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Jefferies and SMBC Form Japan Joint Venture as SMBC Raises Stake to Nearly 20%
Jefferies Financial Group is expanding its partnership with Sumitomo Mitsui Banking Corporation through a Japan-based joint venture expected to begin serving clients in January 2027, while SMBC has increased its equity ownership in Jefferies to almost 20%, making it the company's largest shareholder. The venture will combine SMBC and SMBC Nikko's domestic client coverage, equities, Equity Capital Markets, research and corporate access capabilities with Jefferies' global client network, sector expertise, trading technology and capital-markets capabilities, with the shared goal of building a leading institutional Japanese equities and ECM franchise. The partners will also jointly source and execute Japan-related cross-border mergers and acquisitions and ECM transactions. Jefferies said joint coverage of selected large sponsor clients began in 2024, and its M&A and ECM market share for those jointly covered clients increased more than fourfold, with the partners now expanding joint coverage to larger sponsors globally. Management expects the Japan joint venture to provide a template for other ways Jefferies and SMBC can work together globally, though the venture is not expected to launch until January 2027.
8316.JP · Capital · Positive SMBC increased its equity ownership in Jefferies to almost 20% and formed a Japan joint venture combining its domestic coverage with Jefferies' global network.
JEF · Capital · Positive SMBC raised its stake in Jefferies to nearly 20%, making it the largest shareholder, and formed a Japan joint venture expanding its capital-markets and M&A franchise.
SoftBank completes final $10 billion OpenAI tranche, total investment reaches $64.6 billion
SoftBank Group has completed the final tranche of its follow-on investment in OpenAI, bringing its cumulative investment in the artificial intelligence company to $64.6 billion. The Japanese conglomerate said on Thursday it invested a further $10 billion in OpenAI through SoftBank Vision Fund 2, completing the $30 billion follow-on investment announced in February. The latest investment brings SoftBank's ownership interest in OpenAI to about 13%, and the third tranche was funded with proceeds from SoftBank's issuance of foreign-currency-denominated senior notes announced last week. SoftBank also said it cancelled the remaining $10 billion of undrawn capacity under a $40 billion bridge facility effective Sept. 30, with all borrowings under the facility now repaid following an early repayment announced earlier this month. Tokyo-listed SoftBank Group shares fell 5.6% to 6,329.0 yen by 01:34 ET, as the group's shares have faced scrutiny over the scale of its AI investments and the financing needed to fund them.
9984.JP · Capital · Negative SoftBank completed a $10B OpenAI tranche, bringing total investment to $64.6B, with shares falling 5.6% amid scrutiny over the scale and financing of its AI investments
OpenAI · Capital · Positive OpenAI received the final $10B tranche of SoftBank's follow-on investment, lifting SoftBank's cumulative investment to $64.6B and ownership to about 13%
Global bond markets stumble as credit spreads hit widest in six months after flood of large deals
Global credit markets are starting to show signs of slowing, with the yield premium, or credit spread, on corporate bonds worldwide widening by about 5 basis points this week, the biggest increase since March, pushing spreads to their widest level in six months amid concerns over inflation and high interest rates. Data from Bloomberg indices showed early trading in Asian markets on Friday also signalled that selling pressure could continue, with traders saying yield premiums on investment-grade bonds rose by about 2 to 4 basis points. The weakness in credit markets contrasts with a better tone in US Treasuries after most Federal Reserve officials struck a more dovish stance. A surge in new bond supply is starting to weigh on the market, with large companies from Paramount Skydance to SoftBank Group raising funds through massive debt issuance. Paramount Skydance in particular issued 52 billion dollars of debt this week to fund the biggest acquisition in Hollywood history, and its junk-rated bonds were among the heaviest sold in early trading. Just days earlier, SoftBank raised 11.1 billion dollars through high-yield bonds to support a large AI investment plan, forcing the company to offer historically high yields, including 9.75% on 7.5-year notes, to attract investors. Sheldon Chan, a portfolio manager for Asian and emerging-market debt at T. Rowe Price Group, said rising volatility was a key factor prompting some investors to avoid the market for now, and that the market's direction from here would depend mainly on macroeconomic factors and economic conditions. Meanwhile, in the riskier part of the US bond market, credit spreads jumped above 1,000 basis points relative to US Treasuries for the first time since the regional banking crisis in 2023, after spreads rose steadily from April as investors began positioning for the Fed's next rate hike.
9984.JP · Capital · Negative SoftBank raised $11.1 billion in high-yield bonds, having to offer historically high yields including 9.75% to attract investors.
PSKY · Capital · Negative Paramount Skydance issued $52 billion of debt to fund its acquisition, and its junk-rated bonds were among the heaviest sold, signaling financing strain.
SoftBank Group completes $30 billion investment in OpenAI, stake reaches 13%
SoftBank Group announced on the 1st that it has paid in the third and final tranche of $10 billion under its plan to invest an additional $30 billion in US-based OpenAI, the company behind the conversational AI ChatGPT. The investment was carried out in three installments through SoftBank Vision Fund 2, with the latest $10 billion funded by proceeds from a foreign-currency bond issuance announced in September. This brings the cumulative investment to $64.6 billion, or more than 10 trillion yen, and its stake to approximately 13%.
9984.JP · Capital · Positive SoftBank completed the final $10B tranche of its $30B additional investment in OpenAI, bringing cumulative investment to $64.6B and a ~13% stake.
SoftBank Vision Fund 2 · Capital · Positive The investment was carried out through SoftBank Vision Fund 2, which executed the three installments into OpenAI.
SoftBank's Final $10 Billion OpenAI Tranche Closes, Funded by Record $11.1 Billion Bond Sale
The third and final $10 billion tranche of SoftBank's $30 billion commitment to OpenAI was scheduled to close on October 1, 2026, completing the Japanese conglomerate's portion of the $122 billion funding round that closed March 31, 2026 at an $852 billion post-money valuation. SoftBank funded the tranche not from operating cash flow but through an $11.1 billion bond offering — $10 billion in USD-denominated senior unsecured notes and €1 billion in EUR-denominated notes — that priced September 24 and settled September 29, which CNBC reported as the largest high-yield corporate bond sale in history. SoftBank, rated BB+, also issued ¥1 trillion, approximately $6.32 billion, in retail bonds to Japanese investors in September, bringing its cumulative OpenAI investment to approximately $64.6 billion, an estimated 13% ownership stake. The tranche's close coincided with three OpenAI platform moves: the September 29 launch of Dots, always-on autonomous agents powered by GPT-6 Astra with a $500-per-month Pro 500 tier, alongside GPT-6.1 Sol at $2 per million input tokens and $10 per million output tokens, and an October 1 OneGov agreement with the General Services Administration offering government agencies a 50% discount on token-based pricing. Despite the capital concentration, governance power at OpenAI rests with the OpenAI Foundation, which holds 26% ownership and appoints all members of the Public Benefit Corporation board, and SoftBank has no confirmed board seat.
9984.JP · Capital · Positive SoftBank closed its final $10B OpenAI tranche, funded by a record $11.1B bond sale, completing its ~$64.6B investment for ~13% of OpenAI.
OpenAI · Capital · Positive OpenAI completed its $122B funding round with SoftBank's final $10B tranche at an $852B post-money valuation.
OpenAI · Technology · Positive OpenAI launched Dots autonomous agents on GPT-6 Astra plus GPT-6.1 Sol and a OneGov government pricing deal.
Jefferies Posts Record Investment Banking Revenue in Q3, Fixed Income Trading Weakens
Jefferies Financial Group reported third-quarter earnings that beat market expectations, with record investment banking revenue for the quarter supported by strong equity underwriting activity. Fixed income trading revenue weakened sharply on a year-on-year basis even as other divisions reported stronger results. The company also carries 6.00% notes due 2030 and 7.00% notes due 2041, affirmed a quarterly dividend of $0.40 per share, and continues buybacks under an expanded $250 million authorization, while its share price has fallen 24.87% year to date. Investors will watch Q4 2026 earnings for the revenue mix between investment banking and fixed income trading, along with any update on the buyback authorization and dividend policy.
Jefferies Q3 Net Revenues Rise 9% to $2.22 Billion on Record Investment Banking and Equities
Jefferies Financial Group reported third-quarter fiscal 2026 net revenues of $2.22 billion, up 9% year over year, with net earnings attributable to common shareholders rising to $260.6 million from $224 million a year ago, as record Investment Banking and Equities results offset weakness in Asset Management and Fixed Income. Investment Banking net revenues increased 17% to a record $1.33 billion, including record advisory revenues of $817.8 million, up 25%, equity underwriting revenues up 69% to $305.5 million, and debt underwriting revenues down 21% to $519.1 million, while Equities revenues jumped 29% to a record $626.2 million. For the first nine months of fiscal 2026, net revenues rose 22% to $6.45 billion and net earnings attributable to common shareholders rose 45% to $639.7 million, with Investment Banking net revenues up 37% to a record $3.56 billion and Equities revenues up 26% to a record $1.79 billion, bringing combined Investment Banking and Capital Markets revenues to a record $5.94 billion, up 26%. Asset Management was the clearest weakness, with third-quarter net revenues plunging 52% to $85.6 million as fees and investment return revenues fell to $33.8 million from $83.9 million on muted performance across several fund strategies including Point Bonita, while Fixed Income revenues fell 26% to $176 million. The company is repositioning its Asset Management platform by reducing capital allocated to certain existing funds, alongside the planned sale of Tessellis and continued wind-down of legacy merchant banking investments.
Jefferies Posts Record Q3 IB Revenue of $1.33 Billion, Up 17%
Jefferies Financial Group reported record third-quarter fiscal 2026 investment-banking net revenues of $1.33 billion, up 17% year over year, an early signal for Wall Street's investment-banking recovery ahead of the major U.S. banks' earnings. Advisory revenues climbed 25% to a record $818 million, while equity-underwriting revenues surged 69% to $306 million, and the firm cited a healthy backlog and solid new business activity. Global dealmaking has already crossed $4 trillion this year. Among the large banks, JPMorgan expects fiscal third-quarter investment-banking fees to rise year over year in the mid-to-high teens, Citigroup expects low-single-digit growth, and Bank of America expects fees of $1.6-$1.8 billion, implying a year-over-year decline. Morgan Stanley entered the quarter with momentum after fiscal second-quarter investment-banking revenues soared 58% year over year to $2.44 billion. JPMorgan and Citigroup are scheduled to announce third-quarter 2026 results on Oct. 13, while Bank of America and Morgan Stanley report on Oct. 14.
JEF · Capital · Positive Jefferies reported record Q3 investment-banking net revenues of $1.33 billion, up 17% year over year.
BAC · Capital · Negative Bank of America expects Q3 investment-banking fees of $1.6-$1.8 billion, implying a year-over-year decline.
C · Capital · Positive Citigroup expects low-single-digit year-over-year growth in Q3 investment-banking fees.
JPM · Capital · Positive JPMorgan expects Q3 investment-banking fees to rise year over year in the mid-to-high teens.
MS · Capital · Positive Morgan Stanley entered the quarter with momentum after Q2 investment-banking revenues soared 58% year over year to $2.44 billion.
BMO Capital lowered its price target on Jefferies Financial Group to $50 from $57 while keeping a Market Perform rating, even after the investment bank beat estimates with third-quarter adjusted earnings per share of $1.08. That topped BMO's own $1.05 estimate and the $1.00 consensus. BMO said equities trading added 12 cents a share relative to consensus and other investment banking added 3 cents, while fixed income, currencies and commodities cost 6 cents and equity capital markets 2 cents. Asset management revenue came in light on lower investment returns, a 4-cent drag, while lower non-compensation expenses added 7 cents and higher preferred dividends and a larger share count, both linked to SMBC, roughly canceled each other out. The cut comes as Jefferies reshapes parts of its trading business, winding down its outsourced fixed-income trading desk following the departure of the unit's head, Joram Siegel.
Jefferies third quarter: equities trading revenue hits record high
U.S. investment bank Jefferies Financial Group reported third-quarter results on the 28th, covering June through August, with profit beating market expectations. Fee income from M&A advisory and equity underwriting grew, and revenue in the equities trading division set a record high. Net income attributable to shareholders was 260.6 million dollars, or 1.08 dollars per share, beating the average analyst estimate of 1 dollar per share compiled by LSEG. Investment banking revenue rose 17 percent to 1.33 billion dollars, while revenue in the capital markets business, which includes trading, rose 11 percent to 802 million dollars. The asset management division, by contrast, struggled, with combined fee and investment return revenue falling to 34 million dollars from 84 million dollars a year earlier. The decline stemmed from weaker performance across several fund strategies, including Point Bonita, which had exposure to the failed auto parts supplier First Brands.
Jefferies Q3 EPS Beats at $1.08 as Fixed Income and Asset Management Revenues Fall
Jefferies Financial Group reported third quarter adjusted earnings per share of $1.08, beating the analyst consensus of $1.00, though shares fell 3% following the results. Revenue for the quarter reached $2.22 billion, slightly above the consensus estimate of $2.20 billion and up 9% year over year from $2.05 billion, while net earnings attributable to common shareholders totaled $260.6 million, compared to $224.0 million a year earlier. The company posted record quarterly results in Investment Banking and Equities, with Investment Banking net revenues of $1.33 billion up 17% year over year on record Advisory revenues of $818 million, and Equities revenues of $626.2 million up 29%, but those gains were partly offset by a 26% drop in Fixed Income revenues to $176.0 million and a fall in Asset Management revenues to $85.6 million from $176.9 million. The compensation ratio rose to 53.7% from 52.9%, while the non-compensation ratio improved to 30.5% from 30.9%. Jefferies repurchased 1.3 million shares for $70 million during the quarter at an average price of $52.34 per share, and the Board declared a quarterly dividend of $0.40 per share payable November 25, 2026.
Jefferies Q3 Earnings Beat Estimates as SMBC Raises Stake to About 20%
Jefferies Financial Group reported fiscal Q3 earnings and revenue that exceeded Wall Street consensus estimates, though the stock slid 3.1% in Monday after-hours trading. GAAP EPS of $1.08 topped the average analyst estimate of $0.99, up from $1.02 in Q2 and $1.01 in last year's Q3, while total net revenue for the quarter ended Aug. 31, 2026, was $2.22B, beating the $2.20B consensus and rising from $2.21B in the prior quarter and $2.05B a year ago. The company also said its alliance with Sumitomo Mitsui Financial Group, also called SMBC, continued to expand, with SMBC increasing its ownership in Jefferies to about 20% as expected to become the company's largest shareholder. Investment banking net revenue of $1.33B grew 10% quarter over quarter and 17% year over year, and capital markets net revenue rose 0.4% quarter over quarter and 11% year over year to $802.2M, while asset management net revenue sank 54% quarter over quarter and 51% year over year to $85.6M. CEO Richard Handler and President Brian Friedman said the Investment Banking and Equities businesses continued to gain momentum, driving quarterly record net revenues in Advisory, total Investment Banking, Equities, and combined Investment Banking and Capital Markets.
JEF · Capital · Positive Fiscal Q3 EPS of $1.08 and revenue of $2.22B beat consensus estimates, with record Investment Banking and Equities revenues.
8316.JP · Capital · Positive SMBC increased its ownership stake in Jefferies to about 20%, becoming its largest shareholder as part of the expanding alliance.
Jefferies Beats Q3 Estimates With $1.09 EPS, $2.22 Billion Revenue
Jefferies reported quarterly earnings of $1.09 per share, beating the Zacks Consensus Estimate of $1.04 per share and topping last year's $1.05 per share, an earnings surprise of +4.81%. Revenue for the quarter ended August 2026 came in at $2.22 billion, surpassing the Zacks Consensus Estimate by 0.43% and up from $2.05 billion a year ago. The company has now topped consensus revenue estimates three times over the last four quarters, while surpassing consensus EPS estimates twice in that span. Ahead of the release, the estimate revisions trend for Jefferies was mixed, translating into a Zacks Rank #3 (Hold). The current consensus EPS estimate is $1.00 on $2.31 billion in revenues for the coming quarter and $3.73 on $8.67 billion in revenues for the current fiscal year.
Jefferies Beats Q3 CY2026 Estimates With $2.22 Billion Revenue
Jefferies Financial Group reported revenue ahead of Wall Street's expectations in Q3 CY2026, with sales up 8.5% year on year to $2.22 billion. The GAAP profit of $1.08 per share came in 8.8% above analysts' consensus estimates, while pre-tax profit was $351 million, a 15.8% margin. Tangible book value per share was $35.21, a 0.6% beat against analyst estimates of $34.99. Despite the beats, the stock traded down 3% to $45.76 immediately following the results, with the market seemingly hoping for more.
Jefferies Posts Record Investment Banking and Equities Revenue in Q3 2026
Jefferies Financial Group reported third-quarter 2026 net revenues of $2.22 billion and net earnings attributable to common shareholders of $261 million, with diluted earnings per voting common share of $1.08 and a return on adjusted tangible shareholders' equity of 13.5%. Investment banking net revenues rose 17% year over year to $1.33 billion, driven by a record quarter in Advisory, up 25%, and Equity Underwriting, up 69%. Capital markets net revenues were $802 million, up 11%, as record Equities net revenues of $626 million, up 29%, offset Fixed Income net revenues of $176 million, down 26%. Asset management net revenues fell to $85.6 million from $176.9 million a year earlier on weaker fund performance. The board declared a quarterly cash dividend of $0.40 per common share, payable November 25, 2026 to holders of record on November 16, 2026, and raised its share buyback authorization back to $250 million after repurchasing 1.3 million shares for $70 million during the quarter. Jefferies also said SMBC has increased its equity ownership to approximately 20%, making it the largest shareholder, and that their planned Japan joint venture is expected to begin serving clients in January 2027.
JEF · Capital · Positive Jefferies reported record Q3 2026 investment banking and equities revenue with $261M net earnings, plus a raised $250M buyback and $0.40 dividend.
JEF · Demand · Positive Record Advisory (+25%) and Equity Underwriting (+69%) revenues reflect strong client demand for Jefferies' banking services.
8316.JP · Capital · Positive SMBC increased its equity ownership in Jefferies to ~20%, becoming largest shareholder, with a planned Japan joint venture starting January 2027.
Jefferies Financial Group Set to Report Q3 Earnings Monday
Jefferies Financial Group is scheduled to announce its Q3 earnings results on Monday, September 28th, after market close. The consensus EPS estimate is $1.00, down 1.0% year over year, while the consensus revenue estimate is $2.2B, up 7.3% year over year. Over the last two years, Jefferies has beaten EPS estimates 38% of the time and revenue estimates 75% of the time. Over the last three months, EPS estimates have seen 1 upward revision and 2 downward revisions, while revenue estimates have seen 3 upward revisions and no downward revisions.
SoftBank Raises $10 Billion in Bonds to Fund Final OpenAI Payment
SoftBank Group locked in $10 billion of dollar bonds and 1 billion of euro bonds to help fund its final OpenAI investment payment, sending shares down 3.18% to 6,150 at Friday's 3:30 p.m. Tokyo close. The dollar bonds carry rates of 8.625%, 9.25% and 9.75%, adding up to about $941 million in annual interest on the amounts issued, while the euro bonds add roughly 75.6 million. SoftBank expects to issue the notes on September 29 and close the $10 billion OpenAI payment on October 1. Reuters called the transaction the largest high-yield corporate bond sale on record, citing LSEG data. SoftBank's GF Score is 79 out of 100, but financial strength and momentum sit below profitability, leaving the company dependent on the OpenAI stake growing enough to reward shareholders after the cost of borrowing.
9984.JP · Capital · Negative SoftBank is issuing $10B of dollar bonds and €1B of euro bonds at high yields to fund its final OpenAI payment, adding heavy interest costs and pressuring shares.
OpenAI · Capital · Positive SoftBank locked in $10B of bonds specifically to make its final $10B OpenAI investment payment, securing the funding.
SoftBank shares slip as Oracle force-majeure notice on Stargate data center stirs AI funding fears
SoftBank Group shares fell nearly 3% in early Tokyo trading before paring the move to little changed after Oracle issued a force-majeure notice to a Blue Owl unit developing Project Jupiter, a large data-center campus that forms part of Stargate, the $500 billion AI infrastructure initiative involving Oracle, OpenAI and SoftBank Group. Oracle is seeking to protect itself from payment obligations if the project is delayed and fails to come online in 2028 as planned, according to people familiar with the matter cited by Reuters and Bloomberg, with the notice tied to potential delays in securing power. The development has raised broader questions over whether the huge amounts of capital committed to AI infrastructure can be deployed on schedule, particularly as developers face constraints around power, construction and financing. The timing is sensitive for SoftBank Group, which has been increasing its leverage to finance its AI strategy and this week raised $11.1 billion through dollar- and euro-denominated bonds, with proceeds aimed in part at funding its investment in OpenAI. Credit investors are becoming more selective toward AI-related debt, with Reuters reporting spreads on AI-linked bonds had widened to about 115 basis points versus 78 basis points for the broader market, while SoftBank's exposure extends into AI power and infrastructure through SB Energy, which is preparing a potential U.S. listing and carries a $430 billion data-center backlog that Reuters noted is concentrated among SoftBank and OpenAI and largely long-dated.
9984.JP · Capital · Negative SoftBank shares slipped as the Stargate force-majeure notice raised AI funding fears while it has been raising leverage, including $11.1 billion in bonds, to finance its AI strategy.
ORCL · Regulation · Negative Oracle issued a force-majeure notice on the Blue Owl unit developing Project Jupiter, seeking protection from payment obligations if the Stargate data-center campus is delayed.
OWL · Regulation · Negative Blue Owl's unit received Oracle's force-majeure notice on the Project Jupiter data-center campus, exposing it to potential payment and delay risk.
SB Energy · Capital · Negative SB Energy's $430 billion data-center backlog is concentrated among SoftBank and OpenAI and largely long-dated, leaving it exposed to the AI infrastructure funding and schedule concerns raised by the force-majeure notice.
OpenAI · · Neutral OpenAI is named as a Stargate partner and counterparty in SB Energy's backlog, but the article reports no direct development specific to OpenAI.
SoftBank issues $11.1 billion in bonds to boost investment in OpenAI
SoftBank Group has issued dollar- and euro-denominated bonds totaling $11.1 billion, with most of the proceeds to be used to increase its investment in OpenAI, a leading artificial intelligence company. SoftBank, a Japanese technology group, plans to raise the value of its investment in OpenAI to $64.6 billion, and this bond issuance is aimed primarily at funding that investment commitment. For the dollar-denominated bonds, SoftBank issued $10 billion in senior notes split into three tranches by maturity. The first tranche is $1 billion with a 3.5-year term and an interest rate of 8.625%. The other two tranches are $4.5 billion each, with terms of 5.5 years and 7.5 years, offering interest rates of 9.25% and 9.75% respectively. In addition, SoftBank issued two tranches of euro-denominated senior notes, each worth 500 million euros.
SoftBank Group Sets Terms for About $11.1 Billion in Foreign-Currency Bonds, Dollar Notes Pay Up to 9.750%
SoftBank Group announced on the 24th that it has set the terms for approximately $11.1 billion in foreign-currency bonds. It will issue three dollar-denominated tranches totaling $10 billion, with a 3.5-year note at 8.625%, a 5.5-year note at 9.250%, and a 7.5-year note at 9.750%. In euros, it plans to issue two tranches, a 4-year note and a 6-year note, totaling 1 billion euros, with the 4-year note set at 7.125% and the 6-year note at 8.000%. The proceeds will be used to fund a $10 billion payment that marks its third round of additional investment in OpenAI, the developer of the conversational artificial intelligence ChatGPT, as well as for general corporate purposes.
9984.JP · Capital · Neutral SoftBank sets terms for ~$11.1B in foreign-currency bonds at high yields to fund its third $10B OpenAI investment and general corporate purposes.
SoftBank Group Launches $11 Billion Junk Bond Sale to Fund OpenAI Investment
SoftBank Group launched an $11 billion junk bond sale to fund a major investment in OpenAI, a deal described as the largest non-financial corporate bond offering from the Asia Pacific and Japan region to date. The funding is a senior unsecured high yield issue of roughly $10 billion in U.S. dollars plus about €1 billion, targeting more than $11 billion in total. The planned $10 billion contribution to the third tranche of SoftBank's OpenAI stake is mostly debt funded, pointing to higher gross debt and interest costs until any offsetting asset sales or repayments occur. The first hard test will come in upcoming results, when SoftBank reports updated loan to value ratios, net debt, and interest expense after the bond closes, with a key marker being whether management pairs the new $11 billion of high yield funding with visible asset monetizations or repayments. SoftBank Group runs one of Japan's largest wireless telecom operations, and the move marks a push to extend that communications footprint into AI infrastructure and services tied to OpenAI's technology stack.
9984.JP · Capital · Negative SoftBank launches an $11B junk bond sale to fund its OpenAI stake, raising gross debt and interest costs until offsetting asset sales or repayments occur.
OpenAI · Capital · Positive SoftBank's $10B debt-funded contribution to the third tranche of its OpenAI stake injects fresh capital into OpenAI.
SoftBank Raises $11 Billion in Bonds to Fund OpenAI Stake
SoftBank launched more than $11 billion of dollar and euro bonds on September 21 as it prepared for another $10 billion OpenAI installment. The financing sits alongside a broader credit line backed by Arm Holdings, which can reach about $25 billion against Arm shares, giving SoftBank liquidity without surrendering control of the chip designer. SoftBank also sold its entire roughly $5.8 billion stake in Nvidia in 2025, a move the article frames as a financing choice rather than a verdict on GPUs. Hedge fund positioning has shifted toward Arm, with 52 funds reporting longs in the second quarter of 2026 versus 46 in the prior quarter, while 285 funds held Nvidia, up from 275. The result is a hierarchy inside Masayoshi Son's AI portfolio: OpenAI is the cash sink he wants to fund, Arm is the strategic asset he wants to retain, and Nvidia was liquid enough to sell.
9984.JP · Capital · Positive SoftBank raised over $11B in bonds and has an Arm-backed credit line up to ~$25B to fund its OpenAI stake
OpenAI · Capital · Positive SoftBank is preparing another $10B OpenAI installment funded by the new bond issuance
ARM · Capital · Positive SoftBank's credit line is backed by Arm shares and hedge funds increased long positions in Arm, keeping it as the strategic asset SoftBank retains.
Jefferies Secures Nearly $4 Billion for European Private Credit Fund
Jefferies Credit Partners announced on Sept. 9, 2026 that it has secured almost $4 billion of lending capacity for its inaugural European Direct Lending Fund, anchored by Allianz Global Investors with additional commitments from the South Carolina Retirement System Investment Commission and other institutional investors. Including the new fund, two partnership accounts expected to close later in 2026 and balance sheet resources, Jefferies expects nearly $4 billion of near-term lending capacity for the strategy, which targets primarily sponsor-backed, senior-secured loans to middle-market and upper-middle-market companies across Europe and the United Kingdom. The expansion comes as Point Bonita, a trade-finance platform managed through Jefferies' Leucadia Asset Management business, faces renewed scrutiny over nearly $500 million of exposure to iron ore trader Radiant World held by LAM Trade Finance Group II, a fund managed by the Point Bonita unit, which has accused Radiant World of misrepresenting receivables and is pursuing legal action. Point Bonita had already drawn scrutiny over approximately $715 million of purported First Brands receivables, and Jefferies recorded a $30 million pre-tax loss related to its investment in the fund in the fourth quarter of fiscal 2025. Jefferies has acknowledged lessons from First Brands and said it is strengthening its control regime, while the new European fund demonstrates that institutional demand for its private-credit capabilities remains present.
JEF · Capital · Positive Jefferies secured nearly $4B of lending capacity for its inaugural European Direct Lending Fund, anchored by Allianz Global Investors and other institutions.
JEF · Regulation · Negative Point Bonita faces renewed scrutiny over ~$500M Radiant World exposure and prior First Brands receivables, with Jefferies recording a $30M pre-tax loss and strengthening its control regime.
Jefferies Credit Partners · Capital · Positive Jefferies secured nearly $4 billion of lending capacity for its inaugural European Direct Lending Fund, anchored by Allianz Global Investors and other institutional investors.
Jefferies Credit Partners · Regulation · Negative Point Bonita, managed through Jefferies' Leucadia Asset Management, faces renewed scrutiny over ~$500M Radiant World exposure and is pursuing legal action, after a $30M pre-tax loss tied to First Brands receivables.
LAM Trade Finance Group II · Regulation · Negative LAM Trade Finance Group II holds ~$500M of Radiant World exposure and is pursuing legal action over alleged misrepresented receivables.
Leucadia Asset Management · Regulation · Negative Jefferies' Leucadia Asset Management unit oversees Point Bonita, which faces renewed scrutiny over Radiant World and First Brands receivables exposure.
SoftBank begins selling dollar and euro bonds, aiming to raise over 11 billion dollars
SoftBank Group has begun offering multiple tranches of bonds, aiming to raise a total of more than 11 billion dollars, split into 10 billion dollars in dollar-denominated bonds and 1 billion euros in euro-denominated bonds, or roughly 1.1 billion dollars. The dollar-denominated bonds being issued this time comprise a 3.5-year bond worth 1 billion dollars with a yield of 8.75% to 8.875%, a 5.5-year bond worth 4.5 billion dollars with a yield of 9.375% to 9.5%, and a 7.5-year bond worth 4.5 billion dollars with a yield of 9.75% to 9.875%. Bloomberg data indicates that these yields will be the highest on record for each of SoftBank's dollar-denominated bond tranches, and the deal could be one of the largest private-sector junk bond deals on record. The fundraising aims to cover nearly 65 billion dollars in obligations from its investment in OpenAI, the developer of ChatGPT, as well as additional mergers and acquisitions in that sector.
9984.JP · Capital · Neutral SoftBank is issuing record-yield dollar/euro junk bonds to raise over $11B, a major financing event with high borrowing costs.
OpenAI · Capital · Neutral SoftBank's fundraising aims to cover nearly $65B in obligations from its OpenAI investment, but OpenAI itself is only the context for the bond sale.
SoftBank eyes over $11 billion junk bond issuance to fund OpenAI investment
SoftBank Group, led by billionaire Masayoshi Son, is considering raising more than $11 billion through junk bond issuance to increase its investment in OpenAI, the developer of ChatGPT. Sources say the company plans to issue $10 billion in dollar-denominated bonds across three tranches and 1.1 billion euros in euro-denominated bonds across two tranches. Part of the proceeds will be used to support additional investment in OpenAI, with pricing of the bonds expected this Thursday, September 24. The bond sale comes after SoftBank poured nearly $65 billion into OpenAI, making Son's company a focal point of debt-financed AI investment amid growing industry safety concerns. Discussions are still at an early stage and figures may change. SoftBank is sounding out investors on yields for the bonds but has not yet formally discussed initial yield guidance. If priced at that level, yields on each tranche are expected to set a record high for SoftBank, according to data compiled by Bloomberg. Uncertainty stemming from calls to slow AI development has also helped push up the cost of insuring SoftBank's debt against default, recently reaching a three-year high.
9984.JP · Capital · Neutral SoftBank is considering raising over $11 billion in junk bonds to fund additional OpenAI investment, a debt-financing event that also raises default-insurance costs.
OpenAI · Capital · Positive SoftBank's planned $11 billion+ bond issuance would provide additional investment funding to OpenAI.
Jefferies Sets 9,000 S&P 500 Target for 2027 on Earnings Growth
Jefferies expects the S&P 500 to climb to 9,000 by the end of 2027, a forecast built on sharply rising corporate earnings rather than further valuation expansion. For 2026, the bank sees the index ending at 8,000, supported by earnings per share of $373 and a 21.5-times price-to-earnings multiple. The bigger move comes in 2027, when Jefferies expects S&P 500 earnings to rise to $450 per share, enough to support the 9,000 target even if the valuation multiple falls to 20 times earnings. The bank expects earnings growth of 35% in 2026, above the broader consensus estimate of 29%, which has already strengthened from roughly 13% growth at the start of the year. Jefferies estimates companies with direct or indirect exposure to AI and data-center spending now represent about 46% of the S&P 500, and projects Magnificent Seven companies will deliver roughly 45% earnings growth in 2026 while the rest of the index posts around 24% growth, making the rally less dependent on a handful of technology giants.
JEF · Capital · Positive Jefferies itself issues the bullish S&P 500 target of 9,000 by 2027, a positive analyst/valuation call on its own research franchise.
META · Capital · Positive Article notes Magnificent Seven companies are projected to deliver roughly 45% earnings growth in 2026, with Meta among that group.
SoftBank launches $11 billion bond deal to fund OpenAI bet
SoftBank Group Corp. moved forward Monday with an offering of $10 billion in dollar-denominated and €1 billion in euro-denominated senior unsecured notes, with proceeds earmarked for its OpenAI investment, according to a term sheet cited by Reuters. The combined offering is equivalent to more than $11 billion, with the dollar tranche structured across three tenors of 3.5, 5.5, and 7.5 years and the euro portion carrying 4-year and 6-year maturities. Pricing is slated for September 24, with settlement to follow on September 29. Should the offering close at its intended size, it would set a record as the biggest non-financial corporate bond deal ever from Asia Pacific and Japan, topping the $10.93 billion raised by 7-Eleven Inc. in January 2021, per LSEG data cited in the term sheet, and would place among the top 20 corporate bond transactions worldwide in 2026, according to Bloomberg, citing Dealogic data. The proceeds are earmarked for SoftBank's $10 billion contribution to the third tranche of its OpenAI follow-on investment, a transaction slated to close October 1, along with general corporate purposes, and the bonds will also cancel a $10 billion bridge loan SoftBank had previously secured to fund the same investment. Fitch Ratings assigned the proposed notes a BB+ rating, its highest speculative-grade level, noting leverage at the Japanese conglomerate is likely to increase as it meets its investment commitments. Citigroup Inc. is the lead bookrunner for the dollar notes and JPMorgan Chase & Co. is the lead bookrunner for the euro notes. SoftBank's total cumulative investment in the ChatGPT maker is expected to reach approximately $64.6 billion upon completion of the third tranche, representing an ownership stake of roughly 13%, as disclosed by the company alongside its first-quarter earnings last month.
SoftBank Raises Arm-Backed Margin Loan to $25 Billion for AI Push
SoftBank Group Corp. has increased its margin loan backed by shares of its chip unit Arm Holdings Plc by $5 billion to $25 billion, according to people familiar with the matter, as the conglomerate funds its expanding artificial intelligence investments. The Japanese investment company renegotiated the terms and signed a deal with creditors this month. It is the third time SoftBank has upsized the facility, which began as an $8.5 billion loan in 2023, rose to $13.5 billion in 2024 and then to $20 billion last year. SoftBank was initially looking to increase the facility by $3 billion to $5 billion but received about $7 billion in demand from lenders, helped by a 142% spike in Arm's share price this year. As of May, the loan was secured by 769 million Arm shares, a 72% stake in the chip designer, and SoftBank had drawn $20 billion as of December, with the loan set to expire in September 2027. The proceeds help fund a nearly $65 billion commitment to OpenAI, alongside recent purchases including ABB Ltd.'s industrial robotics business for $5.4 billion and DigitalBridge Group Inc. for about $3 billion in cash.
9984.JP · Capital · Positive SoftBank upsized its Arm-backed margin loan to $25B, boosting financing capacity for its AI investments including the OpenAI commitment.
ARM · Capital · Positive SoftBank upsized its Arm-backed margin loan to $25B, aided by a 142% spike in Arm's share price this year, signaling strong lender confidence in the chip designer.
Apollo in Talks to Boost SoftBank Vision Fund 2 Loan to $9 Billion
Apollo Global Management Inc. is in talks with SoftBank Group Corp. about boosting the size of a loan to $9 billion from $5.4 billion to help the Japanese firm amplify its bets on AI giant OpenAI. The financing is backed by assets in SoftBank's Vision Fund 2, and its size hasn't been finalized, according to people familiar with the discussions who requested anonymity because the talks are private. Apollo made the so-called net-asset-value loan to SoftBank's venture capital fund in 2021 and boosted it by $900 million last year to $5.4 billion. SoftBank has committed to invest $64.6 billion in OpenAI, and in August it raised a $10 billion loan backed by its OpenAI holding from lenders including Apollo. Vision Fund 2, which had more than $100 billion of committed capital as of February, has made more than 300 investments since inception and has recently been plowing more into ChatGPT creator OpenAI.
9984.JP · Capital · Positive SoftBank is negotiating a larger $9B loan from Apollo to amplify its OpenAI bets, expanding its financing capacity.
APO · Capital · Positive Apollo is in talks to expand its NAV loan to SoftBank's Vision Fund 2 from $5.4B to $9B, growing its financing business.
SoftBank Vision Fund 2 · Capital · Positive Vision Fund 2 is the collateral backing the Apollo loan being upsized to $9B, boosting the fund's financing capacity.
OpenAI · Capital · Positive SoftBank's expanded borrowing is aimed at amplifying its bets on OpenAI, indirectly supporting funding for the AI firm.
SoftBank Group CDS Hits 3-Year High on OpenAI IPO Delay Uncertainty
Credit default swaps (CDS) indicating the credit risk of SoftBank Group are hovering near their highest level in three years. According to data provider CMA, the mid-spread on five-year CDS stood at 383.2 basis points on the 16th, near its highest level since 2023. Portfolio company OpenAI in the U.S. is expected to forgo an initial public offering within the year, leaving uncertainty over when SoftBank Group will recover its investment. Meanwhile, SoftBank Group has secured $11.9 billion, or 1.85 trillion yen, in financing to fund its investment in OpenAI, exceeding its initial target, showing progress on the funding front. Sharon Chen, a credit analyst at Bloomberg Intelligence, noted in a report dated the 16th that funding costs are rising along with higher government bond yields in Japan and the U.S., and said SoftBank Group's overseas bonds are seeing wider spreads amid concerns over increased supply and growing exposure to OpenAI. The company recently issued 1 trillion yen in retail bonds in Japan and is also preparing an overseas bond issuance, and if CDS remain at high levels, it could affect future issuance terms.
9984.JP · Capital · Negative SoftBank Group's CDS hit a 3-year high as OpenAI's expected IPO delay leaves uncertainty over recovering its investment, and rising funding costs could affect future bond issuance terms.
OpenAI · · Neutral OpenAI is expected to forgo an IPO within the year, but the article gives no direct positive or negative development for OpenAI itself.
AI Stocks Plunge, 10-Year Treasury Yield Tops 5%, Oil Surges Over 4%
Wall Street traded lower on Monday as AI-related shares tumbled after executives at leading U.S. AI companies called for a slower pace of development, with SoftBank falling as much as 13.2% in Japan, SK Hynix dropping 6.4%, Samsung Electronics declining 4%, and in the U.S. Nvidia slipping 2.4% premarket while Micron and AMD each fell 5% and Broadcom dropped 3.4%, following an essay Saturday by Anthropic CEO Dario Amodei arguing that progress on improving AI model capabilities should be slowed. Crude oil surged, with front-month Nymex crude jumping 4.3% to $104.37/bbl and Brent rising 4.5% to $109.32/bbl, after Persian Gulf countries called off a planned meeting with Iran on reopening the Strait of Hormuz and a Friday drone strike knocked out Saudi Arabia's East-West pipeline, which feeds the Red Sea port of Yanbu and moves 4M bbl/day; traders estimate the closure could cut off up to 4% of global oil supply, with Yanbu storage covering just 5-7 days of exports. The benchmark 10-Year Treasury yield reached 5% for the first time since October 23, 2023, adding 3 basis points Monday, while the 2-Year yield rose 4 basis points to about 4.66% and the 30-Year added 2 basis points to 5.37%. Kimberly-Clark is preparing possible asset sales to resolve European Union competition concerns over its proposed $40 billion acquisition of Kenvue, with the European Commission expected to notify the company of its concerns this week ahead of a preliminary review deadline on September 29.
000660.KO · Technology · Negative SK Hynix dropped 6.4% amid the AI-related selloff following calls to slow AI model development.
005930.KO · Technology · Negative Samsung Electronics declined 4% as AI-related shares tumbled on calls to slow AI development.
9984.JP · Technology · Negative SoftBank fell as much as 13.2% in Japan as AI-related shares tumbled on calls to slow AI development.
NVDA · Technology · Negative Anthropic CEO's call to slow AI development drove AI-related shares lower, with Nvidia slipping 2.4% premarket.
KMB · Regulation · Negative Kimberly-Clark may need asset sales to resolve EU competition concerns over its $40B Kenvue acquisition, with the Commission set to notify concerns.
KVUE · Regulation · Neutral Kenvue is the target of Kimberly-Clark's $40B acquisition facing EU competition concerns, but no direct impact on Kenvue is stated.
SoftBank Secures $11.87B Loan for OpenAI Investment
SoftBank secured an $11.87 billion two-year loan to support its investment in U.S. artificial intelligence firm OpenAI, according to people familiar with the matter cited by Bloomberg. The facility, finalized last week, drew commitments from about 20 banks and exceeded SoftBank's earlier $10 billion target. The loan adds to SoftBank's financing tied to its OpenAI bet: the company has also secured a $10 billion margin loan backed by its OpenAI stake and is considering a U.S. dollar bond sale of as much as $20 billion. SoftBank shares slipped almost 13% on Monday as growing concerns over AI safety weighed on the Japanese investment giant, with Anthropic CEO Dario Amodei calling for a slower pace of AI development and OpenAI CEO Sam Altman saying they would not proceed with a public offering this year as they address safety-related concerns. SoftBank, led by billionaire Masayoshi Son, plans to invest nearly $65 billion in OpenAI by October and has already raised about $37 billion this year, and said last week it would repay $25.9 billion of the outstanding balance on a $40 billion loan obtained earlier this year to finance its OpenAI investment, with the repayment due September 15 against an original maturity of March next year.
9984.JP · Capital · Negative SoftBank shares fell ~13% amid AI-safety concerns while it piles on debt ($11.87B loan, $10B margin loan, possible $20B bond) to fund its OpenAI bet
OpenAI · Capital · Neutral SoftBank is raising billions in loans and bonds to fund its nearly $65B OpenAI investment, though OpenAI's CEO said no IPO this year amid safety concerns
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SoftBank shares plunge over 10% as AI safety calls rattle Asian markets
Shares of Japanese investment conglomerate SoftBank Group, a key investor in OpenAI, fell more than 10% on Monday after Anthropic and OpenAI called for slowing AI development for safety, dragging Asian markets to a mixed close. SoftBank stock traded in Japan plummeted 11.2% after OpenAI CEO Sam Altman backed Anthropic CEO Dario Amodei's weekend calls for the AI industry to slow down, and Altman told Fortune on Saturday that OpenAI would not hold its initial public offering this year as it focuses on safety. Other AI-related Asian stocks also fell, with South Korea's SK Hynix down 5.3%, Samsung Electronics off 2.8%, Japan's Tokyo Electron down 0.9% and Kioxia Holdings sinking 6%. South Korea's Kospi lost 2.5% to 6,739.68, Japan's Nikkei 225 slid 0.8% to 63,474.58, Hong Kong's Hang Seng rose 0.3% to 24,886.81 and the Shanghai Composite climbed 0.2% to 3,894.28. Oil prices gained more than 3% after Saudi Arabia shut a major pipeline used to bypass the Strait of Hormuz following an attack, with Brent crude up 3.2% to $107.94 a barrel and benchmark U.S. crude up 3.2% to $103.26 a barrel.
9984.JP · Technology · Negative SoftBank, a key OpenAI investor, plunged over 10% after OpenAI and Anthropic called for slowing AI development for safety.
000660.KO · Technology · Negative SK Hynix fell 5.3% amid the AI-safety-driven selloff in AI-related Asian stocks.
285A.JP · Technology · Negative Kioxia sank 6% as AI-safety calls from OpenAI and Anthropic rattled AI-related Asian stocks.
005930.KO · Technology · Negative Samsung Electronics dropped 2.8% as AI-safety concerns hit AI-related Asian tech names.
SoftBank shares plunge more than 13% after OpenAI and Anthropic signal slower advanced AI development
SoftBank Group shares fell more than 13% in Monday morning trading in Tokyo, the steepest drop in nearly three months, after senior executives at OpenAI and Anthropic urged developers to slow the development of advanced AI to prioritise safety, fuelling concern over SoftBank's big bet on AI technology. SoftBank is one of OpenAI's largest backers and plans to raise its cumulative investment in the ChatGPT developer to nearly 65 billion dollars by October. The company also plans to issue retail investor bonds worth 1 trillion yen, or about 6.5 billion dollars, and is preparing to borrow another 10 billion dollars linked to OpenAI shares to support various deals, including the acquisitions of ABB Robotics and DigitalBridge, as well as plans to build data centres in several countries around the world. Yugo Tsuboi, chief strategist at Daiwa Securities, said the market is worried that OpenAI's valuation may not be as high as previously expected, and investors are watching the situation closely because it is still unclear how much AI development will slow. SoftBank shares are down about 30% from their June peak after reports that OpenAI's planned initial public offering may be delayed. Dario Amodei, chief executive of Anthropic, said that slowing the development of frontier AI capabilities does not mean that industry spending or growth will slow along with it.
9984.JP · Capital · Negative SoftBank shares plunged 13% on concern its large OpenAI bet and related borrowing/deals may be undermined by slower advanced AI development.
OpenAI · Technology · Negative OpenAI executives urged slowing advanced AI development, raising doubts about its valuation and delaying its planned IPO.
Anthropic · Technology · Neutral Anthropic's CEO urged slowing frontier AI development for safety, though he said industry spending and growth need not slow.
SoftBank Group Corp. secured an $11.87 billion loan to support its investment in OpenAI, up from its earlier target of $10 billion. The Japanese conglomerate sealed the two-year facility last week, attracting commitments from around 20 banks, according to people familiar with the matter. SoftBank declined to comment. The borrowing adds to a wave of debt financing tied to its OpenAI bet, including a $10 billion margin loan backed by its OpenAI stake and a potential bond sale of as much as $20 billion. SoftBank said last week it would repay the balance of a $40 billion loan obtained earlier this year to finance the OpenAI investment, planning to pay down the $25.9 billion it owes on Sept. 15. SoftBank, founded and led by Masayoshi Son, is slated to invest close to $65 billion in OpenAI by October, and has already raised the equivalent of about $37 billion so far this year from offshore and domestic bond sales and loans, including the latest facility.
Capital B Adds 376 BTC for Approximately 4.5 Billion Yen, Total Holdings Reach 3,521 BTC
French bitcoin treasury company Capital B announced on September 7 that it acquired 376 BTC for 25.3 million euros (approximately 4.554 billion yen), bringing its total holdings to 3,521 BTC. This marks its largest purchase since September 2025, following a modest total of 6 BTC bought in August. The purchase was funded by a capital increase totaling approximately 30.14 million euros (approximately 5.4252 billion yen) completed just prior. The breakdown includes 1.44 million euros (approximately 259.2 million yen) raised through an ATM agreement with asset manager Tobam, and 28.7 million euros (approximately 5.166 billion yen) from a private placement of shares with four warrants attached per share. Tobam and strategic investor Adam Back participated in the private placement, raising Back's stake to 17.64% on a common share basis. The acquisition price was 67,182 euros per BTC (approximately 12.09 million yen), lowering the average acquisition cost of its holdings to 87,878 euros (approximately 15.81 million yen). The total acquisition cost stands at 309.4 million euros (approximately 55.7 billion yen), with a year-to-date BTC yield of 2.17%. Among European listed companies, this places Capital B second in holdings, surpassing Sweden's H100 Group and trailing Germany's Bitcoin Group, which holds 3,605 BTC.
SoftBank issues 1 trillion yen retail bonds at 4.75% interest
SoftBank Group has set the interest rate on its retail investor bonds worth 1 trillion yen, or approximately 6.3 billion dollars, at 4.75% for 7-year bonds, amid rising interest rates in Japan, which has increased the attractiveness of investing in debt securities and may encourage more Japanese companies to raise funds from retail investors. The interest rate is at the relatively high end of the 4.3-4.9% range that SoftBank announced in August, and is significantly higher than the average yield of about 2.3% for yen-denominated corporate bonds issued to retail investors in Japan this year. This bond issuance comes at a time when the yield on 10-year Japanese government bonds has surged above 3% for the first time in about 30 years, making debt securities more appealing to Japanese households. Kazuma Ogino, a senior credit analyst at Nomura Securities, believes that both the yield level and the large issuance size of 1 trillion yen could attract new retail investors to the market. Japan's retail bond market is expanding rapidly, with the value of yen-denominated corporate bonds issued to retail investors from the start of the year to September 4 reaching 2.88 trillion yen, including SoftBank's 1 trillion yen deal, and surpassing the total issuance for any full year in the past. This growth comes as Japanese companies have increased capital needs for mergers and acquisitions and growth investments. Ogino noted that turning to retail investors helps diversify funding sources and reduces pressure on credit spreads. This trend could benefit both companies seeking additional funding channels and retail investors looking for higher returns, while helping to expand Japan's retail bond market as the country enters a higher interest rate environment.
SoftBank Group has decided on an annual interest rate of 4.75% for its total 1 trillion yen in unsecured ordinary bonds and has submitted the necessary documents to the Kanto Finance Bureau. The bonds have a maturity date of September 16, 2033, making them 7-year bonds, primarily targeting individual investors. The subscription period runs from September 7 to 16, with the payment date on the 17th. Eleven companies, including Nomura Securities, Daiwa Securities, and SMBC Nikko Securities, will underwrite the bonds.
Blockstream CEO Adam Back has subscribed to a €7.6 million private placement in France-listed Capital B, which could fund the purchase of up to 376 additional Bitcoin, potentially lifting the company's holdings from 3,145 BTC to a target of 3,521 BTC. The financing, announced on September 2, involves 13,181,030 shares with attached warrants at €0.58 per unit, generating gross proceeds of roughly €7.64 million, or about US$8.8 million. Net proceeds are expected to reach approximately €7.3 million after fees, and the subscription price represented a 15.4% premium to Capital B's September 1 closing share price. The 376 BTC figure represents potential capacity funded by the placement and ongoing operations, not coins already purchased. This deal follows a separate €21 million private placement announced August 28, which could fund 270 BTC and take holdings toward 3,415 BTC, a distinct transaction from this week's 3,521 BTC target. Back already held 54.3 million Capital B shares, or 14.82% of ordinary share capital, and his ownership will rise to roughly 67.49 million shares after the new issuance.
SoftBank's $439 Billion AI Backlog Overshadowed by $3.21 Billion Loss
SoftBank Group's shares fell about 5.1% to $15.335 as investors weighed the planned U.S. IPO of its AI infrastructure unit, SB Energy, which boasts a contracted backlog of approximately $439 billion but has no operational data centers. In the first half, revenue surged 66.4% to $138.7 million, yet the net loss ballooned from $215.5 million to $3.21 billion. Nvidia has committed $1.5 billion at the IPO price, and OpenAI holds warrants valued at nearly $5.5 billion. The backlog is more than 3,100 times first-half revenue, but it represents long-term contracts rather than immediate cash, and OpenAI and SoftBank are expected to generate a significant portion of early lease revenue, raising concentration and related-party concerns. SoftBank's shares trade 7.77% above its GF Value estimate of $14.23, and while the IPO could unlock billions, SB Energy must deliver working data centers and real cash flow.
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