SoftBank Pursues $10 Billion Loan Backed by OpenAI Stake to Fund $60 Billion AI Bet

TL;DR SoftBank is negotiating a $10 billion margin loan secured by its OpenAI stake, adding to over $60 billion already pledged to the AI firm.

Context SoftBank Group Corp. (TYO:9984, ADR:SFTBY) has been shifting capital toward artificial intelligence, selling its $5.8 billion Nvidia (NVDA) position and cutting its T‑Mobile US stake to focus on AI exposure. The company’s market capitalization stands near ¥13 trillion (~$85 billion), and its shares slipped about 1.8% in the last trading session. By contrast, Nvidia’s market cap exceeds $2.2 trillion, reflecting the sector’s valuation premium.

Key Facts The proposed loan would run for two years, with an option to extend a third year, and carry an interest rate of roughly 7.88% per annum. SoftBank would pledge its OpenAI equity as collateral, a structure typical of margin loans where the lender can seize the pledged shares if the borrower defaults. This $10 billion facility sits atop a $30 billion Vision Fund 2 allocation and a $40 billion bridge loan previously arranged for OpenAI, bringing total SoftBank commitments to the AI startup above $60 billion.

What It Means By leveraging its OpenAI holding, SoftBank increases leverage on a single AI bet while preserving cash for other ventures. The 7.88% rate is higher than typical investment‑grade corporate yields, reflecting the perceived risk of using a private‑company stake as collateral. If OpenAI’s valuation rises ahead of a potential IPO, the loan could be repaid easily; a downturn would trigger margin calls and force SoftBank to liquidate the stake or seek additional funding.

Watch for final loan terms, any changes to SoftBank’s OpenAI ownership disclosure, and how the company balances this leveraged position with its broader portfolio as the AI fundraising landscape evolves.