SoftBank just priced about $11.1 billion of bonds to pay the last $10 billion OpenAI installment. The dollar coupons are 8.625% on the 3.5-year, 9.25% on the 5.5-year and 9.75% on the 7.5-year. The euro notes pay 7.125% and 8%. S&P and Fitch rate it BB+, which is junk. That completes a $30 billion follow-on. When it closes on Oct 1, SoftBank will have put $64.6 billion into OpenAI for about a 13% stake. Three things I take from this: 1. This is AI equity paid for at junk coupons. SoftBank isn't getting cheap investment-grade money. It's paying close to 10% so the OpenAI check clears on time. 2. Tokyo opened hot on bond day, then faded. The stock closed Friday at ¥6,150, down about 3%. The market stopped cheering the size and started pricing the coupon. 3. People will say OpenAI is an equity story. Fair. But if the biggest AI buyers keep funding themselves in the junk market at these rates, cost of capital becomes another bottleneck next to memory and power. Honestly, the coupon on the next AI-linked junk bond matters as much as the next HBM price.