SoftBank’s PayPay is targeting a U.S. IPO at a potential $13.4 billion valuation.

PayPay Corp. and its majority shareholder SoftBank Group Corp. are targeting up to $1.1 billion in a U.S. IPO, a deal expected to mark a potential U.S. listing for the Japanese company.

The Tokyo-based fintech company and an affiliate of SoftBank Vision Fund II are jointly selling 55 million ADRs at $17 to $20 each, according to a preliminary prospectus published March 2, with the Nasdaq debut expected to be “PAYP.”

PayPay itself is offering about 31 million ADSs, and existing shareholders linked to SoftBank’s Vision Fund will sell about 24 million shares. The company expects net revenue of approximately $555 million.

Three cornerstone investors, including Qatar Holding, Visa International and Abu Dhabi Investment Authority, have expressed interest in underwriting the offer, which is non-binding but worth up to $220 million.

The company delayed the start of formal marketing for its U.S. IPO due to geopolitical tensions in Middle Eastern markets. The delay was caused by US and Israeli airstrikes against Iran, which led to increased volatility across energy and bond markets.

Founded in 2018 with support from SoftBank Group, PayPay has grown to more than 72 million users in Japan thanks to aggressive expansion and the shift to QR-based cashless payments.

The company recorded sales of 278.5 billion yen and profits of 103.3 billion yen in the nine months through December.

PayPay went beyond QR code payments through the acquisition, taking control of PayPay Bank and PayPay Securities in April 2025, providing banking, lending and brokerage services within the app.

Last October, PayPay and Binance Japan formed a strategic capital and business partnership, with PayPay acquiring a 40% stake in the cryptocurrency exchange. The partnership expands cryptocurrency accessibility in Japan by connecting PayPay’s user base and cashless payment network with Binance’s blockchain infrastructure.