Bought With Bonds

When it was done, SoftBank had put in $64.6 billion. For about thirteen percent of the company.

The payments went in on 1 April, 1 July and 1 October 2026. The bridge loan paid for the first two. Bonds rated BB+ paid for the third. The money SoftBank put in before 2026 is not dated in these releases, so the chart draws it as one undated block.

SoftBank's quarterly report to 30 June 2026 records the agreement of 5 August 2026. A wholly owned subsidiary of SoftBank Vision Fund 2 borrows ten billion dollars. Five arrangers lead it: Goldman Sachs Bank USA, JPMorgan Chase Bank, Mizuho Securities USA, Apollo Global Funding and Sumitomo Mitsui Banking Corporation. The loan was drawn in August and falls due in August 2028. SoftBank Group guarantees it, and a cash collateral account secures it. Its key covenant, in the report's words: "Cash collateral provision and mandatory prepayment clauses triggered by certain circumstances, such as a significant decrease in the fair value of the OpenAI preferred shares held by SVF2 and referenced under the loan agreement." The report gives no interest rate.

Eight point six two five percent. Nine point two five. Nine point seven five.

SoftBank sold five notes on 24 September 2026: 1,000 million dollars due 1 April 2030 at 8.625 per cent, 4,500 million due 1 April 2032 at 9.25 per cent, 4,500 million due 1 April 2034 at 9.75 per cent; 500 million euros due 1 October 2030 at 7.125 per cent and 500 million euros due 1 October 2032 at 8 per cent. That is $10 billion of dollar notes and €1 billion of euro notes, about 11.1 billion dollars in all. S&P Global Ratings Japan and Fitch Ratings Japan both rate them BB+. The release gives the purpose: "For funding the USD 10 billion payment for the third and final tranche" and general corporate purposes. SoftBank's release of 1 October says the third payment was "funded with the proceeds from the issuance of foreign currency-denominated senior notes".

Line by line: 1,000 million dollars at 8.625 per cent is 86.25 million a year; 4,500 million at 9.25 per cent is 416.25 million; 4,500 million at 9.75 per cent is 438.75 million. Together, 941.25 million dollars a year until the notes come due in 2030, 2032 and 2034. The euro notes add about 75.6 million euros a year. It is a coupon sum, not SoftBank's reported interest expense. Spread over a year, that is about 78 million dollars a month, or about 2.6 million a day, before the euro notes. Carried to each maturity, the coupons add up: about three and a half years of the 2030 note is about 302 million dollars, five and a half of the 2032 note about 2,289 million, seven and a half of the 2034 note about 3,291 million; about 5.9 billion dollars in interest alone, by the same arithmetic, before the euro notes.

In Ohio, SoftBank's own SB Energy is building a campus for OpenAI. Four point two five gigawatts.

Nvidia's own filing says it has guaranteed up to $105 billion for it. And the site will exclusively host Nvidia's chips.

Nvidia's quarterly report for the quarter ended 26 July 2026 records that in August 2026 it "entered into guarantees, capped at a total of $105 billion, to provide credit support on a land, power, and shell buildout with affiliates of SB Energy Corp. (SB Energy) on behalf of a customer, an affiliate of OpenAI Group PBC (OpenAI), related to leases for approximately 4.25 gigawatts of IT load in the aggregate at SB Energy's PORTS Technology Campus in Pike County, Ohio", and that "the site will exclusively host NVIDIA AI infrastructure, subject to limited exceptions".

The guarantees cover defined portions of lease and power payments, phase by phase from Nvidia's fiscal 2029. They end when OpenAI reaches a satisfactory credit rating or the leases run out. Nvidia's filing names SB Energy and OpenAI. That SB Energy is "a subsidiary of SoftBank Group Corp." is SoftBank's own word, in its release of 2 September 2026.

"For the benefit of humanity, the markets should tank hard and prevent the OpenAI and Anthropic IPOs."

He posted it on X on 29 September 2026. We read it through X's own interface for developers on 24 October. A disclosure: Token Runner's agents run on Claude, made by Anthropic.

Every figure from SoftBank's and Nvidia's own filings.