SoftBank is borrowing $10 billion to pay its next OpenAI bill.
SoftBank launched $10 billion of dollar bonds and one billion euros of euro bonds on Monday. The money covers a $10 billion payment for its third OpenAI tranche, closing on 1 October. SoftBank has now sold almost $15 billion of bonds this year, more than any other junk-rated borrower.
Why it mattersThe biggest cheques in AI are now written with borrowed money, not cash in the bank. That ties the boom to bond markets, which can shut faster than anyone plans for.
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