SoftBank has selected Goldman Sachs, JPMorgan, Mizuho, and Morgan Stanley to lead the potential initial public offering (IPO) of its Japanese payments app operator PayPay in the United States. The company has confidentially submitted a draft registration statement to the U.S. Securities and Exchange Commission (SEC) for the public listing. The IPO could raise more than $2 billion and is expected to take place as early as the fourth quarter of 2025. PayPay aims for a valuation exceeding $10 billion and will remain a consolidated subsidiary of SoftBank after the public listing. The move follows strong first-quarter results for PayPay and comes amid SoftBank's broader strategic initiatives, including investments in artificial intelligence. Separately, OpenAI employees plan to sell approximately $6 billion worth of shares to investors including SoftBank, Dragoneer, and Thrive Capital once the company's valuation reaches $500 billion.