SoftBank Seeks $10 Billion Loan Backed by OpenAI Stake

SoftBank Group has reopened negotiations with a consortium of lenders to secure a $10 billion margin loan backed by its stake in OpenAI. The lending group is expected to include Goldman Sachs, JPMorgan Chase, and Mizuho Financial Group.

Previous attempts to secure the financing stalled because lenders were concerned about the valuation and liquidity of private company shares. To resolve this, SoftBank is now offering a corporate guarantee, which grants banks recourse to the company if the OpenAI collateral loses value or proves insufficient to cover the debt.

This move is part of Masayoshi Son's strategy to establish SoftBank as a dominant AI investor, following commitments of over $60 billion to OpenAI and related infrastructure. The company faces a March 2027 deadline to repay a separate $40 billion bridge loan used for these investments.

While OpenAI confidentially filed for a U.S. initial public offering on June 8, reports that the listing may be delayed until 2027 have caused a drop in SoftBank's market value. This volatility has increased the urgency for the company to manage its liquidity without being forced to sell its position in OpenAI.