SoftBank's coupons, we estimate the interest at roughly $1 billion a year.
SoftBank also canceled the last $10 billion it never drew from the bridge loan on September 30, and says all of the loan's borrowings are now repaid. That's the real shift: the SoftBank OpenAI investment now sits on bonds that run to 2034, not on a loan that banks expected back soon.
Who owns OpenAI now
The last full breakdown came with OpenAI's restructuring in October 2025. TechCrunch reported that the nonprofit OpenAI Foundation held 26% of the new OpenAI Group PBC, Microsoft about 27%, and employees and investors the remaining 47%. Microsoft's own post put its stake at roughly 27% on an as-converted diluted basis, worth about $135 billion at the time.
OpenAI hasn't published an updated table since, and the $122 billion March round issued new shares, so read those percentages as an October 2025 snapshot. The SoftBank OpenAI stake of about 13% is the most current figure from a shareholder, and it's SoftBank's claim. One thing the money doesn't buy is control: the foundation appoints OpenAI's board.
Why it matters if you use ChatGPT
Nothing in SoftBank's statement changes ChatGPT's prices, features or terms. The money is part of the $122 billion OpenAI raised in March, and as TechCrunch noted then, OpenAI spends heavily on chips, data centers and staff. When it announced that round, OpenAI said it had more than 900 million weekly users and over 50 million subscribers.
What it does change is who depends on OpenAI. SoftBank is now paying coupons of up to 9.75% a year to hold its stake, so, in our reading, it has strong reasons to want growth and an eventual listing. A separate round now in talks would value OpenAI at about $1.4 trillion, according to Bloomberg, while California's attorney general has subpoenaed OpenAI over its AI agents. Bigger checks don't settle the questions about how its products behave. Nothing here is investment advice.
Bottom line
SoftBank's OpenAI investment is complete: $64.6 billion for about 13%, by SoftBank's count, with the final $10 billion paid on October 1 from roughly $11.1 billion in high-yield bonds. ChatGPT works the same today. Watch for an updated OpenAI shareholder table, the terms of the reported new round, and any filing to go public, which would turn SoftBank's preferred shares into common stock.
FAQ
How much of OpenAI does SoftBank own?
About 13%, according to SoftBank, after its final $10 billion payment on October 1, 2026. Its total investment since September 2024 is $64.6 billion. OpenAI hasn't confirmed the percentage itself.
How did SoftBank pay for its OpenAI investment?
It first relied on a $40 billion bridge loan, which SoftBank says is now fully repaid. The last $10 billion came from about $11.1 billion of dollar and euro bonds issued on September 29.
Who owns the most of OpenAI?
At the October 2025 restructuring, Microsoft held about 27%, the OpenAI Foundation 26%, and employees and other investors 47%. Later funding has shifted those numbers, and OpenAI hasn't published new ones. The foundation keeps control by appointing the board.
Does SoftBank's investment change ChatGPT?
Not directly. The payment completes money committed in March, and SoftBank's statement says nothing about ChatGPT's features, prices or data. The cash helps fund the computing power that runs OpenAI's models.