SoftBank's PayPay Files for US IPO, Aiming for $10 Billion Valuation

SoftBank Group's digital payment provider PayPay has confidentially filed for a US stock market debut, aiming for a $10 billion valuation. This could make PayPay Japan's first $10 billion unicorn and the largest IPO for a Japanese company on a US stock exchange. The company, which is a subsidiary of SoftBank Corp., was originally set up through a venture with former Vision Fund portfolio company Paytm.

SoftBank Group Corp.'s digital payment provider, PayPay Corp., has confidentially filed a draft registration to debut on the US stock market, according to a statement from the company. This move could mint Japan’s first $10 billion unicorn, making it the largest initial public offering (IPO) for a Japanese company on a US stock exchange [1].

PayPay, which operates as a QR-code payments application, is seeking a valuation of ¥1.5 trillion ($10 billion) or more [1]. The exact schedule, size, and price for the public listing of PayPay’s American depositary receipts are yet to be decided, but the feasibility of the listing is subject to market and other conditions, contingent on the completion of the SEC’s review [2].

SoftBank Group, which owns a stake in PayPay, has been working to monetize some of its assets and Vision Fund bets to finance new investments in artificial intelligence. This includes a recent sale of $3 billion worth of shares in T-Mobile US Inc. [2]. PayPay will continue to be a subsidiary of SoftBank Corp. following the public offering, and the Japanese conglomerate does not expect the listing to have any material impact on its consolidated earnings [2].

The transaction was originally set up through a venture with former Vision Fund portfolio company Paytm, and a previous valuation placed PayPay at around $7 billion [3]. Reuters reported that investment banks have been selected for PayPay’s US IPO [3].

References:

[1] https://news.bloomberglaw.com/bankruptcy-law/softbanks-paypay-submits-filing-to-us-sec-for-listing-of-adrs
[2] https://www.bloomberg.com/news/articles/2025-08-15/softbank-s-paypay-submits-filing-to-us-sec-for-listing-of-adrs
[3] https://finance.yahoo.com/news/softbank-paypay-submits-filing-us-073055905.html