In what is set to be the largest U.S. listing by a Japanese company in history, PayPay Corporation officially filed its Form F-1 with the SEC on February 12, 2026. The SoftBank-backed digital payments titan is eyeing a valuation of at least $10 billion, though internal targets and investor appetite suggest a market debut closer to $20 billion (approx. ¥3 trillion).
The filing marks a triumphant return to the public markets for Masayoshi Son’s portfolio, representing the first major SoftBank-majority IPO since Arm Holdings in 2023.
Financial Performance: A Surge in Profitability
The IPO filing reveals a company that has successfully transitioned from a high-burn startup to a profitable fintech powerhouse. For the nine-month period ending December 31, 2025, PayPay reported a meteoric rise in earnings.
| Metric (9 Months Ended Dec 2025) | FY2024 (Prior Period) | FY2025 (Current) | Change |
| Operating Revenue | ¥220.4 Billion | ¥278.5 Billion | ↑ 26% |
| Net Profit | ¥29 Billion | ¥103.3 Billion | ↑ 256% |
| Gross Marketplace Value (GMV) | ¥12.8 Trillion | ¥15.4 Trillion | ↑ 20% |
Key Details of the “PAYP” Offering
PayPay intends to list American Depositary Shares (ADS) on the Nasdaq Global Select Market under the ticker symbol “PAYP.”
- User Base: As of late 2025, the app boasts 72 million registered users, representing a staggering 75% penetration of Japan’s smartphone-using population.
- Underwriters: The “bulge bracket” lineup is led by Goldman Sachs, J.P. Morgan, Mizuho, and Morgan Stanley.
- Post-IPO Structure: SoftBank Group plans to maintain PayPay as a consolidated subsidiary even after the sale of shares, using the proceeds to further its aggressive pivot into “Artificial Super Intelligence” (ASI).
- Delayed Debut: The listing was originally slated for December 2025 but was pushed back to March 2026 due to the regulatory backlog caused by the record-breaking U.S. government shutdown.
From QR Codes to “Super-App”
PayPay’s valuation premium stems from its evolution beyond simple merchant payments. The prospectus highlights its growth as a “Super-App” that now bundles:
- Consumer Finance: Credit cards and instant “Buy Now, Pay Later” (BNPL) services.
- Digital Banking: Full integration with PayPay Bank for seamless deposits and digital wages.
- Asset Management: An in-app securities brokerage allowing users to trade stocks directly.
- Global Ambitions: Recent expansions into South Korea (via Kakao Pay) and tourist-centric partnerships with Alipay+.
Use of Proceeds
PayPay stated it will use the capital for “general corporate purposes,” which includes aggressive sales and marketing to capture the remaining 25% of the Japanese market, as well as potential strategic acquisitions in the Southeast Asian fintech space.
