Masayoshi Son, through SoftBank, is gearing up to issue high-yield bonds exceeding US$11 billion. This strategic move aims to secure the necessary funds for upcoming investment payments to OpenAI and to refinance certain short-term debts. This bond issuance is poised to be the largest non-financial corporate bond transaction in both the Asia-Pacific and Japan markets. At present, SoftBank is grappling with escalating financing costs, a situation that has led it to become the world's largest corporate borrower with a junk rating by 2026. Furthermore, SoftBank's share price has taken a significant hit following OpenAI's declaration that it will not pursue an initial public offering (IPO) this year.

Despite the hefty interest rates associated with debt, Son has opted to substitute temporary bridge loans with long-term unsecured bonds. This decision is driven by a desire to avoid selling or pledging core assets, thereby extending the repayment timeline while awaiting OpenAI's eventual IPO. To date, SoftBank's cumulative investment in OpenAI has surged to nearly US$65 billion. As the linchpin of its AI investment strategy, OpenAI's postponed IPO and decelerated growth have had a ripple effect on SoftBank's related ventures, including data centers and energy projects, impeding their advancement and financing.

Son has consistently adhered to an investment approach characterized by concentrated bets and a willingness to wait patiently for substantial returns. He often stands firm when his investments encounter obstacles. Nevertheless, the scale of his investment in OpenAI is unprecedented, with a significant portion of the funding sourced from interest-bearing debt and an uncertain waiting period. The ultimate financial backbone of his entire funding strategy lies in the equity he possesses in Arm. Son has also decided to prolong his professional tenure, staking his future on reaping the ultimate rewards from the advent of super artificial intelligence.