PayPay has lined up QIA, Visa, and ADIA as cornerstone investors in its planned Nasdaq IPO, targeting a valuation of up to USD 14 billion.
Following this announcement, Japan-based digital payments provider PayPay has secured interest from a group of global investors, including Qatar Holdings, an investment arm of the Qatar Investment Authority (QIA), Visa, and the Abu Dhabi Investment Authority (ADIA), as cornerstone investors in its planned IPO on the Nasdaq, according to two people familiar with the matter cited by Reuters.
The cornerstone investors are preparing to commit more than USD 200 million in aggregate, with PayPay targeting a valuation of up to USD 14 billion in the offering. If achieved, the listing would represent one of the largest flotations of a Japanese company on a US stock exchange. No final commitments have been made, and the size, terms, and valuation of the deal remain under discussion and subject to change, the sources cautioned.
PayPay aims to list on the Nasdaq next month, one of the people said, adding SoftBank hopes that bringing investors on board will boost the IPO’s appeal. The IPO was initially expected in December 2025, but was delayed by a prolonged US government shutdown that slowed the regulatory process.
Strategic context and timing
According to the press release, the listing would be the first US flotation of a SoftBank-majority business since Arm Holdings. For SoftBank Group, PayPay's parent, the timing is significant. The Japanese conglomerate has committed USD 30 billion to OpenAI, building on an estimated USD 41 billion investment, representing roughly an 11% stake, completed in December 2024. To fund its broadening AI strategy, SoftBank has monetised a number of holdings, including a USD 5.8 billion stake in Nvidia and USD 4.8 billion in T-Mobile US shares. The PayPay IPO could serve as a further source of capital for those ambitions.
At the time of writing, details, including the number of shares to be offered and the expected price range, have not been disclosed to the public. PayPay planned to list on the Nasdaq Global Select Market under the ticker symbol PAYP.
In addition, the company started with cashless payments using QR codes and has expanded into credit, banking, securities, and insurance services. PayPay is expected to remain a SoftBank subsidiary following the IPO. SoftBank previously stated it does not expect the listing to materially impact its consolidated earnings. SoftBank, PayPay, Qatar Holdings, Visa, and ADIA had not responded to requests for comment at the time of publication.
