The firm says it is planning to use the funds for an investment in a technology company.
The Spac will be overseen by SoftBank Investment Advisers, which also runs the Vision Fund.
It will be used to buy a company SoftBank hasn’t previously invested in, according to Bloomberg.
Goldman Sachs Group and Citigroup are managing the deal, Axios reports.
The company’s securities filing notes: “Our Spac will bridge SoftBank’s private and public investing strategies by enabling us to partner with a fast-growing, IPO-ready technology company. We believe that we have access to a wide range of compelling investment opportunities through our broad international presence and deep local networks.”