PayPay, the payments app controlled by SoftBank Group, has filed paperwork for a U.S. initial public offering that targets a valuation of up to $13.4 billion. In a regulatory filing made public on Monday, the company said it expects to offer about 55 million American depositary shares (ADSs) in the proposed transaction.
The filing sets an indicative price range of $17.00 to $20.00 per ADS. The document also notes that, assuming underwriters do not exercise their option to purchase additional shares, entities affiliated with SoftBank Group would maintain a voting stake of roughly 91.8% following the offering.
PayPay launched in 2018 and reported 72 million registered users at the end of 2025, a figure the company said represents about 75% of smartphone users in Japan. The company is based in Tokyo and is led by billionaire Masayoshi Son.
In the same filing cycle, SoftBank Group disclosed a separate capital decision related to OpenAI. The Tokyo-based parent said it would invest an additional $30 billion in the artificial intelligence company this year, which would bring SoftBank's cumulative investment in OpenAI to $64.6 billion. After that increment, SoftBank Group is expected to hold a 13% stake in OpenAI.
The regulatory filing for PayPay's ADS offering and the disclosure of SoftBank's planned OpenAI investment together map two closely timed capital moves: a public-market step for the payments business and a substantial private-market commitment by the parent company. The filing makes clear the potential ownership structure post-offering relies on assumptions about underwriters' actions and the final pricing of the ADSs within the stated range.
Context and next steps
The filing provides target share counts and a pricing band but does not confirm final terms or the timing of the offering. Both the ultimate valuation for PayPay and SoftBank Group's final post-investment position in OpenAI will depend on completion of those transactions on the terms outlined in the filings.