PayPay has secured commitments from QIA, Visa, and ADIA as cornerstone investors for its planned Nasdaq IPO, with a target valuation of up to USD 14 billion.
Following this announcement, PayPay, the Japanese digital payments provider, has attracted significant interest from global investors. According to sources cited by Reuters, QIA’s investment arm, Visa, and ADIA are set to be cornerstone investors in PayPay’s upcoming IPO on Nasdaq.
These cornerstone investors plan to invest more than USD 200 million collectively. PayPay aims for a valuation of up to USD 14 billion in the offering, which would make it one of the largest listings by a Japanese company on a US stock exchange. However, final commitments have not yet been made, and the deal’s size, terms, and valuation remain subject to change.
PayPay intends to list its shares on the Nasdaq next month, as one source indicated. SoftBank hopes that securing investor support will enhance the IPO’s appeal after a previous planned listing in December 2025 was delayed due to a prolonged US government shutdown affecting the regulatory process.
Strategic context and timing
This listing would mark PayPay’s first US flotation since its parent company, SoftBank Group, committed USD 30 billion to OpenAI. For SoftBank, the timing is crucial as it builds on an estimated USD 41 billion investment in the business, completed in December 2024. To support its expanding AI strategy, SoftBank has already monetized several holdings, including a USD 5.8 billion stake in Nvidia and USD 4.8 billion in T-Mobile US shares. The PayPay IPO could provide further financial resources for these ambitions.
As of the time of writing, no details such as the number of shares to be offered or the expected price range have been disclosed publicly. PayPay intends to list on the Nasdaq Global Select Market under the ticker symbol PAYP.
Additionally, PayPay began with QR code-based cashless payments and has since expanded into credit, banking, securities, and insurance services. It is expected that SoftBank will retain ownership of PayPay following the IPO, as previously stated. SoftBank, PayPay, Qatar Holdings, Visa, and ADIA have not responded to requests for comment at this time.
