Reuters·2026-02-27 20:01Core Viewpoint - PayPay, a Japanese digital payments provider, is preparing for an IPO in the U.S. with a target valuation of up to $14 billion, potentially marking the largest listing for a Japanese company on a U.S. stock exchange [2][7]. Group 1: IPO Details - A consortium of global investors, including Qatar Holdings, Visa, and Abu Dhabi Investment Authority, is set to invest over $200 million as cornerstone investors in PayPay's IPO [1]. - The IPO is planned for the Nasdaq next month, having been delayed from its initial December timeline due to a prolonged U.S. government shutdown affecting regulatory processes [3]. - PayPay aims to attract cornerstone investors to enhance the IPO's appeal [3]. Group 2: Financial Context - The IPO is crucial for SoftBank Group, which is heavily investing in artificial intelligence, having committed $30 billion to OpenAI and sold significant assets, including a $5.8 billion stake in Nvidia and $4.8 billion in T-Mobile U.S. shares [4]. - The PayPay listing could provide a timely cash boost for SoftBank, marking its first U.S. listing for a SoftBank-majority business since Arm Holdings [4]. Group 3: Company Background - PayPay was established in 2018 through a joint venture between SoftBank and Yahoo Japan, significantly contributing to Japan's digital transformation by promoting cashless payments [6]. - As of December 31, PayPay has approximately 72 million registered users, making it one of Japan's most widely used payment platforms [6][7]. - Recently, PayPay announced a partnership with Visa to facilitate its expansion into the U.S. market [5].