SoftBank Group’s mobile payments platform, PayPay, is preparing for a highly anticipated U.S. debut. The fintech sensation, which transformed payment habits across Japan, has filed confidentially with the U.S. Securities and Exchange Commission to list American Depositary Shares (ADS), positioning itself for a landmark U.S. public offering.
The proposed IPO could raise upward of $2 billion and value the company at over $10 billion. While details such as timing, offering size, and pricing are still being finalized, insiders believe the listing may happen by late 2025. Importantly, PayPay will remain a SoftBank subsidiary after the offering, ensuring continuity in operations and strategic direction.
This move could mark one of the largest U.S. listings by a Japanese firm in recent years. SoftBank has selected major global banks—including Goldman Sachs, JPMorgan Chase, Mizuho, and Morgan Stanley—to coordinate the offering, underlining its ambition to deliver a high-profile, successful listing.
Expand fast. PayPay launched in 2018 as a joint venture among SoftBank, Yahoo Japan (under LY Corp), and Paytm—India’s leading mobile payments company. The app quickly became Japan’s leading digital payment system. Today, it boasts over 70 million users and is used by more than half of all Japanese smartphone owners. Users scan QR codes at checkout or let merchants scan barcodes displayed on their phones, a system that has helped drive Japan’s shift away from cash.
Expected proceeds from the U.S. trading debut are likely to support SoftBank’s expansive vision in artificial intelligence and its broader tech ecosystem. CEO Masayoshi Son is pushing forward with multi-billion-dollar projects, such as the Stargate initiative—an ambitious program to scale AI infrastructure in the U.S.—and additional commitments to companies like OpenAI, Arm, and chips-focused ventures.
Despite this move injecting fresh capital, SoftBank says the listing will not disrupt PayPay’s day-to-day performance or its role within SoftBank’s broader portfolio. The company continues to deepen its footprint in fintech and remains a core asset for steering Japan’s digital economy.
The proposed IPO arrives amid renewed investor optimism toward Western tech listings after a lull earlier in the year, when macro uncertainty and regulatory tensions stalled several high-profile offerings. As sentiment improves, PayPay may capture attention as a rare, high-quality foreign IPO opportunity.
Yet risks remain. The fintech world is growing more competitive, both in Japan and globally. Moreover, macroeconomic factors—like interest rate uncertainty or geopolitical instability—could affect investor appetite at launch. Still, PayPay’s dominant position in its home market offers it a strong foundation heading into global markets.
A successful U.S. listing of PayPay would serve broader strategic goals for SoftBank: diversifying capital sources, supporting AI bets, and signaling ongoing innovation leadership. The market will be watching closely in the months ahead as details crystallize and the IPO story unfolds.
